KINGSPORT, Tenn.–Eastman Credit Union has announced another big year-end dividend for members.
The credit union is paying out a record-breaking $14 million to members this year, bringing its total paid to over $132 million since the payout began in 1998, according to President and CEO Olan Jones.
ECU’s Extraordinary Dividend has helped members ring in the new year for two decades, as the deposit appears in members’ accounts each January, the credit union said.
Jones, who is retiring at the end of 2019, introduced the Extraordinary Dividend concept in his first year as CEO, when ECU had just 40,000 members. That number has grown to 240,000 members today.
“I appreciate the board of directors for their continued support of the Extraordinary Dividend. The fact that we’ve done this for over 20 years is a testament to ECU’s loyal members and the credit union’s unwavering member focus,” said Jones.
The year-end bonus is paid according to the amount members earn on deposits and/or pay on loans throughout the year. Extraordinary Dividends are returned to all members in good standing.
Eastman Credit Union has more than $5 billion in assets.