Rotorua's RSA closed the doors of its Haupapa St site for the last time yesterday, but hope remains the association will find a new home in the near future.
In Thursday's Rotorua Daily Post RSA president William McDonald announced the association could not continue operating because of ongoing financial pressures, resulting in the loss of 11 jobs.
"We have been losing money over the last few years. In our case, the ongoing losses are no longer sustainable and the RSA can no longer continue to operate in its current form," he said.
RSA national president Barry Clark said he was disappointed to see any RSA in financial strife, "but it looks like they are making a very responsible decision to halt trading and re-evaluate where they are at".
"But it's not just RSAs that are finding life tough at the moment. Various things are impacting on clubs like this around New Zealand, like the decline of membership numbers.
"I understand the local council is being very supportive and the positive thing is they have not got into any further strife and I'm confident they will find a way forward. We will be here to give them any support they need," Mr Clark said.
In June the RSA resolved to cease operating in its current location and to place the building, which it owns, on the market.
A short-term loan from the Rotorua Lakes Council will allow the RSA to pay off some of its debt immediately. The loan will be secured against the RSA building, at no cost to ratepayers.
The Rotorua Energy Charitable Trust has also stepped forward and said it would buy RSA memorabilia, estimated to be worth around $80,000, to ensure it stayed in the city.
Te Arawa Maori Returned Services League secretary Sam Smith said the RSA was not just a place for eating and drinking. Mr Smith said the RSA also had a strong welfare arm which helped look after members who had suffered physical wounds and things like post traumatic stress disorder.
"It's sad to see it go and a lot of the old folk will miss it. It was a great place to meet and have a good talk and reminisce, but hopefully we'll be back again really quickly.
"We at the league will be right behind them in whatever they do. All our members want it to succeed and we will back them up. At the moment we are gutted we don't have a place to congregate."
World War II veteran and RSA member for 30 years, John Bond, 99, said it would be hard for some of the older members.
"One can be hopeful, but when you look at the way that place had been built up as somewhere for RSA people to sit in peace and comfort, it's hard to see how they will replicate it somewhere else.
"We are not particularly happy about it. I've no doubt they made the decision after reviewing the facts very carefully, but when one gets to an advanced age it's much more difficult to accommodate something different, but hope springs eternal," Mr Bond said.
Mr McDonald said earlier this week that the RSA committee was looking into different options moving forward.
Several options to temporarily merge with other clubs were being investigated and it was hoped RSA members would soon have an alternative venue to patronise.
"Next year Rotorua RSA will celebrate 100 years," Mr McDonald said.
"We'll reach our centenary, and beyond. However, what we look like, where we are, and how we operate could be very different."