Silver State Curtails Its Shared Branching
Contending it needs to focus solely on its own members, Silver State Schools Credit Union is ending some of its shared branching operations in Nevada, effective in August.
The troubled $725 million Las Vegas CU stressed that its members "will still be able to visit other credit unions for their financial services" though it will "no longer service other credit unions’ members through the shared branching system in our branches."
In a brief statement, Silver State made no mention of its recent branch retrenchment or cost-saving steps but said "this change will provide us the resources to focus solely on our members enhancing their experience through reduced wait times."
As part of its overall expense cutting and attempt to shore up its capital, Silver State announced last month that it will be imposing a 2% pay cut on all employees in September.
In its statement, Silver State did not identify its shared branch vendor but a spokesman for Financial Service Centers Coop of Ontario, Calif. said Silver State has been an FSCC participant "as both an issuer and an acquirer."