LAS VEGAS – Silver State Schools CU, which lost almost $51 million last year, yesterday announced it is it is closing five branches under a supervisory agreement signed with state regulators.
The one-time $1 billion credit union, which was forced to borrow $22 million from private deposit insurer ASI last year, told members it is working with the Nevada Financial Institutions Division under a consent order on a financial restructuring plan.
“Along with offering new cost-saving programs, there is, unfortunately, additional belt-tightening that is needed. Our comprehensive plan addresses this need, and involves consolidation of our extensive, state-wide branch network,” said David Rhamy, president of Silver State Schools, which had $819 million in assets at year-end 2009.
The branches that will be closed effective June 4 include two in Reno and one each in Las Vegas, North Las Vegas and Henderson. That will leave Nevada’s largest credit union with 16 branches.
