The ORNL Federal Credit Union (ORNL FCU) Board of Directors has approved a special dividend to be shared among members for the fourth consecutive year. The special dividend of $5 million was paid to members at the end of October.
The ORNL FCU has returned more than $16 million to members since 2018.
The 2021 special dividend was approximately 10.7 basis points on 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 being $39.00.
Members were paid based on the depth and breadth of their relationships and balances over the past 12 months.
“2021 has been another incredible year for the ORNL Federal Credit Union and our members,” said Randy Gorman, Chairman of the ORNL FCU Board of Directors. “Despite the challenges we have faced for nearly two years due to the ongoing pandemic, we continue to experience strong growth. We remain committed to bringing value to our members who have made ORNL FCU their trusted financial partner.
For the third year in a row and coinciding with the announcement of a $5 million special dividend, the ORNL FCU also revealed that seven randomly selected members had had their auto loan balances paid off in full.
In addition to paying these auto loan balances, the ORNL FCU provided each of the winning members with a check to cover estimated taxes they owe on the value of their loan repayment.
The Credit Union welcomed the winners at a presentation ceremony and reception on Friday, October 29.