The distressed $712 million Silver State Schools Credit Union of Las Vegas confirmed again what analysts had expected: a first-half $2.8 million loss. But its new management continued again last week to claim progress is being made toward recovery.
The privately insured Nevada CU, which had been operating under a state regulatory consent order and had racked up year-after-year, multi-million dollar losses is still looking to post a profit by year end, said Andrew Hunter, president/CEO.
"We expect to restore the $2.8 million we lost in the first half," predicted Hunter, the retired Patelco CEO who assumed the Silver State helm July 11, succeeding attorney David Rhamy. Rhamy had held the job throughout the Nevada recession, which clobbered the CU with huge loan losses.
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