Silver State Schools CU Trims Losses
Officials with the credit union, once Nevada’s largest, were not immediately available to comment.LAS VEGAS – Silver State Schools CU, the nation’s largest privately insured credit union run under a state supervisory agreement for the past year, announced this morning that it reduced its losses while rebuilding net worth last year.
The annual financial report says the one-time $1 billion credit union had a loss of $21.4 million for 2010, down from a $50.9 million 2009 loss; and net worth increased from just 2.4% at year-end 2009 to 4.3% at year-end 2010. Assets declined to just $718 million at Dec. 31.
The credit union, insured by ASI, the last surviving private insurer for credit unions, has been operating under a strict supervisory agreement with state regulators, and a $22 million assistance from ASI. By the end of the year, Silver State had paid back about $6 million of the assistance.
Officials with the credit union, once Nevada’s largest, were not immediately available to comment.