ESL FCU Pays $7.25 Million Owners’ Dividend
The $4.3 billion, Rochester, N.Y.-based ESL Federal Credit Union distributed a $7.25 million owners’ dividend to more than 199,000 members and 2,600 business partners via direct deposit in January, the credit union announced.
The 2013 payout — ESL FCU’s 17th annual — brought the credit union’s total dividend distribution amount to more than $94 million since 1996, ESL FCU said.
To determine each year’s payout amount, the credit union said it adds its average monthly balance on share accounts to its average monthly balance on loan accounts, then multiplies that by a percentage determined by its board of directors.
“ESL remains committed to providing exceptional service and value to our loyal customers and business partners,” said CEO David Fiedler said. “Our top priority continues to be delivering a superior banking experience and the owners’ dividend is just one of the many unique ways we accomplish this for our customers and business partners.”
Founded in 1920, ESL FCU serves approximately 310,000 members worldwide.