ECU declares $14M Extraordinary Dividend

Hank Hayes • Dec 15, 2019 at 8:30 AM

KINGSPORT — The spirit of giving continues at Eastman Credit Union.

“It is a privilege to announce that ECU’s volunteer board of directors voted to return a record-breaking $14 million to members this year, bringing our total to over $132 million since the payout began in 1998,” said Olan Jones, CEO and president of ECU.

ECU’s Extraordinary Dividend has helped members ring in the new year for two decades, as the deposit appears in members’ accounts each January. Jones, who is retiring at the end of 2019, spearheaded the Extraordinary Dividend concept in his first year as CEO, when ECU had just 40,000 members. Today, ECU’s 240,000 members continue to enjoy this reward.

“I appreciate the board of directors for their continued support of the Extraordinary Dividend. The fact that we’ve done this for over 20 years is a testament to ECU’s loyal members and the credit union’s unwavering member focus,” said Jones.

ECU is an 85-yearold financial cooperative.

“Once we have achieved a level of net worth that exceeds our need to meet our current and future requirements, our board chooses to return the money that is left over at the end of the year to our members,” said Kelly Price, ECU’s executive vice president, who will become CEO on Jan. 1.

The year-end bonus is directly related to the amount members earn on deposits and/or pay on loans throughout the year. While members enjoy the extra money, the local economy benefits greatly from the multimillion-dollar disbursement.

“The payout results in a significant contribution to the economies of the regions ECU serves in Northeast Tennessee, Southwest Virginia, and in Gregg and Harrison counties in Texas,” Jones noted.

Extraordinary Dividends are returned to members in good standing. The more accounts members have with ECU, the greater their reward. Loyal ECU members are often eager to show their appreciation for the deposit.

“We love to hear what our members do with their Extraordinary Dividend, whether they pay on a bill or buy something they need or want. It comes at a convenient time of year, when people often need an extra boost,” said Price.

About Eastman Credit Union

ECU is one of the largest credit unions in the country with more than $5 billion in assets. ECU is a not-for-profit, financial service cooperative serving 240,000 members at 29 locations. Credit union members have access to more than 55,000 free ATMs nationwide and a wide range of financial services, including free checking and free online banking. For additional information about ECU, visit www.ecu.org or call (800) 999-2328.