Silver State Schools CU Swings To The Black

Published April 25, 2013, 2:33 p.m. EDT

Updated August 26, 2020, 10:21 p.m. EDT

1 Min Read

LAS VEGAS Troubled Silver State Schools CU reported a $1.2 million net for the first quarter today, compared to a $3.5 million loss for the first quarter last year, even as it expended all of its own reserves.

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The one-time $1 billion credit union, down to $644 million at March 31, reported just $22.5 million of net worth at the end of the first quarter, which counts $26.4 million of emergency financial assistance provided by its private deposit insurer, ASI Inc.

First quarter financials show a whopping negative $69.4 million in undivided earnings at March 31.

Silver State, which lost $72 million for 2009 and 2010, reported a loss of $670,000 for 2012, down from loss of $8.4 million in 2011.

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