Clark County Credit Union said it has awarded $2.7 million to nearly 34,000 members in the form of a bonus dividend.
The dividend was deposited into members' accounts on Jan. 15. Each bonus averaged $79 per member, with the highest single bonus totaling slightly more than $10,000.
According to Mark Andrews, chief marketing officer of the Las Vegas-based CU, members in good standing received a share of the $2.7 million bonus based on the amounts of interest earned and paid on their deposits and loans, and according to utilization of various banking services.
"This year we have more than 21,000 members receiving more than $20," Andrews said in a statement. "The more a member took advantage of the credit union's products and services, such as automobile and home loans, the larger the bonus they received."
The $550 million CCCU said ended 2014 with a "healthy" net worth ratio of 11.77% and annualized net income of $12,255,747.
"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 of CCCU. "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, CCCU has given its members more than $50 million in annual bonus dividends, which it said is "unprecedented" in the credit union's 64-year history. However, it added, the bonus dividend was the first CCCU has offered to its members since 2008 — because of the financial downturn that profoundly affected the greater Las Vegas area.
Meanwhile, in St. Louis, Neighbors Credit Union returned a 1.15% APY special dividend to members in December, a full percentage point above its regular 0.15% APY.
"We had another great year and would like to thank our members," said John Servos, president and CEO of the $304 million credit union. "We've grown our business by thinking about what's best for our members and we always strive to do what's in their very best interest. It's how we have grown for the past 86 years and have no intention of stopping now."
Neighbors saw a net income of more than $1.5 million during the first three quarters of 2014, with $173 million on the books in loans, much of which was concentrated in real estate lending and used car loans. The credit union earned a net income of $2.275 million in 2013.
