KINGSPORT, Tenn--Eastman Credit Union is the latest to announce it will be paying an extraordinary dividend to members, with a payout of $10 million.
“Exciting doesn’t begin to describe how we feel about announcing that ECU is giving back $10 million to members,” said CEO Olan Jones in a released statement. “Thanks to the loyalty of our members, the fine work of our staff, and the leadership of our management and board of directors, we’ve exceeded expectations again with this year’s payout. Including this payout, ECU has now given back about $80 million to our members through the extraordinary dividend.”
This marks the 18th year of extraordinary dividends. The latest payout will go out in January 2016.
ECU said the extraordinary dividend payout is based on the interest paid on loans and earned on deposits by members in good standing throughout the year. The more business done with the credit union, the larger the member’s payout.
“I’ve never met a member who wasn’t grateful for extra money. However, many members ask me how they can earn more of the extraordinary dividend,” said Jones. “It’s really very simple. Do all of your business with ECU! If you have deposits or loans with another lender, refinance them with ECU.”
The $3.2-billion ECU has more than 160,000 members.