Patelcos Andy Hunter Succeeds Dave Rhamy As CEO Of Troubled Silver State Schools CU
LAS VEGAS – Troubled Silver State Schools CU said this afternoon David Rhamy, its CEO since 1999, will retire July 11 and be succeeded by Andy Hunter, the former president of California’s Patelco CU.
Rhamy’s retirement comes as the one-time $1 billion credit union continues to dig out from big losses and to pay off a $22 million emergency loan from its private deposit insurer ASI Inc.
This is the second time Rhamy has retired, as he quit in December 2009 as the credit union’s losses were building, only to change his mind and return a week later.
Rhamy, who also served on the board of WesCorp FCU, plans to return to his law practice and will continue as a consultant to Silver State, which is down to less than $700 million in assets.
Hunter, who was a protege of former NCUA Chairman and Patelco CEO Ed Callahan, was head of Patelco for six years until retiring in January 2009 at 58, when he was succeeded by Ken Burns.