LAS VEGAS (4/30/10)--Silver State Schools CU, Las Vegas, will close five of its branches effective June 4, the credit union announced on its website. The branches will be closed as part of the credit union’s plan to save money. Affected branches include:
* Mae Anne, Reno; * Damonte, Reno; * Clayton, North Las Vegas; * Desert Foothills, Las Vegas; and *Anthem, Henderson.
The credit union also said it has implemented a new e-Checking program that encourages members to “go green” while saving costs for the credit union. Silver State Schools CU also plans to implement a new credit card program. The credit union is operating and working with the Nevada Financial Institutions Division under a consent order and following a plan that has been developed and put in place to benefit the credit union’s financial health. In 2008, the credit union reported a record $10 million net income from operations but set aside $10 million in reserves for potential loan losses. During 2009, as property values continued to decline and record numbers of members experienced reduced income, the credit union recorded $8.1 million net income from operations. However, it set aside $59 million to cover current and potential future loan losses (News Now
Feb. 22). In February, the credit union received a capital infusion to bolster its general reserves from its private share insurer, American Share Insurance.