1. Write one 12 line paragraph SUMMARY of the article.
2. And in a third 8-line paragraph state lessons learner

When Nevadas governor ordered all nonessential businesses to close, Rick Schmidt told his wife, there goes the Strip. With it, went the jobs of scores of borrowers who owe him money.

Mr. Schmidt is the chief executive of WestStar Credit Union, which caters to the employees of Nevadas gaming industry. Thousands of blackjack dealers, bartenders and hotel housekeepers who have loans and savings accounts there are now out of work.

One in five of WestStars borrowers has asked for a deferral on a car or home loan, a number Mr. Schmidt expects to go up as casinos stay closed to control the spread of the coronavirus.

We see the good parts of having that tight community all the timewe know our members, we know their employers, we know what they need, Mr. Schmidt said. The bad part were seeing now.

Annual asset growth ratesSources: National Credit Union Administration(credit unions); Federal Deposit Insurance Corp.(banks)Note: Most community banks have less than $10billion in assets.

%CreditunionsAllbanksCommunitybanks20171819-2-1012345678

Almost a third of the nations 5,200-plus credit unions are tied to a single employer, industry or other association, according to the Credit Union National Association, a trade group.

Marriott International Inc. MAR -2.26%decrease; red down pointing triangle

has one. So does

Walt Disney Co. DIS -0.72%decrease; red down pointing triangle

Both companies have laid off or furloughed thousands of workers during the pandemic.

Credit unions have historically been built around common bonds, meaning members might work for the same company or industry, live in the same place or serve in the military together. The firms are owned by their members and designed to return their profits in the form of lower borrowing costs or higher savings rates, which exempts them from federal income taxes.

These characteristics allow credit unions to offer more customized services to their members. But their customers can also simultaneously suffer mass layoffs.

The closed Paris Las Vegas Hotel & Casino, last month. PHOTO: ROGER KISBY FOR THE WALL STREET JOURNAL

Over time, regulators have relaxed restrictions on who can join, and some credit unions now resemble bigger commercial banks. The largest of them, Navy Federal Credit Union, has more than nine million members and $125 billion in assetslarger than many regional banks.

But many still resemble Endurance Federal Credit Union, which is based in Duncan, Okla., and was founded in 1960 for

Halliburton Co. HAL -2.66%decrease; red down pointing triangle

employees and other oil-field workers. Before the pandemic, about a third of its 15,500 members still worked at the oil-field-services giant, according to CEO Chris Bower.

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Federal Reserve Chairman Jerome Powell says the U.S. faces a long, uncertain recovery; as Western countries slowly reopen, clusters appear in Asia; Softbank reports big losses. WSJs Jason Bellini has the latest on the pandemic. Photo: Johannes Eisele/AFP

Sinking demand has pushed oil prices so low that many wells in Texas and Oklahoma are closing. Halliburton has laid off or furloughed more than 4,500 employees in the U.S. since the beginning of March, including almost 600 in Duncan, according to notices filed with a state employment office.

That trickles down to other companies that employ Endurance members, like

Flotek Industries Inc. FTK -0.51%decrease; red down pointing triangle

and

National Oilwell Varco Inc.s NOV -2.48%decrease; red down pointing triangle

subsidiary HydraRig, which make chemicals and coiled tubing for wells.

This many people, in a town this size, hurting all at the same time, Mr. Bower said. Find me a big bank where thats true.

Primary industry or association of multiple common-bond credit unions

Circle size reflects total assets

FEDERAL, STATE AND

LOCAL GOVERNMENT

383 credit unions

9.3M members

$131B in assets

10

8

MANUFACTURING

467 credit unions

8.9M members

$96B in assets

EDUCATIONAL

$95B

MILITARY

52 credit unions

8.1M members

$99B

6

MEMBERS (IN MILLIONS)

SERVICES

$57B

4

COMMUNICATIONS

AND UTILITIES

$38B

2

CHEMICAL

HEALTH CARE

TRANSPORTATION

0

FAITH-

BASED

0

100

200

300

400

500

NUMBER OF CREDIT UNIONS

Note: Members can typically include employees of different companies or industries, members of associations and residents of certain communities.

Source: Credit Union National Association

Endurance has $155 million of assets, including $95 million in car loans. Mr. Bower said the credit union has given 90-day deferrals to many customers and stopped repossessions.

Youre just putting a Band-Aid on a huge wound. But whats the alternative? he said. I dont want to own a parking lot full of cars.

Duncan, which calls itself The Buckle on the Oil Belt, has been a boom-and-bust town since the first well was dug nearby in 1918. Halliburton was founded a year later and remains the areas biggest employer, which means Endurance has dealt with major layoffs before, whenever oil prices fall.