Silver State Schools Credit Union of Las Vegas announced this week it is giving up on a Reno college branch in favor of a location more widely accessible to the public.
Bent on minimizing its expenses as part of its long-running efforts to restore financial health, the privately insured Nevada CU said it will be relocating its branch at the University of Nevada-Reno campus to a former facility which was closed two years ago.
At one point Silver State had three Reno branches, but two were closed as part of its retrenchment following large loan losses during the deep Nevada recession.
In a statement, David Rhamy, president/CEO, said the university branch along with its personnel would be moved to the old Damonte branch site, renamed as the Steamboat office effective Aug. 1.
Silver State Schools “believes it is important to maintain a branch in Reno” but “given the current economic climate SSCU is choosing locations that are the most effective to maintain,” the credit union said.
It was pointed out that the university branch, while appealing to college students, faculty and employees was less accessible because of parking and other issues and would function more effectively as a “neighborhood” branch.
“We have been experiencing a lot of changes to make Silver State Schools Credit Union more efficient over the past year,” Rhamy concluded.
The $725 million credit union reported a $90,000 profit last quarter, its first after more than two years of losses.