KINGSPORT — Eastman Credit Union’s annual extraordinary dividend is a record breaking $6 million to be returned to its members.
The 2014 payout will mark 17 years of returns to ECU members totaling $61 million since 1998.
“We feel our extraordinary dividend is a difference that members can smile about. People helping people is the key feature of the credit union philosophy, so our goal is to maximize value-added offerings in every way possible,” ECU President and CEO Olan Jones said. “That’s what being a financial cooperative is about. This year’s extraordinary dividend is just another affirmation of ECU’s commitment to members.”
Each year, ECU’s volunteer board of directors reviews and approves the extraordinary dividend based on a review of capital and reserves.
“The amount of business that each member does with ECU is the basis for their extraordinary dividend payout,” said Jones. “The more business a member does with ECU, the higher they can expect their year-end bonus to be. It’s not uncommon for a family utilizing ECU as their primary financial institution to receive a few hundred dollars in extraordinary dividends.”
Eligible members will receive their portion of the extraordinary dividend in their savings account in early 2014. Deposit notifications will be included with the January statement and mailed to members prior to payment.
With more than 140,000 members worldwide and more than 500 employees, ECU operates 24 branch offices and more than 70 ATMs in four states, and provides access to more than 55,000 surcharge-free ATMs nationwide via the Allpoint Network.
“It’s all about members, members, members,” Jones said of ECU’s mission.
For more about ECU, visit www.ecu.org.