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.
The troubled Silver State Schools Credit Union, Nevada's largest, is having to do more belt-tightening and announced the closure of five more branches coming in June as it operates under a consent order with state regulators.
Silver State Schools Credit Union of Las Vegas, which received a $22 million capital infusion last February from its private insurer, is closing five branches in June operating under a "consent order" from the state, it was disclosed Wednesday.
The deeply troubled Silver State Schools Credit Union spelled out details this week of its difficult year.
The troubled Silver State Schools Credit Union of Las Vegas, the state's largest, has received a financial bailout-said to be $22 million-from American Share Insurance, the Ohio private insurer.
Las Vegas has become the industry hot spot this month for heated public dialogue about federal vs. private insurance with both NCUA Chairman Debbie Matz and American Share Insurance CEO Dennis Adams taking turns at media megaphones.
The chairman of American Share Insurance Corp. reaffirmed the viability of the private system, as one "which is already shown to be working well" and yet the heated rhetoric over comparisons with NCUA is getting wearisome.
The troubled Silver State Schools Credit Union of Las Vegas, operating once again with a reinstated president/CEO and mounting a campaign to restore public confidence,