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News Now

CU System
Rhamy returns to Silver State Schools CU
LAS VEGAS (12/29/09)--Dave Rhamy, who resigned as CEO of Silver State Schools CU in Las Vegas last week, has returned to his job. Media including The Las Vegas Sun and The Las Vegas Review-Journal reported that Rhamy has returned to the credit union (Dec. 24). Silver State Schools CU also posted a message on its website from Rhamy assuring members of its strong financial position. “Our credit union is going through a challenging time, just like most other financial institutions,” Rhamy said. “However, our credit union has nearly $54 million in savings reserve (capital). This means that we could endure two more years of losses similar to those we've experienced in 2009, although we won't likely need to because your (and our) financial condition the past few months is much more positive than the first nine months of the year.” The message does not mention Rhamy’s resignation or return to Silver State Schools CU. Rhamy said last week that he was resigning from the credit union to pursue opportunities in the legal profession, according to the credit union (News Now Dec. 22). He became president/CEO of the credit union in 1999. He tendered his resignation from the board of directors of the Credit Union National Association (CUNA) at that time. A special election for Rhamy’s director seat on the CUNA board, announced before he returned to the credit union, will be conducted Jan. 21 to Feb. 12 by written ballot. Nominations are due Jan. 20. Rhamy is eligible to run for the seat. Silver State Schools CU has $899 million in assets.


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