KINGSPORT - With the announcement of another Extraordinary Dividend, ECU’s total payout to members will reach $105 million in 2018!
“Our success at Eastman Credit Union is based on a lot of things, but make no mistake, the key element is our members,” said Olan Jones, CEO and president of ECU during a recent interview.
After reviewing ECU’s net worth position, the volunteer board of directors approved a 2017 extraordinary dividend amount of $13 million, the largest payout in history, to be paid to members in January 2018.
“Once we’ve determined a total amount of net worth needed to operate and be safe and sound, our board of directors is more than willing to return that excess capital to our members as they’ve done for the past 20 years, and that’s one of the things that sets us apart,” said Jones.
Jones shared that the extraordinary dividend is really a manifestation of how much the credit union cares about member service. Recognized nationally for member service, ECU’s focus goes beyond traditional banking priorities and concentrates on the members and the communities it serves.
A strong member and community focus has afforded ECU a market leadership role not only as a trusted financial institution but also a generous community partner.
“We want to improve the communities we serve, because that’s where our members live, work, and worship,” said Jones.
2017 has been a year of milestones for ECU. Surpassing the 20th anniversary of the Extraordinary Dividend and another record payout, ECU is currently celebrating 200,000 members world-wide and reaching $4 billion in assets.
As ECU grows in members, branches, and staff, its goal of exceeding members’ expectations grows along with its desire to maintain the hometown, community feel that members have grown to expect.
“Everything ECU does from top to bottom and inside and out is to satisfy members; that’s how we do business,” said Jones.
ECU operates 25 full-service branches in Tennessee, Virginia, and Texas, and has also incorporated technology that allows members to manage their finances from anywhere with the exceptional service they’ve come to know and expect.
“I would challenge you to find any other financial services provider that can consistently match the products and services we offer members, in terms of quality, cost, and other benefits, like the Extraordinary Dividend,” said Jones.
- *Extraordinary Dividend is subject to approval from the ECU Board of Directors and is paid to eligible members in good standing.