OAK RIDGE, Tenn.–For the third year in a row, the ORNL Federal Credit Union has paid out a special dividend to members. The $4 million special dividend was issued to members on Oct.16, during International Credit Union Week.
Since 2018, ORNL FCU has returned $11 million in value to the membership.
ORNL said the 2020 special dividend equated to about 9.5 basis points across the 12-month average balance of all loans and deposits. Members with average annual balances exceeding $100 during the past 12-month period were paid based on the depth and breadth of their relationships and balances.
“Despite the current environment, we remain focused on providing value to our members and the communities we serve,” said Randy Gorman, chair of the ORNL FCU board. “The credit union continues to experience strong growth in these challenging times and we appreciate all our members for making ORNL FCU their trusted financial partner.”
In addition, for the second year in a row and coinciding with the $4 million special dividend announcement, ORNL FCU also announced three randomly-selected members would have their auto loan balances paid off in full. In addition to paying their auto loan balances, the CU is providing each of the winning members with a check to cover the estimated taxes they would owe on the value of their loan payoff. The names of the winning members will be announced at a later date, the credit union said.
The $2.58-billion ORNL FCU has more than 176,000 members.