Nevada Federal Credit Union cuts 10 percent of work force

Nevada’s largest credit union announced today that it is cutting 30 workers from its staff of 300 employees because of continuing losses related to the relentless recession.

“It’s not pleasant, but it’s the right thing to do,” said Brad Beal, chief executive officer of Nevada Federal Credit Union.

The credit union serves 86,000 members in Clark County, Pahrump and the Reno area. It has $783 million in assets.

“We see the recession as being a slow process,” Beal said.

“We are committed to maintaining our financial strength during this recession,” he said in a statement.

The credit union is well capitalized with net worth equal to 9.5 percent of assets, but it, like other financial institutions, is losing money as more loans go bad.

Terminated employees will be given severance packages.

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.