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Eastman Credit Union plans to distribute $4 million dividend

Sharon Hayes • Dec 13, 2008 at 12:00 AM

KINGSPORT — One local financial institution is announcing some good news despite the nation’s tough economic times.

Eastman Credit Union plans to distribute an extraordinary dividend totaling $4 million to eligible members. This is the 12th year in a row that ECU has distributed an extraordinary dividend.

Payments will be deposited directly into member accounts, and members will have prior notification of the dividend posting date and amount.

“With the national economy experiencing a financial crisis and news of many financial institutions receiving government bailouts, this decision really makes a statement about the financial strength of ECU,” said ECU President and CEO Olan O. Jones.

“Not only is the extraordinary dividend great news for our member-owners, but it represents a significant boost for the local economy,” he said.

Since 1998, a total of $37 million in extraordinary dividends has been awarded to eligible ECU member-owners.

Jones said the extraordinary dividend sets ECU apart from the competition.

“The dividend is based on the amount of business members have done with ECU over the past year and rewards both borrowers and savers alike. The more business you do with ECU, the larger the dividend you could receive,” Jones said.

The extraordinary dividend was voted on by the ECU volunteer board of directors at the November board meeting “as a result of the organization’s sound financial decisions, solid capital position, effective expense management, and member-owners’ extensive use of credit union products and services,” according to an ECU release.

Founded in 1934, ECU serves approximately 107,000 members worldwide and employs a staff of more than 400 individuals. ECU operates 18 branch offices and more than 60 ATMs in five states.

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