ORNL FCU Issues $4 Million Dividend to Members
October 20, 2020
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.
Tennessee - October 20, 2020 - For the third 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 $4 million special dividend was issued to members on Friday, October 16. Since 2018, ORNL FCU has returned $11 million in value to the membership.
The 2020 special dividend equated to about 9.5 basis points across the 12-month average balance of all loans and deposits. Members with average annual balances exceeding $100 during the past 12-month period were paid based on the depth and breadth of their relationships and balances.
“Despite the current environment, we remain focused on providing value to our members and the communities we serve,” said Randy Gorman, chair of the ORNL FCU Board. “The Credit Union continues to experience strong growth in these challenging times and we appreciate all our members for making ORNL FCU their trusted financial partner.”
For the second year in a row and coinciding with the $4 million special dividend announcement, ORNL FCU also revealed that three randomly-selected members would have their auto loan balances paid off in full. In addition to paying their auto loan balances, the Credit Union will provide each of the winning members with a check to cover the estimated taxes they would owe on the value of their loan payoff. The names of the winning members will be announced at a later date.
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 $2.58 billion and membership has grown to over 176,000. 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.