Las Vegas Members Hit the $1.5 Million Prize

Members of a Las Vegas credit union hit the jackpot this month with a $1.5 million special dividend.

Clark County Credit Union ($980.4 million in assets, 47,673 members as of Sept. 30) paid Bonus Dividends worth about $31 per member and 0.16% of its $914.4 million in average assets for the 12 months ending Sept. 30. Its return on average assets was 1.04% for those 12 months.

Founded in 1951, the credit union serves members who are government employees of Clark County, the City of Henderson, the City of Las Vegas and the City of North Las Vegas. It also serves medical professionals, members of Nevada Public Radio (KNPR) and other employer groups.

Members in good standing received at least $20 deposited into their accounts in January, and others received more, with the highest dividend being $4,828. With this year’s Bonus Dividend, Clark County Credit Union has paid members $68.3 million in special dividends over the last 21 years.

It also helped members in the pandemic by allowing 6,503 deferred loan payments and waiving $160,000 in fees.

“There’s no doubt our members could use this year’s Bonus Dividend more than ever,” President/CEO Matt Kershaw said. “We are fortunate as a credit union to be able to continue our commitment to the Bonus Dividend our members look forward to getting back every year.”

Two other credit unions were also added to the CU Times tally:

• American United Federal Credit Union of Salt Lake City ($314.5 million, 24,045 members) paid members $260,000 in December as Reward Dividends. The amount represented about $11 per member and 9 bps of its 12-month ROA of 0.49%.
• SAFE Federal Credit Union of Sumter, S.C. ($1.3 billion, 123,761 members) paid members $1.1 million on Dec. 31 as annual bonus dividends and interest rebates. The amount represented about $8 per member and 9 bps of its 12-month ROA of 0.57%.

SAFE’s payments were based on members’ account usage. Deposit accounts, including certificates, received a 5% bonus based on dividends received in 2020. Loan accounts received a 2.25% rebate based on total interest paid in 2020.

SAFE has paid more than $33 million in bonus dividends and interest rebates to its members over the last 24 years.

“When SAFE does well, we want to share with our members who made it possible,” President/CEO Michael Baker said. “That is why our member givebacks are such a prized tradition year after year.”

So far this season, 33 credit unions ($79.1 billion, 4.5 million members) have announced $203.1 million in special dividends. The amount represented about $45 per member and 28 bps of their 12-month ROA of 0.93%.