news.cuna.org/articles/120126-ornl-fcu-distributes-5m-special-dividend-pays-off-auto-loans
ORNL
ORNL FCU President/CEO Colin Anderson (left) presents one of seven Auto Loan Giveaway winning checks to member Taylor. (ORNL FCU photo)

ORNL FCU distributes $5M special dividend, pays off auto loans

November 5, 2021

The ORNL Federal Credit Union (ORNL FCU) Board of Directors approved a special dividend to be shared across the membership for the fourth year in a row. The $5 million special dividend was issued to members in late October.

ORNL FCU has returned over $16 million in value to the membership since 2018.

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 ORNL FCU 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, Oct. 29.