Eastman Credit Union announced Sunday its board of directors has voted to return to members the largest extraordinary dividend in its history, $14 million. That brings the total extraordinary dividend returned since 1998 to more than $132 million, according to Olan Jones, CEO and president.
“I appreciate the board of directors for their continued support of the Extraordinary Dividend. The fact that we’ve done this for over 20 years is a testament to ECU’s loyal members and the credit union’s unwavering member focus,” Jones said. “The payout results in a significant contribution to the economies of the regions ECU serves in Northeast Tennessee, Southwest Virginia, and in Gregg and Harrison counties in Texas.”
Kelly Price, ECU’s executive vice president, who will become CEO January 1, added, “Once we have achieved a level of net worth that exceeds our need to meet our current and future requirements, our board chooses to return the money that is left over at the end of the year to our members.”
The year-end bonus is directly related to the amount members earn on deposits and/or pay on loans throughout the year.
ECU is one of the largest credit unions in the country with more than $5 billion in assets.