The hard times in Nevada, getting increased national attention by the day, continued this week to take a financial toll on the state's credit unions with more layoffs and one CU, Cumorah of Las Vegas, reportedly shutting four of its eight branches and slicing its employment rolls nearly in half.
"I think it's fair to say that 2009 is brutally ugly," declared Wayne Tew, president/CEO of the $597 million Clark County CU, one of a handful of Nevada CUs that managed a profit in the second quarter. The CU recorded $2 million second-quarter net income, rebounding from a $14.2 million loss in the first quarter.
But like many other Nevada CUs, Clark County froze salaries, reduced employment through attrition from 105 to 95 and undertook a host of cost cutting steps.
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