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CU System
Rhamy tenders resignation from Silver State Schools CU
LAS VEGAS, Nev. (12/21/09)--David Rhamy, president/CEO of Las Vegas-based Silver State Schools CU, last week resigned the position as well as his seat on the Credit Union National Association board, effective immediately. Rhamy resigned "to pursue opportunities in the legal profession," said a statement from Carol Gibson, interim CEO and executive vice president/chief operating officer, on the credit union's website. Rhamy had been president/CEO of the $899.2 million asset credit union since 1999. "Not only has he worked diligently to provide leadership to our credit union for the past 10 years, he has also been a tireless advocate for the credit union movement during his more than 30 years in the industry. We will miss him and wish him the best," said Gibson. Rhamey was a member of CUNA's Corporate Credit Union Task Force, established in January. He is past chairman of Western Federal Corporate CU (Wescorp) and served on its board since 1995. He also has been active in the California and Nevada Credit Union League and the Richard Myles Johnson Foundation. Silver State Schools CU is the largest in the Las Vegas area. It, like other financial institutions in the state hard-hit by the recession as members defaulted on loans, reported losses at nearly $36 million during the first nine months of 2009 (Las Vegas Sun Dec. 20). The credit union's private insurer, American Share Insurance of Ohio, told the Las Vegas Sun Nov. 27 that despite a high number of problem loans, the credit union has a good depositor base and strong management.


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