Clark County Credit Union announces record dividend

Kevin Rademacher

Wednesday, Jan. 12, 2005 | 10:51 a.m.

Clark County Credit Union announced that its 2004 dividend payment back to members will reach $5.3 million.

The dividend averages $155 per member for the credit union's 34,244 members. The amount of the dividend per member is based on all interest earned or paid with the credit union. The largest dividend, the credit union said, was more than $58,000.

Roy Holstrom, chief financial officer for the credit union, said the dividend is the largest in the bank's history "and may be tops in the country for (the year)."

The dividend a year ago was $2.9 million at Clark County Credit Union.

The larger increase this year, said Chief Executive Wayne Tew, was the product of increased real estate lending and efficient operation, bolstered by strong employees and "the savvy use of technology."

Tew said the real estate lending activity increased because of an aggressive campaign to educate members about credit union loans.

"We have always done real estate loans, but people haven't been aware of it," Tew said. "We have increased advertising and added more real estate personnel. The growth this year is the product of that."

The credit union was founded in 1951 and serves employees of Clark County, the cities of Las Vegas and Henderson, Nevada Public Radio and other employer groups. The credit union has assets of $476 million and five Southern Nevada branches.