Silver State Pares Losses
Silver State Schools Credit Union lost its position as Nevada’s largest credit union last year, along with $8.4 million.
The troubled Las Vegas credit union said it posted a net loss of $2.8 million in the fourth quarter, and finished the year with a net loss of $8.4 million, but said the news wasn’t all negative.
The $2.8 million loss mirrored the third quarter results and the credit union had a net loss of $21.4 million in 2010.
And American Share Insurance gave Silver State Schools another $4.4 million capital boost in December “after consideration of the steady progress made by the credit union over the past 12-18 months,” the credit union said in a statement.
“We look forward to continued improvement in 2012,” said Silver State Schools CEO Andy Hunter, the retired Patelco CU CEO who took over earlier this past summer.
ASI had previously given Silver State Schools $22 million in a capital assistance note in February 2010.
The struggling Silver State Schools lost its spot as Nevada’s largest credit union during the year, and said provision for loan losses continued to have a significant impact on earnings. Silver State Schools also formerly operated 21 branches from Las Vegas to Reno but has since shrunk that number to nine.
Loan loss allowances increased to $32 million on Dec. 31, compared with $30.2 million at the end of the third quarter and $24.8 million at the end of last year.
Once a billion-dollar credit union, Silver State Schools ended the year with deposits of $623 million, total assets of $653 million, and loans of $542 million, adding in its statement that liquidity continues to remain strong and regulatory net worth stands at $27.3 million.