Tuesday, January 31, 2012

ASI Provides More Capital Assistance to Silver State Schools CU

Privately-insured Silver State Schools Credit Union received a capital injection from its insurer, American Share Insurance (ASI).

According to the Las Vegas Review-Journal, ASI provided $4.4 million in capital assistance in December to Silver State Schools CU. ASI had previously provided $22 million in capital assistance to this troubled credit union.

Over the last three years, Silver State Schools Credit Union has reported losses of almost $80.7 million.

Without this capital assistance, Silver State Schools Credit Union would be insolvent.
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3 comments:

  1. AnonymousJanuary 31, 2012 at 10:45 AM

    Well at least the NCUSIF (National Credit Union Share Insurance Fund) is not on the hook for this dog. Time will tell if private insurance ASI is placing sucker bets in Nevada. ASI is deep into it at $26.4 Million. Keith - where would you place your bet on this venture RED or BLACK?

    ReplyDelete
  2. AnonymousFebruary 1, 2012 at 7:55 PM

    The numbers aren't pretty ... Silver State Schools.
    Silver State Schools Credit Union loses $2.8 million in fourth quarter
    Loss amount is similar to their loss in the 3rd quarter
    Total loss for 2011 to $8.4 million.
    Total loss for 2010 was $21.4 million.
    American Share Insurance (Ohio) gave it another $4.4 million in capital assistance in December, 2011
    American Share Insurance gave the Credit Union $22 million in 2010.
    Delinquency is now close to a whopping 10%
    The folks in Ohio have to be sweating this Credit Union's financial performance.

    ReplyDelete
    Replies
    1. AnonymousFebruary 2, 2012 at 4:03 PM

      Wonder how stable ASI is and would not doubt latest cash infushion is because ASI is unable to take a hit if credit union fails.

      Delete

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