Despite the unwelcomed publicity last month and a net worth around 4% at year-end 2009, Silver State Schools Credit Union President/CEO Dave Rhamy says he's qualified to facilitate the $883 million credit union's recovery.
Rhamy told the Credit Union Times he resigned the post "reluctantly, but willingly" on Dec. 18, because a change in leadership may have facilitated a new approach for recovery. However, he said when the credit union's board and the Nevada banking commissioner asked him to return, he quickly did so because it's "where I want to be."
The 10-year Silver State Schools CEO said he previously brought Vanderberg Federal Credit Union back from 2% net worth, at the request of the NCUA in 1990, without "following a slash and burn recipe."
"This track record is relevant because the current times we are experiencing may be new to credit union leaders," he said. "Unfortunately, it isn't to me. I have seen both good and bad times and know how to manage through them."
Rhamy said he's "bullish" on Silver State Schools' recovery because delinquencies have peaked, recent and projected future charge offs have fallen significantly, real estate values have leveled off, and Nevada's economy and job market appears to be stabilizing.