KINGSPORT, Tenn.–Eastman Credit Union has announced a $13-million extraordinary dividend for 2017, the largest in its history. The credit union said its 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 said in a released statement.
The 2017 extraordinary dividend will 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.
Eastman CU noted it achieved several milestones in 2017, including paying a dividend for 20 straight years, surpassing 200,00 members, and hitting $4-billion in assets.
This year has seen several milestones for ECU. Surpassing the 20th anniversary of the extraordinary dividend and another record payout, ECU is celebrating 200,000 members worldwide and reaching $4 billion in assets.
ECU operates 25 full-service branches in Tennessee, Virginia, and Texas.
Other credit unions that have announced extraordinary dividends to date, include:
- Wright-Patt Credit Union, Beavercreek, Ohio, which has announced an $8-million Special Patronage Dividend.
- Goldenwest Credit Union, Ogden, Utah, which announced it will pay members a year-end bonus dividend of $1,750,000.
- Summit Credit Union, Madison, Wis., which is paying out $2.08 million in what it calls a “Cash Boomerang” to its members.
- Ascend Credit Union, Tullahoma, Tenn., which is paying out $5 million in bonus dividends and loan interest refunds.
- Andigo CU, Schaumburg, Ill., which is paying a $1 million “participation dividend” to its members in January.
- Educators CU, Racine, Wis., which is paying a $2.46 million loyalty reward to members