Clark County Credit Union on Tuesday said it distributed its excess earnings back to its members, making a total dividend payment of $3,002,536.08 for 2016.
The dividend payment is calculated based on interest either paid or earned in the past year through savings accounts, auto loans, new home construction loans or commercial loans, the credit union explained.
All 40,000 CCCU members will receive at least $20 deposited into their accounts, management said. The average dividend payment will be $73.74, with hundreds of members reportedly receiving $500 or more. The credit union said the highest single distribution was more than $20,000.
The $650 million credit union reported it has paid a total of $56 million in dividends since 2001.
“The annual dividend distribution is not only a tangible demonstration of the financial health of Clark County Credit Union, it is a sign that our economy is continuing to do well here in Southern Nevada,” Matt Kershaw, CEO of CCCU, said in a statement. “Our members are also the credit union’s owners – as a leadership team, we take our responsibility to manage and grow their funds very seriously.”
CCCU said member Jon Crain visited the Tenaya branch recently, where he was informed about his dividend payment. “I walked up to my teller, Michelle, and while I was making a deposit she told me I had received a dividend,” said Crain. “I didn’t even know it until that moment – I was really pleased. I used the extra money to go towards my truck payment. It’s really great to be a member of my credit union.”
CCCU Chairman Eric Jorgenson said the support of the members is what makes the annual dividend possible. “The year 2016 was a good year for us. We are grateful to them for their loyalty year after year.”
Clark County CU suffered two years of losses during the recession – $25.3 million in 2009 and $5.2 million in 2010 – before bouncing back. It reported $3 million in net income for 2011, followed by $7.3 million in 2012, $9.2 million in 2013, $12.2 million in 2014, and $8.7 million in 2015.
Founded in 1951, CCCU serves 40,000 members who are municipal employees (Clark County, City of Henderson, City of Las Vegas and City of North Las Vegas), medical professionals, members of Nevada Public Radio (KNPR) and numerous select employer groups. CCCU has six branches throughout the Las Vegas valley.
