One Nevada Credit Union reports loss for 2011

One Nevada Credit Union on
Friday reported a net loss of $4.8 million for 2011. Without a $17.5 million set aside for potential loan losses, and a $1.7 million insurance payment, the Las Vegas-based credit union would have earned $14.4 million last year,

"As the local economy continues to struggle, we are pleased that our credit union remains well capitalized," One Nevada President Brad Beal said in a statement.

One Nevada also reported
$125 million in first mortgage loans, $43 million in automobile loans, and total assets of $683 million as of Dec. 31. More than 12,000 new members joined One Nevada in 2011, giving the credit union 77,000 members statewide.

In October, One Nevada completed its name change from Nevada Federal Credit Union as part of the company's conversion for a federally chartered credit union to a state-chartered, federally insured financial institution.