Nevada's largest credit union, the $819 million Silver State Schools, is on the financial mend despite shedding five of its 21 branches and witnessing the high level departure of top executives, said the president of its lead insurer, American Share Insurance of Ohio.
Sounding a positive note about the fate of Silver State, Dennis Adams, ASI CEO, forecasted the CU, which lost $51 million last year and $8.5 million in the first quarter, could become profitable in the second half "and on that I am hopeful but you can never be certain with these kind of challenges."
Adams, whose Dublin, Ohio private insurance firm lent $22 million to Silver State in February to prevent it from collapsing, said his examiner group "is in constant communication" with state regulators, CEO David Rhamy and its new management team to ensure a turnaround.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
