LAS VEGAS—Need another sign of the economy’s turnaround? Clark County Credit Union here has announced it is paying a $2.7-million bonus to its 34,000 members.
That’s a long way for a credit union in a market that was hit hard by the economic downturn. Clark County said it is able to pay the bonus after closing 2014 with a healthy net worth ratio of 11.77% and 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, 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, but this is the first year it has made the payment since 2006. According to CCCU, each bonus will average $79 per member, with the highest single bonus totaling just more than $10,000.
Meanwhile, in St. Louis, Neighbors Credit Union has paid a special dividend to members of 1.15% APY,, a 1-percentage-point increase over its regular 0.15% APY.
“We had another great year and would like to thank our members,” said Neighbors Credit Union President and CEO, John Servos.
Related
Cash Bonus Better Than Higher Rate?