The long-term financial troubles at Nevada's largest credit union, the $718 million Silver State Schools,, have also been accompanied by recent changes of senior management.
David Rhamy, president of Silver State, remains CEO but recently brought in as "chief restructuring officer" is Michael Sacher, former partner-in-charge at McGladrey Pullen accounting firm in Los Angeles. He replaced William Connors, a retired president/CEO of Purdue FCU of West Lafayette, Ind. who left in January and had been brought in during 2010 to help restore the balance sheet.
The management shifts have all been effected under the watchful e ye of state regulators and American Share Insurance Inc. of Ohio, the private insurer for the Las Vegas CU.
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