TULLAHOMA, Tenn. – Even as Congress is working to quell the panic in the financial markets, some credit unions have sought to leverage the news by announcing special dividends usually reserved for Christmas time.
Ascend FCU announced it will pay an $8-million bonus dividend effective with November statements. The Tullahoma, Tenn., credit union made the announcement earlier than usual in an effort to point up the credit union difference and allay any member fears about the safety and soundness of the credit union.
And Founders FCU, in Lancaster, S.C., said it is returning $6 million to its membership in the form of a bonus dividend.
"As we continue to hear about multi-billion dollar bankruptcies and mortgage failures, I am thankful for Ascend’s solid financial condition," said Ascend President Caren Gabriel, in a statement.
The return will be calculated as a percentage of total year-to-date dividends, including IRAs, and total year-to-date interest paid on all loans.
