CCCU MEDIA ROOM
MULTI-MILLION BONUS TO CREDIT UNION MEMBERS
LAS VEGAS, Nevada (January 7, 2009) – For the ninth year in a row, Clark County Credit Union (CCCU) today returned a bonus dividend to the more than 38,000 member-owners of the cooperative financial institution. This year’s distribution totaled $2,893,522.71.
Las Vegas-based CCCU returned to each member their portion of excess earnings based upon the amount of interest paid or earned on their account(s) in 2008. The average dividend payment per member was $75.23 – a return rate of 5.79%. The highest single payment totaled over $22,000.00.
“2008 was a difficult year, and we still made money, still gave back a bonus dividend, are very well positioned to absorb losses, and we still have capital well over ten percent,” summarizes Wayne Tew, CCCU President and CEO. “I look forward with cautious optimism to the challenges we will face in 2009.”
Company-wide dedication to operational efficiencies is a major contributor to the fact that 2008 remained a profitable year for CCCU. All staff members are encouraged to create efficiencies wherever they can, and empowered to make smart decisions about their respective areas that translate to dollars towards the bottom line.
Mark Andrews, vice-president sales and marketing, states, “I always love it when we get to give the members free money. We are a not-for-profit cooperative with a for-profit mentality that allows us to provide solid stewardship of our members’ funds. Not only do they receive competitive rates on their accounts and top-notch customer service, but excess profits go to their personal bottom line.”
CFO/CIO Roy Holmstrom remarks, “The only thing that distinguishes one financial institution from any other is the people. Any technology can be copied, any idea can be replicated and any product can be cloned. A dedicated staff of industrious and creative people all working toward a common goal, however, is something that defies mere imitation.”
In a January 5, 2009 memo to staff, Tew says, “Recognize that your value to us is not reflected in the dollars you receive. Your value is in who you are and the contribution you have made in keeping us viable through a difficult year.”
With employees a key asset, keeping staff is a priority to the credit union. “Thanks to the leadership of our board of directors, we are able to take a progressive approach to automating processes. This helps us avoid unnecessary staffing changes when there are fluctuating workloads,” says Andrews.
For example, staff reduction through attrition allowed the company to avoid layoffs, yet continue to meet consumer demand and not impact the service provided. And, in a year where loan delinquencies were high, increased costs associated with a temporary expansion in the collections department were unnecessary.
Commenting on what made 2008 successful, Holmstrom says, “We operate in a continuum, and we’ve been working towards this outcome year, after year, after year. Louis Pasteur said ‘Chance favors the prepared mind.’ No one knows what 2009 will bring, but we’ve prepared to face the worst, and hope for the best.
“It is very fulfilling to give back to our members when they need it most. We have worked hard to prepare CCCU to withstand harsh economic circumstances and today’s dividend is the fruit of that labor.”
