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Silver State Negotiating 5-Year Extension on $22 Million ASI Loan

The ailing $791 Silver State Schools Family CU of Las Vegas is negotiating with its private insurer, American Share Insurance Inc. of Ohio for a five-year extension of a $22 million capital infusion loan made in February.

By Jim Rubenstein | Updated on September 08, 2010

The ailing $791 Silver State Schools Family CU of Las Vegas is negotiating with its private insurer, American Share Insurance Inc. of Ohio for a five-year extension of a $22 million capital infusion loan made in February.

Dennis Adams, president/CEO of Dublin-based ASI, said the insurer had long planned on the extended terms when it made the loan as part of a plan to bolster the weakened capital base of Silver State, Nevada’s largest and most troubled. The original February loan matured Aug. 11 with a temporary extension for longer term payments granted through Sept. 30.

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