Silver State Schools Announces Two More Branch Closings
Nevada’s Silver State Schools Credit Union, which once maintained a 20-branch statewide presence, said Wednesday it is closing two more Las Vegas-area branches in Albertson’s Grocery stores by Aug. 5.
The troubled $725 million CU, which last month a first quarter profit of $90,000, its first in more than two years, said it would not be renewing leases on the supermarket facilities.
A spokeswoman said the expiration of the leases in the Henderson grocery stores, which the credit union said had “considerably less traffic” than its other branches, would not impact Silver State’s three other grocery facilities, two in Albertson’s and one in Smith’s.
Closure of the Henderson branches would leave Silver State with 12 metro branches plus one in Reno.
Last fall Silver State closed another branch, selling the property to Aloha Pacific CU of Honolulu as it established its first Nevada presence.
David Rhamy, president/CEO of Silver State, said that while retrenching on the supermarket facilities the Las Vegas CU would be enhancing “the functionality of its online banking platform to better align delivery systems.”
“Our mission at Silver State has always been to provide members with convenient, first-class financial services and this change allows us to reduce costs and maintain high-quality service,” he said.
A key means, he said is through online services allowing members to also use “their Internet-enabled mobile devices to monitor account activity, check balances or transfer funds.”
Silver State is leaving open “a number of staff positions where possible,” so many of the employees at the affected branches could fill them, the credit union said.
The state’s largest credit union, Silver State lost $21 million in 2010 and has been operating under a state supervisory agreement since 2009. Its private insurer, American Share Insurance, also has provided it a $22 million capital infusion.