Silver State Schools Credit Union Loses $36 Million and CEO Resigns

Silver State Schools Credit Union reported a $36 million loss for the first nine months of 2009 and the Review-Journal reported that its CEO for the last ten years, Dave Rhamy, has resigned. Silver State Schools is the largest credit union in Nevada with $883 million in assets and 80,000 members. The credit union reported $52 million in loans that were past due, two months or more, and its net worth has shrunk to 4.3% of assets.

Other credit unions in Nevada have also had a tough time. Community One Federal Credit Union of Las Vegas was taken over by America First Credit Union in August 2009. Nevada Regulators shut down Cumorah Credit Union in October 2009 and Ensign Federal Credit Union of Henderson, reported in October that it's insolvent.

John Laub is the CEO/Founder of the CEO-CFO Group.

1. "Silver State Schools Credit Union CEO Quits." John G. Edwards. Las Vegas Review-Journal. December 19, 2009.

2. "Nevada Credit Unions are in Trouble." John Laub. CEO-CFO Group. November 2009.