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Massachusetts Credit Union Share Insurance Corporation (MSIC) was chartered by a special Act of the Massachusetts Legislature in 1961. Formed as a primary insurer, MSIC was the first insurance company in the nation to provide deposit insurance protection to the members of credit unions. It is operated by a Board of Directors elected by and from the member credit unions it insures. Today, MSIC provides excess deposit insurance to its member credit unions. MSIC member credit unions thereby provide full deposit insurance to their members. In addition to providing excess deposit insurance, the Corporation makes available a number of important services to strengthen its member credit unions and the industry. Throughout its history, MSIC has played a critical role in ensuring the stability of the credit union industry in Massachusetts. Over the years, the Corporation has wound up the affairs of liquidating credit unions (both voluntary and involuntary), temporarily managed and rehabilitated credit unions still independent today,
assisted in the merger of failing credit unions into healthy ones, and provided capital assistance to several healthy but capital deficient credit unions, which allowed them to remain independent and obtain federal primary deposit insurance. No member of a credit union insured by MSIC has ever lost any of their savings or been denied access to their funds.
THROUGHOUT ITS HISTORY,
MSIC HAS PLAYED A CRITICAL ROLE IN ENSURING THE STABILITY OF THE CREDIT UNION INDUSTRY IN MASSACHUSETTS.
2022 ANNUAL REPORT
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