ECU Chief Executive Officer Olan O. Jones Jr. said this week the ECU board of directors has approved a $4 million extraordinary dividend, which will be directly deposited into eligible members’ savings accounts in early 2008.
Deposit notifications will be mailed to eligible members prior to the distribution.
Since it began awarding extraordinary dividends in 1998, ECU has distributed a total of $33.7 million to eligible members.
Jones said it is not uncommon for members who use ECU as their primary financial institution to receive several hundred dollars in dividends.
“Our extraordinary dividend is based on the amount of business you have done with ECU within the past year. The more business you are doing with ECU, the larger the dividend you will receive. This rewards those who made the dividend possible and is a way to thank them for using ECU,” Jones said.
“Not only is the extraordinary dividend great news for our member-owners, but it represents a significant boost for the local economy,” he said.
Jones said ECU’s ability to pay an extraordinary dividend is due to several factors, including the institution’s capital position and its cost-effective management.
“But the primary reason is ECU member-owners’ extensive use of credit union products and services,” Jones said.
ECU is Tennessee’s largest credit union with $1.9 billion in assets. The financial institution has about 95,000 members worldwide, with 16 branch offices and more than 50 ATMs in five states. The institution employs more than 350 people. ECU plans to open two new offices by April 2008 — one in Jonesborough and the other in Boones Creek.
For more information visit www.eastmancu.org.