Monday, July 23, 2012
ONE NEVADA CREDIT UNION RELEASES 2012 MID-YEAR FINANCIALS
results for the six months ending June 30, 2012.
The credit union reported total assets of $693 million at mid-year and income
from operations of just over $7.6 million. Net income of $590,000 was reported for the first six months of 2012, after approximately $6.5 million was set aside for potential future loan losses, and $540,000 was set aside for federal deposit insurance. Net worth at mid-year stood at $64 million, or 9.25% of total assets.
One Nevada President Brad Beal commented, “As the Nevada economy
continues to remain sluggish, we are pleased that our credit union remains well capitalized and profitable. Many of our members continue to suffer, and we’ve worked hard to help them save money through refinancing their mortgages and auto loans.”
One Nevada reported that it provided over $40 million in “HARP 2.0” refinance
mortgage loans and $10 million in automobile refinance loans to its members so far in 2012. Over 6,000 new members joined the credit union through mid-year.
With $693 million in assets, One Nevada Credit Union is the largest locally
owned, federally insured credit union in the state. One Nevada has branches
and ATMs in Clark County, Nye County and Washoe County and serves 76,500
members. Membership is open to all residents of Clark County, Nye County and Washoe County, Nevada. One Nevada is a member of the National Association of Federal Credit Unions. The National Credit Union Administration, a U.S. Government Agency, insures member deposits at One Nevada. For more
information, visit OneNevada.org.