Members of Eastman Credit Union to Receive Record $4 Million Dividend

KINGSPORT, Tenn. – Eastman Credit Union will make history in January when it distributes a $4 million dividend to members, its largest ever. The $1.3 billion credit union’s board recently approved a $4 million “Extraordinary Dividend,” which will be divvied up and deposited in eligible members’ savings accounts on or about January, 2005. The amount deposited will be based on the amount of business a member has done with ECU within the past year, said ECU CEO Olan Jones. The more business a member has done with ECU, the larger the dividend. The individual amount members will receive or how many members will receive the dividend will not be determined until the dividend is calculated at the end of the year, according to Lori Fogleman, ECU advanced marketing coordinator. This is the eighth straight year the ECU Board has declared the dividend. A total of $21.6 million of Extraordinary Dividends has been awarded to eligible ECU members since 1998. Jones credits ECU’s “solid capital position, cost effective management, and members extensive use of credit union products and services” for the dividend payment.