After my recent posting on the failure of Cumorah CU, I was e-mailed the third quarter financial statement of Silver State Schools CU (Las Vegas, NV) filed with American Share Insurance, a private insurer of credit unions. Silver State Schools at $883 million is the largest privately insured credit union in the country.
As most people are aware, Nevada has been one of the hardest hit real estate markets in the country. Approximately 2/3rd of all mortgage loans in Nevada are underwater.
This information does not bode well for Silver State Schools CU, since it is heavily invested in real estate loans. Slightly more than $501 million of its $771 million loan portfolio is in real estate loans.
To draw your own conclusion about the risk Silver State Schools poses to American Share Insurance, you might review its financial information, which is posted below. Click on the images to enlarge.
Do you suppose that you could post a simple summary. Try as I did, even with a magnifying glass, the financial reports were in such fine print that only lawyers could love and unreadable for me.
ReplyDeleteChuck:
ReplyDeleteClicking on the image will enlarge.
Keith, the question is not Silver State, but how strong is American Share Insurance and how they operate and cover losses in case of a failure at Silver State or any other large credit union that they insure?
ReplyDeleteAfter reading these financial reports from Silver State I am completely in the dark as to what this all means.
ReplyDeleteHow long can Silver State keep going?
Why is they so little information on how strong American Share Insurance is and how they operate?
Thanks for the suggestion.
ReplyDelete