Centra CU’s Rick Silvers appointed to Indiana Board for Depositories

April 28, 2023

Indiana Gov. Eric Holcomb appointed Centra CU President/CEO Rick Silvers to the Indiana Board for Depositories. The appointment is for a four-year term that began this month and runs until March 31, 2027. 

"I'm honored to have been appointed to the Indiana Board for Depositories and look forward to serving fellow Hoosiers,” said Silvers. 

The Board for Depositories administers Indiana’s Public Deposit Insurance Fund (PDIF) insures the public funds of the State of Indiana and its political subdivisions (counties, cities, towns, schools, etc.) to the extent they are not covered by federal or private deposit insurance. 

The board is tasked with approving financial institutions to be public fund depositories, collecting and monitoring information related to the level of public funds on deposit in the state as well as monitoring the financial strength of approved financial institutions.

Members of the Board for Depositories include the Governor, State Treasurer, State Auditor, Chairman of the Department of Financial Institutions Designee, Chief Examiner of the State Board of Accounts, and four representatives of approved depositories appointed by the Governor and legislative leaders. A credit union representative has been among the appointed members since 2016 after the Indiana Credit Union League worked with state officials to establish the position.

“We congratulate Rick on this well-deserved appointment,” said Indiana Credit Union League President John McKenzie. “It is a reflection of his strong leadership qualities on behalf of his credit union, and it is especially important to those Indiana credit unions that hold public deposits.” 

Silvers has more than 30 years of financial institution industry experience and has been President/CEO of the $2 billion Centra CU since 2016.

Silvers currently serves on the Indiana Credit Union League’s Governmental Affairs Committee, Columbus Regional Hospital Foundation Board and United Way of Bartholomew County Board. He is a past member of the CUNA's Payments Committee, Southeast Indiana Red Cross Board, and Southeast Indiana Small Business Development Center.