LAS VEGAS — The longtime head of Clark County Credit Union plans to retire this summer, Credit Union Journal has learned.
Wayne Tew has been president and CEO of the now $550 million credit union since 1986. He has outlasted all the members of the board of directors that hired him, according to a spokesman.
When the board sought out a new president in 1986, Clark County CU was "in the doldrums of deterioration" at $33 million in assets and 14,000 members, mostly county government employees, the CU said in a statement.
"Capital had eroded to about 1.5%. We wouldn't have stayed in business in today's environment," recalled Tew. At the time, the CU had just three locations and was in poor fiscal health.
Glenn Trowbridge, CCCU's longest serving board member — having also started in 1986 — recalled, "We had low net worth, high loan losses and stagnant growth. Things looked bad, yet this bright new president came in with high energy and optimism."
Trowbridge said Tew demonstrated the ability to "clear away" problem areas and set good practices in place. The CU has expanded to $550 million in assets, 34,000 members and 5 branches.
Clark County CU recently awarded $2.7 million to nearly 34,000 members in the form of
Tew is a past president of the Nevada Credit Union League, was on the American Share Insurance Advisory Board for 12 years, is a past president of the Summit Systems Information Group, and is a Certified Chief Executive by CUES.
CCCU said it is in the beginning phase of a search for its next president/CEO. The search is being coordinated by Susan Mitchell, CEO of the Mitchell Stankovic & Associates consulting firm. Interested parties may contact her at (855) 362-2002 or online at MitchellStankovic.com.
Highs/Lows Of Four Decades
When asked about some of the more significant periods during his tenure, Tew spoke of both low and high points. "The year 2001 was very significant. We had our first bonus dividend on the company's 50th year anniversary," he said. "We made arrangements to hold an anniversary party in the cafeteria of the new County Government Center downtown. A computer was set up to generate each visitor's personal dividend amount as they walked in the door for the party."
Eric Jorgenson, current CCCU chairman of the board, said, "There was a great air of excitement at the event. Some of our original chartering members were in attendance. Wayne rightly deserved compliments for building our institution to a point where we were even highlighted on the reader board in Times Square of New York City for that accomplishment."
On the other hand: "Our most difficult period was actually the economic recession beginning in fall of 2007," said Tew. "By 2009 and 2010, we had high loan defaults and two years of net losses to the credit union. But we managed our way through it. Now the balance sheet is restored to very good health, enough to restore our bonus dividend program again."
Tew also made note of large changes in today's banking world. "The new trend of mergers of big banks and credit unions will shape the next generation of our financial landscape. I'm pleased that we are still locally owned, directed and operated and that we're growing and poised for a new level of success," he added. CCCU has planned strategically to grow to the billion-dollar level as its next objective.
"I can point very happily to the many volunteers — directors and audit committee members — who have made up the cooperative spirit of CCCU, as well as wonderful employees who helped to shape our success," Tew noted. Some CCCU staff members have worked with the company for decades. "One individual started here as a teller after high school. She is now in her fourth decade of employment, currently serving as the firm's leading mortgage loan originator.
"This has been a great life experience," Tew said.
