Las Vegas-based Clark County Credit Union board of directors announced on Tuesday that the credit union has awarded $2.7 million to nearly 34,000 members in the form of a bonus dividend.
The bonus dividend comes after the credit union ended 2014 with a healthy net worth ratio of 11.77 percent and recorded an annualized net income of nearly $12.3 million.
“This has been a year of growth and renewal for the credit union, our members and for the local economy,” said Wayne Tew, president and CEO of credit union said in a statement. “We were able to grant more vehicle and home loans than in any year since 2007. In addition, because we are a financial cooperative, we give back to our members the extra earnings from investments and operations.”
Since 2000, the Clark County Credit Union has given its members more than $50 million in annual bonus dividends, which is unprecedented in the credit union’s 64-year history. However, in recent years, such returns have been scarce as the financial industry as a whole has struggled.
In the statement, credit union officials said the bonus dividend was the first that CCCU had offered to its members since 2008, and it was deposited into members’ accounts on Jan. 15. Each bonus will average $79 per member, with the highest single bonus totaling just more than $10,000.
Mark Andrews, chief marketing officer, said in the statement that members in good standing received a share of the $2.7 million bonus based on the amounts of interest earned and paid on their deposits and loans, and according to utilization of various banking services.
“This year we have more than 21,000 members receiving more than $20,” said Andrews. “The more a member took advantage of the credit union’s products and services, such as automobile and home loans, the larger the bonus they received.”
Founded in Clark County, Nevada in 1951, Clark County Credit Union serves 34,000 Clark County employees, city of Henderson and city of Las Vegas employees, medical professionals, members of Nevada Public Radio (KNPR) and selected employer groups. The credit union has assets of $550 million and five branches throughout Southern Nevada.