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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