RENO, Nev. – Members of Sparks City Employees FCU approved the merger of their ailing one-time $16 million credit union into Great Basin FCU, the state’s eighth-largest credit union.
The deal will give Great Basin an additional branch and a total of $116 million in assets and about 16,400 members throughout Washoe County.
Sparks City has reported losses for three straight years and for the first quarter of 2012, though its net worth continues a shade over 6%.
The merger will leave Nevada with just 21 credit unions, down from 27 as recently as 2008.
The three Sparks City employees will stay on after completion of the merger.