KINGSPORT, Tenn.– Eastman Credit Union has announced the payout of a $15 million extraordinary dividend to members, bringing the total member payout to more than $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, in a statement.
The extraordinary dividend is deposited in members’ accounts each January, with the amount paid based on the amount of interest members earn on deposits and pay on loans throughout the year.
“Given the changes 2020 has brought to our lives, we are fortunate to be in a position to give back to our members,” added Price. “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.”
According to the credit union, the $15 million extraordinary dividend makes significant contributions to the economies in ECU’s field of membership areas, which include Northeast Tennessee, Southwest Virginia, and Gregg and Harrison Counties in Texas.
The nearly $6-billion Eastman CU has approximately 260,000 members.