Nevada's largest credit union, the $883 million Silver State Schools of Las Vegas formally announced over the weekend the departure of President/CEO David Rhamy, who quit effective Friday.
Rhamy, an attorney, former chairman of WesCorp, and a member of the CUNA Board, held a prominent industry role in seeking to solve the industry's corporate crisis having been appointed earlier this year to CUNA's Corporate Task Force on NCUA policies.
Posted on its Web site (silverstatecu.com) Sunday, Silver State said Carol Gibson, executive vice president/chief operating officer, was named interim CEO replacing Rhamy "who has left to pursue opportunities in the legal profession. "
Silver State posted a $36 million loss for the first nine months and had 4.29% capital. Rhamy had been CEO of the 88,000 member Silver State since 1999.
Gibson's statement, which carried a safety and soundness theme mentioning American Share Insurance, focused on the CU's moves in recent months "to control expenses, improve revenue and generate capital."
"Proudly, we've done this without removing any staff," wrote Gibson, who compared the CU's attempt to turn around its fortunes with that of members' actions "in your household budget."
ASI officials were not immediately available for comment on whether an out-of-state suitor might be in the offing for Silver State, which has been the practice in 2009 following CEO departures at four other failed CUs in Las Vegas, Reno and Henderson.
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