ESL FCU Pays Out $7 Million ‘Owners Dividend’
ROCHESTER, N.Y. – ESL FCU, the credit union giant that was once a savings and loan, announced yesterday it will pay members a $7 million Owners Dividend for 2006, the 11th straight year its paid an extraordinary dividend. The payout is the largest ever for the $2.9 billion credit union, founded in 1920 as a thrift for workers of Eastman Kodak, comparing to last year’s $6 million payout. Each member’s share of the Owners Dividend will be computed based on the total amount of interest (dividends) earned on savings and interest paid on loans last year. Funds will be deposited into the members’ accounts today. The credit union has paid out more than $50 million in Owners Dividends since 1995.