LAS VEGAS – Silver State Schools Credit Union on Friday said Andrew Hunter, who has served as its president and CEO since July 2011, will retire on April 4, and will be succeeded by Scott Arkills.
The board of directors for the $667 million SSSCU described Arkills as a "seasoned credit union executive," in a press release.
Arkills, 55, joins the Silver State Schools with seven years of executive experience in CUs, and he has financial services experience serving in various executive positions at large national and international banks and consumer finance organizations over the past 32 years.
Arkills most recently served as SVP/chief lending officer and, prior to that, chief operating officer, with $1.3 Billion Pen Air Federal Credit Union in Pensacola, Fla. He held similar positions with Congressional Federal Credit Union in Oakton, Va., and with NIH Federal Credit Union in Rockville, Md., before joining Pen Air FCU.
"Scott brings tremendous experience in credit union and banking and has a demonstrated record of improving his organizations' performance and improving member services throughout his career," said Terry Mannion SSSCU's board chairman. "His deep understanding of operations and lending will serve him well. His leadership skills have been described as astute, strategic, and transformative. He will be a great asset to our credit union and our members."
Slow Recovery from Deep Hole
Hunter, former CEO of Patelco Credit Union in California, came out of retirement to take on the difficult task of turning around troubled Silver State Schools CU in 2011. SSSCU was one of many financial institutions in Nevada, California and Arizona that saw loan delinquencies skyrocket as real estate prices plummeted.
The CU, which is privately insured by American Share Insurance, had $1 billion in assets prior to the financial crisis, but that figure plummeted to $622 million at the end of 2012.
In 2009, Silver State Schools lost $50.8 million, followed by a loss of $21.4 million in 2010 and $8.4 million in 2011. After a much smaller net loss of $670,000 in 2012, the CU reported $13.55 million in net income for full year 2013, including a one-time, non-operating gain of $5 million during the third quarter.
In a 2012 interview with Credit Union Journal, Hunter said he believed
Earlier this month, SSSCU reported fourth quarter net income of $4.19 million and net income for the year ended Dec. 31, 2015, of $14.69 million – its third straight year of positive results. Silver State Schools CU said improving credit quality "contributed significantly" to its strong 2015 results. The credit union
"The turnaround at Silver State Schools Credit Union has been a great story," Arkills said Friday. "It is a tribute to the loyalty of its members and dedication of its volunteers and staff. Leading the credit union as it emerges from its recovery period presents a great opportunity to create value for its membership in the education community and to further the credit union's mission. I am looking forward to working with the board of directors, the supervisory committee and the staff at Silver State Schools Credit Union to serve the diverse needs of our current and future members."
Arkills earned a bachelor's degree from Whitworth University in Spokane, Wash. He has attended the CUES CEO Institute I: Strategic Planning at the Wharton School Aresty Institute of Executive Education.
Silver State Schools has some 53,000 members and serves the educational community and their families in the state of Nevada with eight locations throughout the Las Vegas valley.
