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Silver State Schools Cuts Losses, Gets New Cash Infusion From Insurer

Silver State Schools Credit Union continued to lose money in the fourth quarter but less than before, and the Las Vegas credit union got a $4.4 million advance from its private insurer.

By Marc Rapport | Updated on January 27, 2012

Silver State Schools Credit Union continued to lose money in the fourth quarter, posting a net loss of $2.8 million, and finishing the year with a net loss of $8.4 million, the Las Vegas credit union said.

The $2.8 million loss mirrored the third quarter results. However, that compared with a net loss of $21.4 million in 2010, and the credit union’s private insurer, American Share Insurance, gave Silver State Schools, another $4.4 million capital boost in December “after consideration of the steady progress made by the credit union over the past 12-18 months,” the credit union said in a statement.

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