Two Top Execs Exit Silver State
In an apparent management shakeup, two of the top executives at Nevada's struggling Silver State Schools Credit Union have departed, it was disclosed Wednesday.
They are: Carol J. Gibson, executive vice president/chief operating officer and Bernard A. King, executive vice president/chief financial/administrative officer.
Calls to Rhamy and other Silver State officials regarding the management changes were not returned. The Silver State switchboard noted that Gibson and King "no longer work here" though the CU website still posted their bios and photos Wednesday.
Gibson, who started as a teller and had been with the $819 million CU since 1976, served for a two week stretch last December as interim CEO following the sudden departure and then Christmas Eve return of David Rhamy, the current CEO.
Aided by a $22 million loan from the CU's private insurer, American Share Insurance, Rhamy has managed, according to industry sources, to improve the balance sheet in recent weeks though the CU still reportedly lost $8.5 million in the first quarter.
The CU, which two weeks ago announced the June 4 closing of five branches in Las Vegas and Reno, finished 2009 with a $51 million loss and its year-end financial report posted on the ASI website showed ROA of -5.6%, net worth at 2.8% or $23 million.
Since its troubles began more than a year ago, Silver State has been closely monitored by the Nevada Financial Institutions Division which, as one CEO noted "has its examiners on site." The bios noted that Gibson has been secretary of the Nevada Credit Union League.
King who joined Silver State in 1993 was promoted to the chief financial officer/chief administrative officer job in February 2009. He is a member of CUNA's CFO Council and the CFO Network, a California/Nevada group.