LAS VEGAS – Nevada FCU, the state’s largest federally insured credit union, today said it is seeking a conversion to a state charter which will allow it to expand its field of membership beyond the current Clark County to include 300,000 more potential members in Washoe and Nye counties.
The one-time $865 million credit union, as is the case with the Silver State’s other financial institutions, has had a difficult time weathering the economic downturn of the past three years, as its assets have declined all the way to $677 million.
On July 18, members will begin voting on the proposed charter conversion. The board of directors has unanimously approved the conversion plan. Credit union officials expect a name change to accompany the charter conversion sometime in late 2011.
