ECU Announces $15 Million Dividend
December 13, 2020
$15 Million in Extraordinary Dividends to be Paid to Members
KINGSPORT - Good news for 2020! Eastman Credit Union’s volunteer board of directors voted to return a $15 million Extraordinary Dividend to members, bringing the total member payout to over $147 million since it began in 1998.
“We are delighted to return another year-end bonus to members, especially one that exceeds any amount ever distributed. That’s a testament to ECU’s extraordinary service and relationship we have with our members,” said Kelly Price, president and CEO of ECU.
The extraordinary dividend is deposited in members’ accounts each January. The dividend returned to each member is directly related to the amount of interest members earn on deposits and pay on loans throughout the year. While ECU’s 260,000 members have come to anticipate this year-end bonus, the Extraordinary Dividend is not guaranteed. ECU must first achieve a level of net worth that allows for the growth and sustainability of the organization.
“Given the changes 2020 has brought to our lives, we are fortunate to be in a position to give back to our members. Members have trusted us to meet their financial needs, and that’s what has made this Extraordinary Dividend possible. It’s been a tough year for many, so we’ve really embraced our ‘ECU Beside You’ philosophy,” said Price.
The $15 million Extraordinary Dividend makes significant contributions to the economies in ECU’s field of membership areas Northeast Tennessee, Southwest Virginia, and Gregg and Harrison Counties in Texas.
“In everything we do, we look for ways to help, support, and return money to our members. It’s really about always being concerned for our members’ best interests, and when we do that, we all win,” said Price.
About Eastman Credit Union
ECU is one of the largest credit unions in the country with almost $6 billion in assets. ECU is a not-for-profit, financial service cooperative serving 260,000 members at 32 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.