ORNL FCU Approves Special Dividend to Membership
November 4, 2021
We are a member-owned, not-for-profit community credit union. That means profits are paid back to you with higher savings rates and lower loan rates.
Oak Ridge, Tenn. – For the fourth year in a row, the ORNL Federal Credit Union (ORNL FCU) Board of Directors approved a special dividend to be shared across the membership. The $5 million special dividend was issued to members on Friday, October 22. Since 2018, ORNL FCU has returned over $16 million in value to the membership.
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. Over 123,000 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.
“2021 has been another incredible year for ORNL Federal Credit Union and our members,” said Randy Gorman, chair of the ORNL FCU Board. “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.”
For the third year in a row and coinciding with the $5 million special dividend announcement, ORNL FCU also revealed that seven randomly-selected members had their auto loan balances paid off in full. In addition to paying these auto loan balances, the Credit Union provided each of the winning members with a check to cover the estimated taxes they would owe on the value of their loan payoff.
The Credit Union hosted the winners at a presentation ceremony and reception on Friday, October 29. Members whose auto loan balances were paid in full were Shawna and Chad G. of Athens, Tenn.; Taylor and Antonio G. of Knoxville, Tenn.; Troy J. of Clinton, Tenn.; Steven M. of Harriman, Tenn.; Angela R. of Knoxville, Tenn.; Melissa W. of Knoxville, Tenn.; and Kelsey W. of Knoxville, Tenn.
For more information about the special dividend, auto loan payoff, or pictures from the presentation ceremony, please contact Jessica Emert at jemert@ornlfcu.com.
ORNL Federal Credit Union is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. Established in 1948 with 10 founding members, ORNL Federal Credit Union’s assets have grown to over $3 billion and membership has grown to over 187,000. Open to businesses and anyone who lives, works, worships, or attends school in 19 counties of East Tennessee, ORNL Federal Credit Union currently serves members in multiple branches located throughout Anderson, Blount, Campbell, Hamblen, Knox, Loudon, McMinn, Meigs, Monroe, Roane, Sevier, and Union counties.