TULLAHOMA, Tenn. — Ascend FCU has made its members holiday season a little brighter with a $5-million bonus dividend.
"We are a non-profit financial cooperative, and the member return really illustrates the cooperative spirit of the credit union movement," Ascend's President and CEO Caren Gabriel said in a statement. "Despite the economy of the past several years and burdensome regulatory changes, Ascend has remained financially sound, and our volunteer board of directors has elected to share the credit union's success by once again returning money to members."
The CU rewards members by the depth of their relationship, giving back more to those with mortgages, car loans and credit cards than to those with just savings accounts.
The $1.6 billion credit union serves more than 143,000 members, and has returned $50 million in bonus dividends and loan interest refunds over the past nine years. It is the largest federally insured credit union in the Volunteer State.
