The beleaguered $667 million Silver State Schools Credit Union of Las Vegas announced Wednesday that it plans to shed three more branches by mid-January.
The once-dominant Nevada credit union, which formerly operated nearly 20 branches across the state, will have just nine.
The exact number of employees being furloughed was not disclosed but Andrew Hunter, the president/CEO, said the closures were needed as a “proactive step” in reducing expenses.
Silver State Schools has been under new management since July and has been under scrutiny by the Nevada Department of Financial Institutions since its fortunes turned during the recession in particularly hard hit Las Vegas.
The CU most recently reported 3.85% net worth and a third quarter net loss of $2.8 million, $5.5 million for the year so far. It also traded places with its former rival, the $684 million One Nevada CU as the state's largest credit union.
In a statement issued late Wednesday, Hunter said CU management is now “proactively communicating with … members to let them know about the closing and the options available to them.”
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