Silver State Schools Credit Union reported a $3.5 million loss in the first quarter as the credit union continues to struggle with its portfolio of delinquent mortgage loans.
During the first quarter, Silver State Schools charged off $15 million in loans and increased provisions for loan losses by $6.8 million.
At the end of the first quarter, the credit union reported that $37.1 million in loans were 60 days or more past due.
Read the story in the Las Vegas Review-Journal.
Showing posts with label Silver State Schools CU. Show all posts
Showing posts with label Silver State Schools CU. Show all posts
Wednesday, May 2, 2012
Monday, June 7, 2010
Silver State Schools Charging $5 Monthly Maintenance Fee
I was tipped off by a reader that financially-troubled Silver State Schools CU on May 10th started to charge a $5 per month maintainance fee on regular checking accounts.
The credit union advertises on its website that the fee can be avoided if:
You are 60 years of age or older;
You are younger than 18 years of age;
You maintain a minimum balance of $5,000 in your checking account at all times; or
You have aggregate deposit and loan balances totaling $20,000 or more.
You can also avoid the fee if you convert your checking account into an e-checking account. However, you would incur a monthly maintenance fee if you were write a paper check; perform certain checking functions in-branch or via the credit union's Call Center including inquiries, deposits, withdrawals, and cashing services; or revert to getting paper statements.
I was told that many members of Silver State Schools did not receive proper notice about the change and incurred the fee, as they either did not receive the mailing (or recall getting the mailing) or did not see the notice on the credit union's website about the fee.
After incurring the fee, this person stated that a branch manager refused to refund the fee and told this person: "You are under the assumption that credit unions are different than banks."(emphasis added)
The credit union advertises on its website that the fee can be avoided if:
You are 60 years of age or older;
You are younger than 18 years of age;
You maintain a minimum balance of $5,000 in your checking account at all times; or
You have aggregate deposit and loan balances totaling $20,000 or more.
You can also avoid the fee if you convert your checking account into an e-checking account. However, you would incur a monthly maintenance fee if you were write a paper check; perform certain checking functions in-branch or via the credit union's Call Center including inquiries, deposits, withdrawals, and cashing services; or revert to getting paper statements.
I was told that many members of Silver State Schools did not receive proper notice about the change and incurred the fee, as they either did not receive the mailing (or recall getting the mailing) or did not see the notice on the credit union's website about the fee.
After incurring the fee, this person stated that a branch manager refused to refund the fee and told this person: "You are under the assumption that credit unions are different than banks."(emphasis added)
Monday, May 17, 2010
Silver State Schools Q1 Financials
Privately-insured Silver State Schools CU in Las Vegas, Nevada reported a loss of almost $8.5 million in the first quarter.
The one-time billion-dollar credit union announced two weeks ago it is closing five branches as part of a cost-cutting move.
Silver State Schools during the first quarter received a capital injection of $22 million from private share insurer, ASI. The capital injection boosted its net worth ratio to 5.28 percent at the end of March from 3.64 percent at the end of 2009. Without the capital injection from ASI, its net worth ratio would have dropped to 2.64 percent.
Silver state reported that $62.7 million of its loans were 60 days or more past due (8.85 percent of its loan portfolio). Almost $57.3 million of the delinquent loans were real estate loans.
Below is a four time period trend analysis for Silver State Schools. (Click on image to enlarge)
The one-time billion-dollar credit union announced two weeks ago it is closing five branches as part of a cost-cutting move.
Silver State Schools during the first quarter received a capital injection of $22 million from private share insurer, ASI. The capital injection boosted its net worth ratio to 5.28 percent at the end of March from 3.64 percent at the end of 2009. Without the capital injection from ASI, its net worth ratio would have dropped to 2.64 percent.
Silver state reported that $62.7 million of its loans were 60 days or more past due (8.85 percent of its loan portfolio). Almost $57.3 million of the delinquent loans were real estate loans.
Below is a four time period trend analysis for Silver State Schools. (Click on image to enlarge)
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