Making it one of the last credit unions in the nation to report quarterly results, the long-troubled Silver State Schools Credit Union of Las Vegas posted a $2.8 million net loss for the first half, erasing a small profit in the first quarter.
Still, the new president/CEO, Andrew Hunter, who took over the $712 million and privately insured Nevada CU little more than a month ago, downplayed any gloom. He said management "continues working to stabilize" the CU in "the most challenging Nevada economy in more than 50 years."
Moreover, said Hunter, a retired Patelco CU CEO recruited by American Share Insurance, the Dublin, Ohio private insurer, the second quarter net loss of $2.9 million and year to date stats "compare favorably with a net loss of $13.4 million for the same period of 2010."
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