The troubles at Nevada's Silver State Schools Credit Union, which include a 2% pay cut in September, reverberated across the state again last week, putting a new spotlight on weakened and merger-prone peers. The moves also forced the hand of the Las Vegas chapter network of the California and Nevada Credit Union Leagues.
The retrenchment at the $725 million Silver State, Nevada's largest, was highlighted by new evidence that its financial condition remains lackluster at best despite a $90,000 first-quarter profit. The across-the-board pay cut will save Silver State $150,000 a year.
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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