The retrenchment at the $710 million Silver State Schools Credit Union, Nevada's largest, continues unabated this week with announcement of a 2% pay cut—a yearly savings of $150,000—effective in September.
The Las Vegas CU also disclosed it is no longer a member of the California/Nevada Credit Union League.
In a statement, David Rhamy, president/CEO of the privately insured CU, said that "although we reported a marginal profit for the first quarter of 2011, we remain wary of the Nevada economy and will continue to prepare for difficult financial times ahead."
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