The ailing $791 million Silver State Schools Family CU of Las Vegas is making slow but steady progress toward recovery even as it seeks to negotiate a five-year extension of a $22 million capital infusion loan made last February by its private insurer.
That was the pronouncement last week from the insurer, aAmerican Share Insurance Inc., which earlier this year had worked out the financial bailout plan for Nevada's largest CU with state regulators.
Dennis Adams, president/CEO of 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. The original February loan matured Aug. 11 with a temporary extension for longer term payments granted through Sept. 30.
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