In a surprise turn of events, David Rhamy has taken his old CEO job back at the troubled Silver State Schools Credit Union of Las Vegas less than a week after resigning the post to return to private law practice.
In a message posted on the Silver State Web site Christmas Eve, the day Rhamy apparently returned to the job, the former WesCorp chairman wrote that he wanted to address misinformation "circulating in the local press" about the CU's status.
"Much of what you have read is information that has been misinterpreted and, in some cases, is not true at all" wrote Rhamy adding that articles in the city's lead newspaper, the Review Journal, are " more opinion than fact."
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Early last week before Rhamy's message to members appeared, Carol Gibson, executive vice president/chief operating officer of the $883 million CU, had been picked as interim CEO.
Rhamy's return to the job, according to media reports over the holiday, was confirmed by the state's regulator, the Financial Institutions Division, and American Share Insurance Inc. Silver State's private insurer. Phone calls to ASI were not returned Monday, but Dennis Adams, the president/CEO, has long insisted that Silver State's problems were being adequately handled by CU management despite low capital ratios and $36 million in losses for the first nine months.
In the Web statement today, Rhamy noted that Silver State "has nearly $54,000,000 in savings reserve (Capital)" and "this means that we could endure two more years of losses similar to those we've experienced in 2009, although we won't likely need to because your (and our) financial condition the past few months is much more positive than the first nine months of the year."
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