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Clark County Credit Union ends ‘14 with $12.3 million in net income

Clark County Credit Union posted $1 million in monthly net income for calendar year 2014, officials said Wednesday in a statement.

The credit union also ended 2014 with a net worth ratio of 11.77 percent and recorded net income of nearly $12.3 million for the year, the statement also noted.

“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 Clark County Credit Union said in the statement. “Furthermore, our year of growth allowed us to grant more vehicle and home loans than in any year since 2007.”

The not-for-profit financial cooperative also reopened the Sunset branch, which was closed during the economic downturn.

Christie Jordan, chief financial officer, said in the statement the credit union reached a return on assets ratio of 2.32 percent and booked more than $100 million in new loans this year.

“With our losses down and recoveries from charged-off loans increasing, we are very pleased with these results,” Jordan said.

The credit union also plans to return to its bonus dividend program, which was suspended in 2008 because of the economy. That figure is expected to be announced at the credit union’s annual meeting later this month.

The 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 other selected employer groups. The credit union has assets of $550 million and five branches throughout Southern Nevada.

 

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