The financial struggle plaguing the $157 million Cumorah Credit Union in Las Vegas can be traced to one big factor: Nevada's commercial real estate bust.

That's according to Paul Simons, the president/CEO of a downstate Illinois credit union called in by the CU's private insurer for workout duty. "If you eliminate the commercial real estate loans from the portfolio, Cumorah is a very solid credit union but unfortunately you can't do that," explained Simons, head of the $574 million Credit Union 1 of Rantoul. He was brought in by American Share Insurance less than two weeks ago as interim CEO.

The provision set aside for Cumorah's commercial real estate portfolio in net capital has indeed "been challenged," he said maintaining his temporary CEO role remains "simply as a stabilizing influence" until a final determination is made by the board, which he acknowledged could be an eventual merger.

On Oct. 5 Simons replaced Cumorah's long-time CEO and past chairman of the Nevada Credit Union League, Tony Mook, who announced his resignation "effective immediately." A CU statement, however, praised Mook for his 19-year service to Cumorah, citing its robust growth in recent years. Cumorah serves the large contingent of Mormon Church members in the state.