OAK RIDGE, Tenn.–ORNL Federal Credit Union has approved a $5-million special dividend, the fifth consecutive year a special dividend has been issued by the CU.
Over that time, ORNL FCU said it has returned more than $21 million in value to the membership.
The special dividend was approximately 9.7 basis points across the combined 12-month average balance of all loans and deposits for each member. More than 124,000 members received a special dividend, with the average payment equaling $39.00.
Members were paid based on the depth and breadth of their relationships and balances over the last 12 months, the credit union said.
“ORNL Federal Credit Union continued to experience strong results in 2022,” said Randy Gorman, chair of the ORNL FCU board. “We are thankful to our members for trusting us as their financial partner and for continuing to make ORNL FCU a thriving organization.”
Car Loans Paid Off
In conjunction with the special dividend, ORNL FCU said 10 randomly-selected members had their auto loan balances paid off in full.
In addition to paying these auto loan balances, the credit union said it provided each of the winning members with a check to cover the estimated taxes they would owe on the value of their loan payoff. Since 2019, ORNL FCU has paid off loan balances for 24 members, totaling more than $400,000.