With the failure of the $147 million Cumorah Credit Union fresh on their minds, Nevada credit union CEOs were more than skittish last week about forecasting any quick turnaround in loan losses. Adding to the unease was the announcement by the state's second largest credit union, the $783 million Nevada Federal Credit Union of Las Vegas, detailing new job cuts.
"It's not pleasant, but it's the right thing to do," explained Brad Beal, CEO of Nevada FCU in announcing the elimination of 30 jobs and the restructuring of several others. The credit union's payroll stands at 270.
The CU serves 86,000 members in Las Vegas, Pahrump and Reno and like nearly all other major credit unions in the state, its most recent financials are covered in red ink.
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