OAK RIDGE, Tenn. – For the fourth year in a row, the ORNL Federal Credit Union has paid out a special dividend to its members. The $5-million special dividend was issued to members on Oct 22, one day after International CU Day.
Since 2018, ORNL FCU reported it has returned over $16 million in value to its 187,000 members.
According to the $3-billion credit union, the 2021 special dividend was approximately 10.7 basis points across the combined 12-month average balance of all loans and deposits for each member. More than 123,000 members received a special dividend, with the average payment equaling $39. Members were paid based on the depth and breadth of their relationships and balances over the last 12 months.
“2021 has been another incredible year for ORNL Federal Credit Union and our members,” said Board Chair Randy Gorman. “Despite the challenges we have faced for almost two years due to the ongoing pandemic, we continue to experience strong growth. We remain committed to providing value to our members who have made ORNL FCU their trusted financial partner.”
Loans Paid Off
For the third year in a row and in conjunction with the $5 million special dividend, ORNL FCU announced seven randomly-selected members had been selected to have their auto loan balances paid off in full. In addition to paying these auto loan balances, ORNL also provided each of the winning members with a check to cover the estimated taxes they would owe on the value of their loan payoff.