Nevada credit unions continue to struggle and merge – including two this month – but the $13.8 million Stage Employees FCU of Las Vegas contends that despite its severe economic woes it is managing to hold on “with NCUA help.”
“We want to stay in business,” declared Margaret Lindsey, manager/CEO of Stage Employees FCU, which last May was told by NCUA examiners to press a search for merger candidates.
She said then that no deals were in the offing for the CU, which lost $428,000 last year and has 4.6% net worth.
Lindsey told Credit Union Times Thursday she has strived during 2011 at “keeping the credit union afloat” even as two ailing Las Vegas competitors succumbed to mergers, also encouraged by the NCUA.
Last week the $59 million SONEPCO FCU won final NCUA approval to be merged into the $502 million SCE FCU of Irwindale, Calif., while the $20 million SWG FCU is being consolidated into the $76 million Sierra Pacific FCU of Reno.
“I am grateful for all the help and suggestions NCUA has provided,” Lindsey said, adding that she meets next Monday with examiners.
The 1,200-member Stage Employees has taken a number of steps, she said, to cut expenses including employees taking furlough days.
“And our vendors have been supportive,” she added.