On August 6, ORNL Federal Credit Union (ORNL FCU) celebrated its 70th anniversary. The credit union has been honoring its past, present, and future throughout 2018 in a variety of ways, including the recent announcement of a special dividend.
For the first time since 2005, ORNL FCU will issue a special dividend to members. The ORNL FCU Board of Directors approved the $3 million special dividend during their August 2018 board meeting. In declaring the special dividend, the Board noted that 2018 has been an exceptional year and as a member-owned financial cooperative, this is one way the credit union returns value to all its members.
“The credit union has experienced strong growth, good earnings, and remains well-capitalized,” said Randy Gorman, ORNL FCU Board Chair. “For these reasons, and to celebrate the 70th Anniversary, this special dividend is an appropriate way to return value to the members.”
In addition to the special dividend, ORNL FCU also announced it would be commemorating its 70th anniversary by donating to member-nominated non-profit organizations. Seven East Tennessee organizations will be selected from the member nominations and will each receive a $10,000 donation from the credit union. ORNL FCU member nominations are being accepted through August 25. More information can be found at ornlfcu.com/anniversary.
“The special dividend and member-nominated community donations are unique opportunities for us to express appreciation to our member owners and the East Tennessee community; because of them, ORNL FCU thrives and will continue to thrive well into the future,” said Colin Anderson, ORNL FCU President & CEO.
About ORNL Federal Credit Union
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 billion and membership has grown to over 163,000. Open to businesses and anyone who lives, works, worships, or attends school in the 16 counties of Central East Tennessee, ORNL Federal Credit Union currently serves members in multiple branches located throughout Anderson, Blount, Campbell, Hamblen, Knox, Loudon, Monroe, Roane, Sevier, and Union counties.