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From the January-20, 2010 issue of Credit Union Times Magazine • Subscribe!
Silver State Talks Roll On
Negotiations were reportedly continuing in secret last week between the Nevada Financial Institutions Division, American Share Insurance Corp. and the troubled $883 million Silver State Credit Union regarding an anticipated capital infusion to restore financial stability to the Las Vegas credit union.
In a statement, Commissioner George Burns said the division "continues to work diligently with Silver State to make sure they are operating as safely and soundly as possible." And he added, "We will be sure to advise the public immediately if anything material changes in their situation."
Talks between the regulator, the Ohio-based private insurer and Silver State management have been ongoing since late last month about a cash infusion from ASI to fix the CU's balance sheet and prevent a conservatorship or takeover by another credit union.
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