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