Conditions seem to be improving for Nevada's largest and most troubled credit union, the $819 million Silver State Schools Credit Union, according to its private insurer, American Share Insurance of Ohio.
Sounding a positive note after months of depressing news, Dennis Adams, the president/CEO of ASI, maintained there are a number of signs that Silver State Schools is on the mend. The Las Vegas credit union lost $51 million last year, posted 2.8% capital and witnessed months of high- level management turmoil.
"You can never be certain with these kind of financial challenges, but it looks that Silver will become profitable in the second half," forecast Adams, whose Dublin, Ohio-based firm has been on the firing line since last year following ASI's February decision to lend $22 million in long- term notes to Silver State to prevent a collapse.
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