TULLAHOMA, Tenn.– Ascend Federal Credit Union said it is paying out approximately $4.1 million in bonus dividends and loan interest refunds to members.
With the addition of this year’s return, Ascend reported it has returned more than $92 million to the credit union’s members since 2004.
“The member return is a testament to our credit union’s strength and stability, especially during a year of economic challenges and uncertainty,” said President/CEO Caren Gabriel. “I am pleased to report that Ascend can offer this return while still maintaining our solid financial footing. It is also another way Ascend can express our appreciation to our members and to provide them another source of income during the holidays.”
Ascend FCU said it strives to make the payout every year, and examines its financial performance annually to identify how the return will be calculated and what amount will be given. In order for a loan to receive an interest refund, it must not be delinquent.
The 2020 return will appear on members’ December statements.
The $3-billion Ascend FCU has more than 223,500 members.