24th Annual Meeting of American Share’s Advisory Council
On September 29, 2016 American Share convened its 24th consecutive annual meeting of the American Share Primary Insured Credit Union Advisory Council in Columbus, Ohio. Attending this year’s meeting were 18 credit union CEOs representing credit unions from six of our nine states of operation. Also attending, in an ex-officio capacity, were five of American Share’s seven Board members. This annual event is just another way American Share lives up to its commitment to its member credit unions through full disclosure, transparency and member/owner involvement – practices not found in the federal insurance program.
The meeting allowed the attendees to learn much about the progress being made this year in the Company’s marketing, examination, technology, finance, regulatory and legislative areas. Financial results and forecasts received almost as much attention as did the Company’s recent efforts at rebranding and remarketing American Share and our primary share insurance program. While breakeven results are expected for 2016, sustaining a net income and building capital will be difficult in the years following if interest rates stay where they are today. This issue was thoroughly vetted by the Council members, and solutions are being actively sought.
On the core business front, since the last meeting of the Council in October 2015, the sales staff has successfully managed federal-to-private share insurance conversion votes at five credit unions from just as many states, comprising about $800 million in insured shares. In addition, there are three other conversion votes in the queue for the remainder of the year, accounting for approximately another $500 million in insured shares. The period spanning December 2015 to December 2016 will be one of the most productive for primary insurance growth since the 1990s.
For more information on the Council members, purpose and photos, please go to http://www.americanshare.com/advisory-council/.