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Nevada CUs feeling strains but ready to ride out economic storm
LAS VEGAS (12/16/08)--Although two Nevada banks failed this year, no Nevada credit unions have failed or merged because of financial problems, according to the Las Vegas Review-Journal. Delinquencies at Nevada credit unions were 1.5%--a number that banks and other financial institutions “would kill for,” Daniel Penrod, industry analyst for the California and Nevada Credit Union League, told the newspaper Friday. Nevada credit unions are feeling some economic strains, but Cumorah CU, Las Vegas, has put some money aside for a “rainy day” and is ready to ride out the storm, Tony Mook, Cumorah CU CEO told the newspaper. The credit union looks at the economic troubles as a time to “hunker down,” he added. The $14.9-million-asset Cumorah has experienced some losses due to loan delinquencies, but Mook said he hopes to reduce the credit union’s delinquency rate by the end of the year. Clark County CU, Las Vegas; Boulder Dam CU, Boulder City; and several other small credit unions received four of five stars for safety and soundness at Bankrate.com, the newspaper said.
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