LAS VEGAS – The state’s bleak economy claimed another credit union CEO Friday, as David Rhamy, the well-known president of Silver State Schools CU resigned from the financially ailing credit union.
Rhamy’s resignation comes as Silver State Schools, Nevada’s largest credit union is struggling with the state’s soured economy and reported losses of $35.9 million for the first three quarters of the year.
Rhamy, a member of the CUNA Board for only nine months and former chairman of WesCorp FCU, reportedly plans to go into the practice of law. Rhamy has headed Silver State Schools since 1999, after serving as president of Vandenberg FCU in California.
The moves comes amid a major shake-up of Nevada’s credit union, the top 12 of which reported red ink for the first nine months of the year. Four of those, including Community One FCU, Cumorah CU, Clearstar Financial CU and Ensign FCU, have failed in the last two months.
