The long-term financial troubles at Nevada’s largest credit union, the $718 million Silver State Schools,, have also been accompanied by recent changes of senior management.
Perhaps now the last credit union in the nation to file its year-end call reports, the long ailing Silver State Schools Credit Union of Las Vegas reported late Wednesday an improvement in its financial condition.
Illinois-based Credit Union 1, one of the leaders among privately insured CUs in the merger market, is ready to take over its third, small struggling CU in a year.
Sounding a lament typical of many small credit unions, the $51 million Perfect Circle CU of Hagerstown, Ind. announced this week it is taking consolidation steps in preparation for more tough times in the industry.
Tributes from city leaders and politicos continued to pour in Wednesday for the late William Ferrence, the president/CEO of Boulder Dam Credit Union in Nevada described as the community's "most beloved leader" and a bold activist.
The long-ailing Silver State Schools Credit Union of Las Vegas said Tuesday it is witnessing "a sharp improvement in earnings," having trimmed its nine-month loss to $17 million, a 58% gain over the $40.9 million a year ago.
On two fronts, the $725 million Aloha Pacific Federal Credit Union of Honolulu is expanding. It's buying a branch from the troubled Silver State Schools CU in Las Vegas and merging with a small, faith-based CU.
The ailing $791 Silver State Schools Family CU of Las Vegas is negotiating with its private insurer, American Share Insurance Inc. of Ohio for a five-year extension of a $22 million capital infusion loan made in February.
Aloha Pacific Federal Credit Union of Honolulu is moving ahead with expansion on two fronts: it merged a small, ailing CU and is opening its first out-state-branch in Las Vegas purchasing a Silver State Schools CU facility.
WASHINGTON -- NCUA Board Member Gigi Hyland said credit unions will thrive in the future, while Board Member Michael Fryzel urged credit unions to use their good reputation as a basis for getting legislative priorities passed by Congress.