Perhaps now the last credit union in the nation to file its year-end call reports, the long ailing Silver State Schools Credit Union of Las Vegas reported late Wednesday an improvement in its financial condition, but it still showed a $21.4 million net loss for 2010 and net worth at 4.32%.
The privately insured Silver State, which has been operating under a $22 million capital infusion note for more than a year from American Share Insurance Inc., the Ohio insurer, noted that its fourth quarter losses were pared to $4.4 million, down from the $15 million of a year ago. In 2009 Nevada's largest CU lost nearly $51 million. Its net worth a year ago was 3.64%.
Dennis Adams, the president/CEO of ASI, voiced confidence as he has during 2010 that "Silver State is on the right track" to become viable as it continues to struggle in the depressed Nevada economy.
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