Silver State Schools Credit Union of Las Vegas, operating once again with a reinstated president/CEO, disclosed it is now poised to receive a cash infusion from its private insurer, Ohio-based American Share Insurance Inc. as part of a deal to restore financial health.
Just how much American Share was willing to shell out to fix the balance sheet and thereby prevent a potential collapse or merger of the $883 million CU, the largest in the state, was not spelled out in a transaction apparently winning state regulatory approval.
Officials of Silver State were not immediately available to comment on a pricetag for the troubled CU, which lost $35.6 million in the first nine months, but now insists it is on the road to recovery based on its $54 million in capital.
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Meanwhile, David Rhamy, the president/CEO who resigned suddenly Dec. 18 and returned on Christmas Eve, appeared to be mounting a vigorous public rebuttal to the ongoing reports that Silver State was on the verge of failure or an out of-state merger.
In a long interview appearing Tuesday in the Las Vegas Sun, Rhamy said that while the cash infusion was necessary, Silver State would post a profit in 2010 and "is in no danger of failing."
Rhamy insisted Silver State can weather the financial storms of 2010 because it has $54 million in reserve capital and that conditions are improving.
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