- One Nevada Credit Union
One Nevada Credit Union Type Credit union Industry Financial services Founded 1950 Headquarters Las Vegas, Nevada, USA Key people General Billy McCoy, Chairman
Michael Lantz, Vice Chairman
Brad Beal, President/CEO
Products Savings; checking; consumer loans; mortgages; credit cards Total assets $685 M USD (As of September 30, 2011) Website onenevada.org
One Nevada Credit Union headquartered in Las Vegas, Nevada, is the largest federally insured, state-charted credit union in the state with locations in Las Vegas, Henderson, Reno, Sparks, North Las Vegas and Pahrump. It operates several Credit Union Service Organizations (CUSOs) including: Community Realty Services of Nevada, LLC; Community Insurance Services of Nevada, LLC; Community Title Services of Nevada; Nevada Federal Investment Group and others.
As of September 30, 2011, One Nevada has 19 branch locations, 65 ATMs, 77,496 members, and has $685 million in assets. It is classified as a well-capitalized credit union by the National Credit Union Administration and its deposits are insured for up to $250,000 through the National Credit Union Share Insurance Fund. Though affected by the downturn in the local economy, One Nevada remains one of the strongest credit unions or banks in the state with more than 9.57% in capital reserves.
One Nevada has a community charter, meaning membership is available to anyone who lives, works (or regularly conducts business in), worships, attends school, or volunteers in Clark County, Washoe County, Nye County, along with members of the immediate family or household of an existing member or those eligible for membership.
In 2011, One Nevada Credit Union was listed on Training Magazine's "Training Top 125" for the third straight year, ranking No. 108.
One Nevada was also chosen as 2009 and 2011 AARP Best Employers for Workers Over 50.
One Nevada has its beginnings in two separate credit unions that merged many years later. The Vegas Air Base Federal Credit Union was started on February 10, 1950, when nine civilian employees pooled $5 each to begin their credit union. The credit union changed its name to Nellis Federal Credit Union in 1958.
Meanwhile, at Las Vegas City Hall, seven City employees began the Las Vegas City Employees Federal Credit Union on February 14, 1951. For the next 30 years or so, both credit unions served the employees of their respective employers and their families. Both credit unions grew and expanded their services.
On August 31, 1983, the Nellis Southern Nevada Federal Credit Union and the Las Vegas Federal Credit Union merged and adopted the name Nevada Federal Credit Union.
During the 1980s, several smaller credit unions joined with Nevada Federal. Those smaller credit unions include the Showboat Credit Union, the Commercial Center Credit Union, the Nevada Air Guard Credit Union, the Washoe State Employees Federal Credit Union, the North Las Vegas City Employees Federal Credit Union, the Vegas Village Credit Union, the Tropicana Employees Federal Credit Union and others.
In August 2011, the members of Nevada Federal Credit Union approved the conversion from a federal charter to a Nevada state-charter. The credit union changed its name to One Nevada Credit Union shortly thereafter.
Products and services
In addition to traditional banking products and services such as share savings, share certificates, share drafts (checking), mortgage loans, auto loans, and credit cards, the credit union offers various non-traditional products. These include second chance (New Start) checking, green auto loans, Green Checking, first-time home buyer program and Essential Checking accounts for member-households who earn less than $45,000 annually or have recently had a job loss. As of March 2010, the credit union had also launched a suite of prepaid debit card products.
One Nevada Credit Union is consistently among the largest mortgage lenders in Clark County, Nevada.
One Nevada, like many U.S. credit unions, is locally controlled by a volunteer Board of Directors who represent the members interests. Unlike a traditional bank owned by public stockholders, a member election for the Board of Directors is held once a year. Any member in good standing can petition to run for the Board of Directors. Board volunteers are not paid for their time or service. The Board also appoints a volunteer Supervisory Committee. The Credit Union's income, aside from operating expenses and funding capitalization, are returned to the members in the form of lower loan rates, expanded services and normally, higher dividends on deposit accounts. Therefore, the credit union, like all others in the U.S., maintains a federal tax-exempt status because of the cooperative, not-for-profit organizational structure.
- ^ Lucht, Nicole. Brad Beal, President of the Nevada Federal Credit Union. Las Vegas Sun. 29 Sept. 2009.
- ^ Source: National Credit Union Administration, 9/11
- ^ Source: National Credit Union Administration, 9/11
- ^ Edwards, John G. Some large Nevada credit unions depend on private insurance. Las Vegas Review-Journal. 22 Aug. 2004.
- ^ Source: ONCU Financials, 9/11
- ^ Training Magazine. 2011 Training Top 125 Training Magazine. 1 February 2011.
- ^ Robison, Jennifer. Workplace Study: Working Wonders; Two Las Vegas companies ranked among best employers in U.S. Las Vegas Review-Journal. 30 June 2008.
- ^ One Nevada Credit Union: 2011 AARP Best Employers for Workers Over 50. AARP website. Sept. 2011.
- ^ Las Vegas-Based Nevada Federal CU Showcases Products for the Careless. Credit Union Times. 23 July 2008.
- ^ Edwards, John G. Payday lending expands. Las Vegas Review-Journal. 15 April 2009.
- ^ Edwards, John G. For underbanked, prepaid cards may offer convenience. Las Vegas Business Press. 23 March 2010.
- Credit Union Times - Nevada FCU Presents Reid’s Office With Interchange Petition
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- Las Vegas Review Journal - Mixed results expected for LV economy in 2011
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- Las Vegas Review Journal - Rock bottom: Some CDs now earn zero percent
- Las Vegas Review Journal - Three major credit unions report losses
- Credit Union Times - Through Extremes, Nevada Federal Credit Union Continues Writing Mortgages
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- Las Vegas Review Journal - One Nevada new name of Nevada Federal
- Credit Union Times - Nevada Federal Now 'One Nevada'
- Credit Union Journal - Nevada Federal Bets On New Charter
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