LAS VEGAS – Nevada FCU, fighting the effects of the state’s deepening recession, this week said it is laying off 10% of its workers, 30 employees, to help combat growing losses.
The $780 million credit union, the state’s second-largest, reported a $5 million loss for the third quarter and a $29.6 million loss for the first nine months of the year. It is one of several of the state’s large credit unions that have been hit hard by the state’s economic woes, among the worst in the country.
Recent weeks have seen the failures of three of the state’s biggest credit unions, Cumorah CU, Clearstar Financial CU and Community One FCU, and growing losses for the state’s largest and third-largest credit unions, Silver State Schools CU and Clark County CU, which reported three-quarter losses of $35.9 million and $20.3 million, respectively.
Brad Beal, president of Nevada FCU, said last Friday he has no choice but to retrench in the face of the region’s economy, with its 13.5% unemployment and plunge in tourism, the state’s mainstay. All terminated Nevada Federal employees will be given severance packages.
