Great Basin Merging Sparks City CU in Nevada
Two northern Nevada credit unions, Great Basin FCU of Reno and the ailing Sparks City Employees FCU, are merging to form a $114 million co-op, it was announced Wednesday.
The $13 million Sparks City has 1,900 members and was chartered in 1958. Great Basin, established in 1951, has $100 million in assets, 14,500 members and three branches.
The consolidation in the Reno-Sparks metro area is the first in years since the 2008-2009 wave of consolidation hit hard in Las Vegas but also touched Reno as well.
Great Basin, which at one time also suffered losses, said the three employees of Sparks City Employees FCU will remain with Great Basin.
Sparks City, with 5.99 net worth, lost $187,000 in 2010 and followed up with another $147,000 loss last year.