Silver State Schools Credit Union, one of the largest in Nevada, says it has returned to profitability -- but it will continue to trim costs by closing two of its 14 Southern Nevada branches.
Silver State, with loans and other assets of $725 million, last month said net income for the first quarter was $90,000 -- a turnaround from the loss of $8.5 million in the same quarter of 2010.
“We are happy to report the transition from relatively large losses to modest gains, which signals that the credit union is on its way to recovery,” CEO Dave Rhamy said in a statement. “The strategic steps we have taken are proving to be successful for the credit union’s financial outlook.”
The credit union separately on Wednesday said two branches at Albertsons stores in Henderson would close when their leases expire later this year.
These locations are at 575 College Drive and 201 S. Stephanie Street.
Silver State said the closures won't affect employment much as it has not been filling some vacant positions in anticipation of the closures. The credit union is also encouraging members to bank online.
“This change allows us to reduce costs and maintain high-quality service,” Rhamy said in a statement. “A key way we are doing that is through online banking services. Members may choose to go online to review their accounts, transfer funds or pay bills any time they want. They also may use their Internet-enabled mobile devices to monitor account activity, check balances or transfer funds.”