Two credit unions in Nevada and Maryland are returning more than $3 million in dividends to members following successes in 2016.
Clark County Credit Union, a $650 million-asset institution based in Las Vegas, has paid back more than $3 million as a dividend payment to members, with individual payments calculated based on interest paid or earned in the past year through savings accounts, auto loans, new home construction loans and commercial loans.
All 40,000 CCCU members will receive at least $20 deposited into their accounts this month, while the average dividend payment was $73.74. Hundreds of members received $500 or more, with the highest single distribution exceeding $20,000.
Since 2004, CCCU has returned a total of $56 million to its membership through such payments.
"The annual dividend distribution is not only a tangible demonstration of the financial health of Clark County Credit Union, but it is a sign that our economy is continuing to do well here in Southern Nevada," Matt Kershaw, chief executive officer of CCCU, said in a statement.
Separately, Atlantic Financial Federal Credit Union, an $88 million institution based in Hunt Valley, Md., is issuing a 2016 year-end dividend bonus to members. According to Kevin Zaegel, marketing director at AFFCU, the payment will total about $90,000.
Under terms of the payment, AFFCU is returning 25% of its 2016 net income to members in the form of a 2.5% bonus on dividends earned and a 2.5% rebate on interest paid on AFFCU loans.
The member bonus dividend payment will be posted to member accounts on January 31.
“The dividend bonus is a tangible result of our successful year, made possible by the credit union’s prudent financial practices and strong capital level, which is a direct result of the members’ activity with the credit union,” Matthew Piazza, AFFCU president and CEO, said in a statement.
