Taking its economic lumps following an $8 million loss in 2008, the $520 million Greater Nevada Credit Union confirmed Monday it has closed two branches and laid off 27 employees with a work force now down "to less than 200."
"Just like other banks and credit unions in this market, we've been hit hard by losses in the automotive sector," said Ronald Willard, vice president of marketing for the Carson City CU, which is the largest in northern Nevada.
The two branches closed in mid-May were older facilities in Sparks and Carson City and had been looked at for shuttering for some time as part of the CU's strategic plan to deal with the recession and its negative impact on the Greater Nevada balance sheet. In the first quarter, the CU lost just under $4 million.
Willard said the fallout from the housing collapse and the ripple effect on suppliers, construction trades and realty-related industries continues "to hammer the Reno area" with little letup.