The Mission Statement of MSIC is:
To promote and strengthen the credit union movement by providing excess share and deposit insurance and associated services for credit unions and their members while preserving the integrity of the fund.
MSIC has a rich history of fulfilling this mission, which can be read in our Company History.
Massachusetts law is unique, as it requires excess deposit insurance protection for the customers of Massachusetts cooperative and savings banks and members of state chartered credit unions.
As an excess insurer, MSIC provides share and deposit coverage above the federal limit to 62 state-chartered and 19 federally chartered credit unions in Massachusetts.
While MSIC provides Excess Share and Deposit Insurance only in Massachusetts, it is an active participant in the national credit union movement. Our Custom Performance Reports are used by over 1,100 credit unions nationwide to analyze, benchmark and plan their financial position. MSIC’s Handbook for Credit Union Directors: A Job Description, are an invaluable resource for corporate governance and board behavior.
An industry sponsored cooperative company, MSIC is owned by its members. The Board of Directors is comprised of fifteen directors, elected by and from the credit unions insured. These credit unions are, in effect, the owners of MSIC. Over $10 million has been paid out since 1999, due to changes in deposit insurance legislation.
Generally, state and federal deposit insurance corporations maintain an equity ratio of $1.25 per $100 of insured savings. MSIC’s current equity ratio (12/31/15) is approximately $7.00 for each $100 of insured savings. These equity ratios are the highest of all excess deposit insurers in the USA. MSIC's Investment Fund is professionally managed by Eaton Vance Investment Counsel and is invested in high grade investment securities.