LAS VEGAS — Deposited directly into their savings accounts, members of Clark County Credit Union received a financial boost thanks to a $7.7 million dividend.
The $560 million credit union issued the bonus Jan. 8. The money is distributed based on the amount of interest paid or earned by each of the 37,000 members in the past year. The average dividend payment per member is $204.47 with the highest single payment totaling almost $41,000, according to CCCU.
"There were several factors in 2006 that contributed to another phenomenal year and a notable bonus dividend," said Wayne Tew, CCCU president/CEO. "Continued favorable interest rates, smart planning and efficient operations all contribute to a surplus of income capital for CCCU. We run CCCU, a non-profit organization, like a profit-oriented company. Our members are also our 'stock holders' so we make sure they get the best of both worlds–great non-profit service and incredible for-profit returns."
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CCCU issued $12.4 million to its members last year, a record at the time. Mark Andrews, vice president sales and marketing, said he uses the yearly dividend announcement to help "publicize the benefits of banking the credit union way."
"And it's the most welcome marketing message I ever send out–100 percent acceptance," Andrews said.
Indeed, the credit union always reports a first quarter spike in membership growth due to members bragging about their dividends to co-workers, Andrews pointed out.
"Few leave the credit union and many, many more join us during bonus season," Andrews said.
Tew said the credit union has taken several opportunities to reinvest in the organization to support and build for continued growth for years to come including the recent opening of a sixth branch in the heart of a growing medical community. C. Myers, an asset liability management consulting firm, has referred several credit unions to learn best practices from the CCCU's management team, Tew added.
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