Clark County Credit Union members still get bonus — but it’s smaller

Clark County Credit Union members will receive an average bonus of $75 this year -- smaller than in recent years, officials said Wednesday.

It's the ninth consecutive year that the 38,000-member credit union for local government workers has paid a bonus.

Chief Executive Wayne Tew said the typical member got a $179 bonus last year, and the biggest average payout was $342 in 2005.

By comparison, 2008 was one of the worst years for the Southern Nevada economy since 1985, he said.

The credit union is paying out $2.89 million, based on the average interest each member earned on savings and paid on loans.

The average dividend of $75.24 offers a return of 5.79 percent. The highest payout was $22,000.

"I wouldn't call it great news, but I would think it's good news," Tew said.

The credit union reported $614 million in assets on Sept. 30 and recorded $5.7 million in profit for the first nine months of last year. It is well capitalized to weather 2009, Tew said, with net worth exceeding 10 percent of assets. Deposits are insured by American Share Insurance, a private company based in Ohio.

The credit union is one of the few that make bonus payments to members.

Boulder Dam Credit Union, which serves 23,000 members who live or work in Boulder City, boosted its savings interest rates and cut its loan rates last year to celebrate a banner year, said manager William Ferrence.

"We've had one of the best years we've ever had," Ferrence said.

The credit union's home mortgage lending increased as subprime mortgage lenders either closed or tightened credit requirements last year, he said.

To reward members, Boulder Dam doubled interest rates to 2 percent on checking accounts, 4 percent on savings accounts and 6 percent on Individual Retirement Accounts for February and March. In the fourth quarter, the credit union slashed its 12 percent interest rate to 5.75 percent for all kinds of loans.

Clark County Credit Union still made money despite losses from car repossessions and member bankruptcies in 2008, Tew said.

"Our goal for 2009 is that we want to break even," Tew said. "But optimistically, by summer we'll probably be back to a decent income level."

Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.