Saturday, March 12, 2011

After Long Delay Silver State's Financials Released

The Las Vegas Review Journal reported on the performance of Silver State Schools Credit Union, the largest privately insured credit union in the country.

After a long delay, American Share Insurance (ASI) posted the results on Wednesday showing that Silver State Schools Credit Union lost $21.5 million last year, including $4.5 million in the fourth quarter.

The delay was attributed to the books of the credit union being examined by both ASI and the state credit union regulator, which required Silver State Schools to increase its allowances for loan losses.

American Share made a $22 million subordinated loan to Silver State in February 2010, which the credit union has counted as part of its net worth. The term of the loan from ASI, which was to be repaid in August 2010, was extended to 2015.

Read the article.
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1 comment:

  1. vanceAugust 12, 2011 at 4:23 AM

    This is something that not many people know about. The money that is flowing in the market is not really flowing as it should. There are loop holes everywhere and these unions are there to give it a smooth and fair path to sail in. A credit union is nothing very complicated. It is just a cooperative financial institution that is formed for the welfare of people. The members who own are running this institution are doing it for the benefit for the people by providing credit at reasonable rates. They also provide financial services to its members.
    Schools Credit Union

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