ROCHESTER, N.Y. -- ESL Federal Credit Union recently thanked its members with a $7 million dividend, the largest ever in the credit union's history.
The $2.9 billion credit union said more than 203,000 members were eligible to share in the credit union's 11th consecutive payout. An ESL member's Owners Dividend is determined by adding the total dividends earned on deposit accounts at ESL to the total interest paid on ESL loans throughout the year. The total amount is then multiplied by a percentage determined by the CU each year. This year, based on this percentage, an average-mortgage could result in a payout of more than $225, according to ESL. All payouts were made to members via direct deposit into share accounts Jan. 25.
"We are extremely pleased to continue to share our earnings growth and success with our members," said David L. Fiedler, ESL CEO. "ESL remains committed to providing exceptional service to our loyal members who are both customers and shareholders."
Since instituting the Owners Dividend in 1995, ESL said it has distributed more than $50 million to qualifying members.