LAS VEGAS, Jan. 26, 2017 /PRNewswire/ -- In an age where financial institutions are all-too-often in the news for inflated salaries, golden parachutes and misappropriated funds, Clark County Credit Union is doing the opposite: taking profits and giving them back to its member-owners as an annual dividend. As a long-standing tradition in the credit union's history, the non-profit is distributing earnings back to its members.
This year's dividend payment is $3,002,536.08, creating a grand total of $56 million pumped back into the pockets of CCCU members, and ultimately, into the Southern Nevada economy since 2001. All 40,000 CCCU members will receive at least $20 deposited into their accounts this month, though the average dividend payment this year is $73.74. Hundreds of members received $500 or more, with the highest single distribution coming in over $20,000.
"The annual dividend distribution is not only a tangible demonstration of the financial health of Clark County Credit Union, but it is a sign that our economy is continuing to do well here in Southern Nevada," said Matt Kershaw, Chief Executive Officer of CCCU. "Our members are also the credit union's owners – as a leadership team, we take our responsibility to manage and grow their funds very seriously."
The dividend payment is calculated based on interest either paid or earned in the past year through savings accounts, auto loans, new home construction loans or commercial loans.
CCCU member Jon Crain visited the Tenaya branch recently where he first found out about his dividend payment. "I walked up to my teller, Michelle, and while I was making a deposit she told me I had received a dividend," said Crain. "I didn't even know it until that moment – I was really pleased! I used the extra money to go towards my truck payment. It's really great to be a member of my credit union!"
CCCU Chairman Eric Jorgenson acknowledged that the support of the members is what makes this dividend possible. "The year 2016 was a good year for us. We are grateful to them for their loyalty year after year."
ABOUT CLARK COUNTY CREDIT UNION
Founded in 1951, CCCU is a not-for-profit financial institution serving 40,000 members who are municipal employees (Clark County, City of Henderson, City of Las Vegas and City of North Las Vegas), medical professionals, members of Nevada Public Radio (KNPR) and numerous select employer groups. CCCU has assets of $650 million and six branches throughout the Las Vegas valley. More information about CCCU can be found online at ccculv.org.
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SOURCE Clark County Credit Union