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ECU declares $13M dividend

From staff reports • Dec 10, 2017 at 9:00 AM

KINGSPORT — Eastman Credit Union has announced a $13 million extraordinary dividend for 2017 — the largest annual payout in its history.

ECU’s total payout to members will reach $105 million in 2018, according to a release.

“Our success at Eastman Credit Union is based on a lot of things, but make no mistake, the key element is our members,” said Olan Jones, CEO and president of ECU said in the release.

The 2017 extraordinary dividend will be paid to members in January 2018.

“Once we’ve determined a total amount of net worth needed to operate and be safe and sound, our board of directors is more than willing to return that excess capital to our members as they’ve done for the past 20 years, and that’s one of the things that sets us apart,” said Jones.

He noted the extraordinary dividend is really a manifestation of how much the credit union cares about member service. Recognized nationally for member service, ECU’s focus goes beyond traditional banking priorities and concentrates on the members and the communities it serves.

“We want to improve the communities we serve, because that’s where our members live, work and worship,” said Jones.

This year has seen several milestones for ECU. Surpassing the 20th anniversary of the extraordinary dividend and another record payout, ECU is celebrating 200,000 members worldwide and reaching $4 billion in assets.

“Everything ECU does from top to bottom and inside and out is to satisfy members; that’s how we do business,” said Jones.

ECU operates 25 full-service branches in Tennessee, Virginia, and Texas, and has also incorporated technology that allows members to manage their finances from anywhere.

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