LAS VEGAS Clark County CU reported $2.3 million in net income for its second quarter, the latest Nevada credit union to indicate a rebound in the state’s financial fortunes.
The $496-million credit union, the state’s third-largest, reported 5.6% loan growth and 8.5% asset growth year-to-date.
Clark County CU, one of the biggest privately insured credit unions in the country, had a $7.3-million net for all of 2012 and a $3.6 million net for 2011.
The report comes a few days after One Nevada CU, the biggest credit union in the state, reported a $3.6 million net for the first six months of the year. Boulder Dam CU, the state’s fourth largest and also privately insured, reported a $1.8 million first half net, and Greater Nevada FCU, the fifth largest, had a $3.8 million net for the first six months of 2013.
“We feel really good about where we are positioned right now,” said Wayne Tew, president of Clark County CU. “For the first half of this year, we are seeing financial numbers not seen since 2007. Delinquency is down and loan growth is up for the first time in six years. We anticipate steady, positive circumstances for the next few years, at least.”
“I have spoken with other financial institutions in the valley,” said Tew. “We are definitely seeing the economy stabilize on our end. This is a very good sign for Southern Nevada.”
