The head of American Share Insurance Inc., the Ohio private carrier, voiced support Wednesday for the appointment of a new CEO, Andy Hunter, at Silver State Schools Credit Union and called the CU’s turnaround efforts “something we are very comfortable with.”
Dennis Adams, president/CEO of ASI, said the Columbus-based insurer remains “encouraged with positive steps taking place” and expects Silver State “to be at break even levels by yearend.”
That is a major improvement, he said, considering the huge losses the Las Vegas CU has endured the last four years leading up to a $22 million ASI capital infusion, renewed in March through 2015.
“And who can do well in the Nevada economy?” Adams asked.
The $725 million CU, which has been cutting expenses by shuttering branches, cutting salaries and leaving the California/Nevada Credit Union League, posted a small profit in the first quarter but the results in the second quarter were less certain.
“Andy Hunter was hired for the long term,” Adams said.
Hunter is a former CEO of $3.6 billion Patelco CU in San Francisco and he succeeds David Rhamy, the long-time CEO of Silver State who is returning to private law practice July 11. It is the second resignation for Rhamy after he quit over the New Year’s holiday in 2009 and then returned a few days later.