More Than $7 Million Goes Back Into Credit Union Members' Pockets

LAS VEGAS, Jan. 8 (www.allCUnews.com [1]) -- Clark County Credit Union (CCCU) members can already check one item off their New Year's resolutions list -- save more money this year.

Las Vegas-based CCCU gave its members their portion of a $7,714,993.52 dividend payment that was deposited directly into their savings accounts today. This money is distributed based on the amount of interest paid or earned by each of the 37,000 members in the past year.

The average dividend payment per member is $204.47 with the highest single payment totaling almost $41,000.

"There were several factors in 2006 that contributed to another phenomenal year and a notable bonus dividend," says Wayne Tew, CEO. "Continued favorable interest rates, smart planning and efficient operations all contribute to a surplus of income capital for CCCU. We run CCCU, a non-profit organization, like a profit-oriented company. Our members are also our 'stock holders' so we make sure they get the best of both worlds -- great non-profit service and incredible for-profit returns."

Tew says the credit union has taken several opportunities to reinvest in the organization to support and build for continued growth for years to come.

"We just opened our sixth branch in the heart of a growing medical community," says Tew. "Medical professionals are one of our main member groups and the new branch will be able to facilitate our anticipated growth in membership in that area as well as provide support to our other branches. The new Sunset branch also has state-of-the-art technology that supports disaster avoidance capabilities, a factor that puts us a few steps ahead of other credit unions around the country."

Along with a dedication to technology, CCCU's business efficiency and money-saving strategies have recently made CCCU a resource to credit unions across the country that are looking for a leg-up on the competition. C. Myers, an asset liability management consulting firm, has referred several credit unions to learn best practices from the CCCU management team.

"Our non-profit and cooperative industry has held a long tradition of helping each other," said Tew. "Our bonus dividend has garnered us national recognition in our industry and now other credit unions are coming to us for advice. We take it as a compliment that executives from across the country ask us to share our best practices."

The same business efficiencies and money-saving philosophies that garner national recognition for CCCU also mean one thing -- it literally pays to be a CCCU member. Just ask Stacy Rodd, a member of CCCU since 1992. With interest paid on his recent car loans and home equity line of credit, Rodd received a significant amount of money deposited back into his account.

"The bonus dividend is just another shining example of how CCCU works really hard to take care of its members," says Rodd, a county government employee. "I will be a member for life -- I have been so well taken care of that I don't have any reason to bank anywhere else."

Rodd says that he refers coworkers and friends to CCCU for the same reason he joined -- excellent member service and the bonus dividend.

"I am always telling people about the benefits of CCCU," said Rodd. "I don't know very many people whose bank puts money back in their account every January. Not to mention I get personal attention every time I walk through the teller line -- most banks don't even know the customer's name."

This service, along with lower fees on investment accounts and an almost fanatical attention to efficiency is what CCCU members can count on. While banks continue to increase fees and decrease interest payouts, CCCU is proving that by operating efficiently and providing low fees and high yield returns, it can reward its members by putting money back into their pockets all year long.

"This dividend payment has become something that we are known for and our staff is dedicated to making it possible year after year," said Tew.

In fact, Vice President of Marketing Mark Andrews uses the yearly dividend announcement to help publicize the benefits of banking the credit union way. He refers to the bonus dividend as the most expensive and most effective marketing budget he's ever had.

"And it's the most welcome marketing message I ever send out -- 100 percent acceptance!" Andrews reports there is always a first quarter spike in membership growth due to members bragging about their dividends to co-workers. "Few leave the credit union and many, many more join us during bonus season," said Andrews.

About Clark County Credit Union

More information about Clark County Credit Union can be found online at www.ccculv.org [2].

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Source: Clark County Credit Union