The troubled Silver State Schools Credit Union of Las Vegas, the state's largest, has received a financial bailout-said to be $22 million-from American Share Insurance, the Ohio private insurer.
In a statement posted on its Web site, David Rhamy, president/CEO, said the $883 million CU is "pleased to announce that we have successfully completed this transaction" and "this capital infusion bolsters our general reserves now and positions us to continue to help our members as we move forward.
The statement acknowledged the credit union's loan loss problems by mentioning that in December "I wrote to you of Silver State School's plan to immediately increase our reserves through a cooperative effort with our deposit insurance provider."
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