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Cumorah CU Problems Linked to Commercial Real Estate, Says Simons

The financial struggle plaguing the $157 million Cumorah Credit Union in Las Vegas can be traced to one big factor: Nevada's commercial real estate bust.

By Jim Rubenstein | Updated on October 15, 2009

The financial struggle plaguing the $157 million Cumorah Credit Union in Las Vegas can be traced to one big factor: Nevada’s commercial real estate bust.

That’s according to Paul Simons, the president/CEO of a downstate Illinois credit union called in by the CU’s private insurer for workout duty. “If you eliminate the commercial real estate loans from the portfolio, Cumorah is a very solid credit union but unfortunately you can’t do that,” explained Simons, head of the $574 million Credit Union 1 of Rantoul. He was brought in by American Share Insurance less than two weeks ago as interim CEO.

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