KINGSPORT, Tenn. — Eastman Credit Union has announced an Extraordinary Dividend of $13 million, which brings the total to $118 million paid to members since 1998.
Individual member payout amounts vary based on the amount of business done with ECU. The Extraordinary Dividend is based on the interest earned on deposits, as well as interest paid on loans, throughout the year. The dividend payout will appear in members’ accounts in January 2019, ECU said.
Members who use ECU as their primary source for all of their financial needs receive the greatest benefits from the Extraordinary Dividend, the credit union added. The $4.49 billion ECU has approximately 220,000 members.
“It is an honor to give this money back to our loyal members. It shows that ECU is focused on helping our members save money and contributing to the communities we serve. The more business you do with ECU, the more you’ll receive in your Extraordinary Dividend,” said Olan O. Jones, ECU CEO and president.
New Members Ask About Deposit
According to the credit union, members at ECU enjoy the bonus, and new members often say the year-end bonus was a deciding factor in moving their accounts.
“Often, new members come in and ask about the deposit. They think it is an error on their account. When we explain to them what it is, they’re shocked. It also helps that it’s deposited during a time of year when many need a little extra,” said Jenny Myers, an ECU member service representative.
In addition to helping individual members, the overall disbursement provides a noteworthy boost to the local economy, according to ECU.
“When you consider that the majority of the $118 million we’ve returned to members has remained right here in Northeast Tennessee and Southwest Virginia, that’s substantial, and a good reason to join if you’re not a member,” said Jones. “Our goal is to make members happy, whether through our products and services, an Extraordinary Dividend, or helping an organization like Second Harvest Food Bank or the Miracle Field for children and adults with special needs, we’re here to help. To be extraordinary, you must strive to make a difference.”
More Than $7 Million Donated
ECU added it is a well-known community supporter, and over the past 18 years has given approximately 200 nonprofit organizations more than $7 million.
“We want to do everything we can to help improve the quality of life in the communities where our members live, from year-end bonuses to community service, our goal is to serve,” said Jones.