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Pay Cut at Silver State Schools Among Nevada Woes

The troubles at Nevada’s Silver State Schools Credit Union, which include a 2% pay cut in September, reverberated across the state again last week.

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The troubles at Nevada’s Silver State Schools Credit Union, which include a 2% pay cut in September, reverberated across the state again last week, putting a new spotlight on weakened and merger-prone peers. The moves also forced the hand of the Las Vegas chapter network of the California and Nevada Credit Union Leagues.

The retrenchment at the $725 million Silver State, Nevada’s largest, was highlighted by new evidence that its financial condition remains lackluster at best despite a $90,000 first-quarter profit. The across-the-board pay cut will save Silver State $150,000 a year.

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