ROCHESTER, N.Y. – ESL FCU delivered special owners’ dividends to 288,000 members last week, a total of $7.25 million.
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An ESL owners' dividend is determined by adding the total dividends earned on share 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 board of directors each year. This year, a member with a typical mortgage will receive a payout of more than $227. All dividend payouts were made to members via direct deposit on Jan. 21.
New York’s biggest credit union, which was chartered in 1920 as the savings and loan for Eastman Kodak Co., had paid more than $73 million in owners’ dividends over the past 14 years.
