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, is now poised to receive a cash infusion from its private insurer, American Share Insurance Inc.

Just how much ASI was willing to shell out to fix the balance sheet and thereby prevent a collapse or merger of the $883 million credit union, the largest in the state, was not spelled out in a transaction apparently winning state regulatory approval.

One industry source suggested the price tag "could likely be tens of millions," but David Rhamy, who resigned the CEO job on Dec. 18 and then returned on Christmas Eve with little explanation from the board, told a Las Vegas newspaper the ASI funds would be used "to fund car loans and mortgages to generate more revenue for the credit union." Rhamy was unavailable for comment.

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