Statement: Credit union chief resigned for job opportunities

Carol Gibson, executive vice president of Silver State Schools Credit Union, will serve as interim chief executive, filling the vacancy left by the resignation of Dave Rhamy.

A statement which was sent to the Review-Journal on Monday states that Rhamy resigned "to pursue opportunities in his legal profession."

In a statement, Silver State board Chairman Mitch Fox said: '"Dave worked diligently to provide leadership to the credit union and the credit union movement worldwide."

Rhamy was CEO of Silver State for 10 years. Rhamy is past chairman of Western Federal Corporate Credit Union, a corporate financial institution that regulators have seized.

Rhamy didn't respond to a call for comment. Fox responded to a phone call by e-mail saying he had nothing to add to a statement distributed after the Review-Journal reported Rhamy's departure.

A spokesman for the credit union didn't return calls on Monday. Attempts to reach an official at American Share Insurance, the mutual insurance company which backs up member deposits, failed Monday.

Rhamy passed the Nevada bar exam in 2005 and is a member of the Rhamy & Coe law firm, according to the State Bar of Nevada.

The Clark County district court clerk's records show that Rhamy represented clients in six civil cases dating back to 2007 while he was serving as CEO of the credit union.

The financial institution has 80,000 members, including many school employees, and reported $883 million in assets.

The credit union lost $36 million over the first nine months of 2009 and its net worth has dropped to 4.3 percent, which is considered undercapitalized by credit union analysts.

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.