LAS VEGAS–Two more credit unions have announced year-end bonuses for members.
In a sign of how the Las Vegas economy has bounced back, Clark County Credit Union said it has awarded $3.081 million in the form of a bonus dividend.
The bonus dividend comes after the credit union ended 2015 with a net worth ratio of 12.48% assets of $586-million, reflecting growth of 7.74%.
"We are pleased with the results of 2015 and look forward to another successful year," said CEO Matt Kershaw. "We had a strong year of loan and new member growth." Loans were up 23.5%, while membership grew 8%.
Since 2000, the Clark County Credit Union has given its members more than $53 million in annual bonus dividends, but the dividends were rare when the economy crashed here in the mid-2000s. The most recent dividend is the second it has paid members since 2008.
According to CCCU, each bonus will average $83 per member, with the highest single bonus totaling just more than $16,000. The CU reported that every qualified member received at least $20.
In Wyomissing, Penn., meanwhile, Utilities Employees Credit Union paid members a $775,000 bonus.
“As a virtual credit union that does not have shareholders or branches to maintain, UECU’s operating expenses are lower than those of a typical bank or credit union, allowing the credit union to return a greater share of profits to its member-owners,” UECU said in a statement.
Since it launched its rewards program in 2011, UECU has awarded more than $4.7 million to members. The CU said a member’s individual bonus was calculated by multiplying the bonus percentage (4% for 2015) by the amount of interest paid on loans and earned on their savings accounts. Members could also earn an additional $100 through the reward program by financing a new mortgage with UECU.
In a statement, CEO Pat Zyma said the Member Loyalty Bonus program is one of three reward programs from which members can choose.