ECU Returns $15 Million to Members
December 11, 2022
KINGSPORT – Eastman Credit Union members can expect to share another $15 million Extraordinary Dividend in January 2023. Recently approved by ECU's volunteer board of directors, this payout will bring the new total to $177 million returned to members since it began in 1998.
"We are excited to return this money to our members. This announcement is a direct result of our members’ loyalty, our employees' hard work, and our board's leadership," said Kelly Price, ECU's president and CEO.
The Extraordinary Dividend signifies the shared success afforded by the credit union's cooperative structure. Member payouts are calculated based on the interest paid on loans and earned on deposits throughout the year.
"Announcing the Extraordinary Dividend is always exciting. It exemplifies the credit union difference and shows that we put our members first. Beyond that, our communities and local economies benefit from the extra boost. It's a win-win," said Price.
The Extraordinary Dividend has a concentrated economic impact on the regions comprising ECU's field of membership, which includes Northeast Tennessee, Southwest Virginia, and Gregg and Harrison Counties in Texas.
ECU members look forward to this year-end bonus, but it's never guaranteed. ECU's board of directors approves the payout each year after reviewing the financials and verifying ECU has achieved a level of net worth needed for current and future requirements.
About Eastman Credit Union
Eastman Credit Union, established in 1934, is a not-for-profit financial cooperative headquartered in Kingsport, Tennessee. Serving areas of Northeast Tennessee, Southwest Virginia, and East Texas, ECU is the 39th largest credit union in the nation. Placing members' financial needs first, ECU employees focus on exceptional member service and offering products and services that exceed members' expectations. ECU's assets are more than $7.5 billion, and the organization serves more than 300,000 members through a network of 34 branches, service centers, and offices; ecu.org; ECU's Mobile app; ECU's Card Control app; and over 56,200 surcharge-free ATMs through the Allpoint™ and Presto!® networks. For more information about ECU, visit ecu.org. Funds are federally insured for up to $250,000 by NCUA. Member Equal Housing Lender. Equal Opportunity Employer.