ROCHESTER, N.Y. – New York’s largest credit union, ESL FCU, paid its members a year-end bonus last week of $7.25 million, the 15th consecutive payout for the $3.8 billion credit union.
The annual bonuses were shared among more than 300,000 members of the credit union.
The payouts, deposited in member accounts last Friday, were determined by a formula taking into account both the interest that members earn on savings and the interest they pay on loans. A typical mortgage customer can expect a dividend of about $225, paid by direct deposit.
This year’s payout is the same size as last year, $7.25 million.
ESL, the one-time Eastman Savings and Loan, has returned $80 million to members this way since 1996.
