no avatar

ECU set to pay out $5 million dividend

staff report • Dec 15, 2012 at 11:16 AM

KINGSPORT — Eastman Credit Union will once again distribute a $5 million extraordinary dividend among eligible members early next year.

“Announcing the extraordinary dividend is an exciting part of my job,” said ECU President and CEO Olan O. Jones. “Our members work hard day in and day out for their money and our staff has the responsibility of taking care of that money, together, we earn this reward. We’ve had another great year, and our board of directors realizes that this money belongs to our members. It’s a pleasure to give it back.”

The 2013 payout, which matches last year’s $5 million dividend, will mark ECU’s 16th consecutive year of offering the bonus.

“We’ve awarded $55 million back to our eligible members since we started doing this in 1998,” Jones said. “Essentially, after everything is said and done, we give this dividend back to our members as a reward for borrowing and/or saving with us.”

The dividend is based on the amount of business each member does with the credit union. Jones said it’s not uncommon for someone who uses ECU as their primary financial institution to receive a few hundred dollars in their dividend payout.

Eligible members will receive their portion of the $5 million dividend in their savings accounts in early 2013. Deposit notifications will be included with the January statement and mailed to members prior to the payment.

While ECU has returned the extraordinary dividend to members for 16 years, ECU’s volunteer board of directors must approve the payout each year.

ECU serves about 138,000 members worldwide and employs more than 500 people. The credit union operates 24 branch offices and more than 70 ATMs in four states with over 52,000 surcharge-free ATMs via the Allpoint Network.

Recommended for You

    Kingsport Times News Videos