The ailing $791 Silver State Schools Family CU of Las Vegas is negotiating with its private insurer, American Share Insurance Inc. of Ohio for a five-year extension of a $22 million capital infusion loan made in February.
Dennis Adams, president/CEO of Dublin-based ASI, said the insurer had long planned on the extended terms when it made the loan as part of a plan to bolster the weakened capital base of Silver State, Nevada's largest and most troubled. The original February loan matured Aug. 11 with a temporary extension for longer term payments granted through Sept. 30.
"We've been really pleased at the progress made by the management team which has worked extra hard and so it looks to us like they have a small profit in November or December," forecast Adams. "That's pretty good news in a state still suffering so much from the recession."
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