Nevada Federal Credit Union
Encyclopedia
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 Organization
s (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.
In 2009, One Nevada was chosen as a Best Place to Work by the Society for Human Resource Management
ranking No. 21 among medium-size companies with 251 to 999 employees.
One Nevada was also chosen as 2009 and 2011 AARP Best Employers for Workers Over 50.
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.
One Nevada Credit Union is consistently among the largest mortgage lenders in Clark County, Nevada.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, is the largest federally insured, state-charted credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
in the state with locations in Las Vegas
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Henderson
Henderson, Nevada
-Demographics:According to the 2000 census, there were 175,381 people, 66,331 households, and 47,095 families residing in the city. The population density was 2,200.8 people per square mile . There were 71,149 housing units at an average density of 892.8 per square mile...
, Reno
Reno
Reno is the fourth most populous city in Nevada, US.Reno may also refer to:-Places:Italy*The Reno River, in Northern ItalyCanada*Reno No...
, Sparks
Sparks, Nevada
Sparks is a city in Washoe County, Nevada, United States, located east of Reno, Nevada. The 2010 U.S. Census Bureau population count was 90,264. Sparks is often referred to as half of a twin city .-Geography and Climate:...
, North Las Vegas and Pahrump. It operates several Credit Union Service Organization
Credit Union Service Organization
In United States federal law, a Credit Union Service Organization allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. Most CUSOs are limited liability companies which also provide a measure of protection to the credit...
s (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
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
and its deposits are insured for up to $250,000 through the National Credit Union Share Insurance Fund
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of...
. 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
Clark County, Nevada
-Demographics:As of the census of 2000, there were 1,375,765 people, 512,253 households, and 339,693 families residing within the MSA. The racial makeup of the MSA was 71.6% White , 9.1% Black, 5.7% Asian, 0.8% American Indian and 12.8% of other or mixed race. 22.0% were Hispanic of any race...
, Washoe County
Washoe County, Nevada
Washoe County is a county located in the U.S. state of Nevada. The population was 421,407 at the 2010 census. Its county seat is Reno. Washoe County includes the Reno-Sparks metropolitan area.-History:...
, Nye County
Nye County, Nevada
-National protected areas:* Ash Meadows National Wildlife Refuge* Death Valley National Park * Humboldt-Toiyabe National Forest * Spring Mountains National Recreation Area -Demographics:...
, 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.
In 2009, One Nevada was chosen as a Best Place to Work by the Society for Human Resource Management
Society for Human Resource Management
The Society for Human Resource Management is a professional human resources association headquartered in Alexandria, Virginia. The largest such association in its field, SHRM promotes the role of HR as a profession and provides education, certification, and networking to its members while lobbying...
ranking No. 21 among medium-size companies with 251 to 999 employees.
One Nevada was also chosen as 2009 and 2011 AARP Best Employers for Workers Over 50.
History
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.
Not-for-profit structure
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.Further reading
- Credit Union Times - Nevada FCU Presents Reid’s Office With Interchange Petition
- Credit Union Times - Nevada FCU Seeks to Prevent Interchange Hit
- Las Vegas Review Journal - Mixed results expected for LV economy in 2011
- Las Vegas Review Journal - Credit union: Pul-lease take your money
- 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
- Credit Union Times - Nevada FCU Payday Loans Grab USA Today Headline
- 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