Clark County Credit Union Continues To Give Millions Back to Members

[LAS VEGAS, Nev.] January 8, 2007— Once again, Clark County Credit Union (CCCU) members are ringing in the New Year with a little more cash in their pockets.  Even with the recent shake up in the capital market and a downturn in real estate prices, CCCU continues to grow and provide its members an added incentive: an annual dividend.

Las Vegas-based CCCU gave its members their portion of a $6,961,960.90 dividend payment that was deposited directly into their savings accounts today.  The money is distributed based on the amount of interest paid or earned by each of CCCU’s 38,700 members in the past year.

The average dividend payment per member is $179.48, with the highest single payment totaling nearly $41,000. This represents a 13 percent return rate for CCCU members.

“We are hearing more and more about the state of the economy and its impact on financial institutions across the country,” says Wayne Tew, CEO at CCCU.  “I am happy to announce that CCCU continues to thrive in a difficult market.

“The best evidence of this success is the recent announcement that for the eighth consecutive year we have millions of dollars to distribute to our members. This year’s bonus dividend is the third largest in our history.”

Tew says he is proud to be associated with CCCU and its efficient operations that allow the credit union to provide its members with excellent service, rates and extra money at year-end.

“Today’s financial challenges have taken a toll on some of our members,” said Tew.  “However, despite these challenges we are well poised for another great year in 2008.”

It is no question that the economy has seen a shake up this past year, including an unstable housing market that affects everyone from families to businesses. Despite these economic circumstances, CCCU’s not-for- profit principles and money saving philosophies have kept the credit union in the black and ready to once again give surplus revenues back to its shareholders, the members.

“CCCU has always paid fanatical attention to efficiency,” said Lee Haney, Chairperson of CCCU Board of Directors.  “The top notch management and staff have a wealth of experience that contributes to sound financial decisions and profitable returns for the entire organization.  Banks continue to increase fees and decrease interest payouts but CCCU has proven that it can provide low fees and high yield returns at the same time. ”

In addition to financial success, CCCU has also achieved another milestone during the past year by expanding its membership base to include the employees of the City of North Las Vegas, essentially making their services available to all government agencies of incorporated Clark County. 

That’s hundreds of potential new members who will be eligible to receive next year’s million dollar dividend payout.

About Clark County Credit Union

Founded in 1951, CCCU is a not-for-profit credit union serving 38,700 Clark County employees, City of Henderson, City of North Las Vegas and City of Las Vegas employees, medical professionals, members of Nevada Public Radio (KNPR) and numerous selected employer groups.  CCCU has assets of $626 million and six branches throughout the Las Vegas valley.