Tullahoma-based company continues to remain one of the nation’s few credit unions to offer a member return
Credit unions are built around returning value to their members, and bonus dividends and loan interest refunds can provide a tangible example of that member-focused model. Ascend Federal Credit Union is continuing that tradition by returning approximately $4.1 million to members, providing an additional financial benefit while emphasizing the institution’s financial strength and stability.
Ascend Federal Credit Union, the largest credit union in Middle Tennessee, announced today that it will return approximately $4.1 million in bonus dividends and loan interest refunds to its members. With the addition of this year’s return, Ascend’s volunteer, unpaid board of directors has approved giving a total of more than $92 million to the credit union’s members since 2004.
“The member return is a testament to our credit union’s strength and stability, especially during a year of economic challenges and uncertainty,” said Caren Gabriel, Ascend president and CEO. “I am pleased to report that Ascend can offer this return while still maintaining our solid financial footing. It is also another way Ascend can express our appreciation to our members and to provide them another source of income during the holidays.”
Gabriel said the member return is never guaranteed, but it is something Ascend’s board strives for annually.
The credit union examines its financial performance each year to identify how the return will be calculated and what amount will be given. Generally, the more savings someone has with Ascend, the greater his bonus dividend, and the more loans he has, the greater his loan interest refund. In order for a loan to receive an interest refund, it must not be delinquent.
The 2020 return will appear on members’ December statements.
Ascend Federal Credit Union’s latest member return brings the total amount distributed through bonus dividends and loan interest refunds to more than $92 million since 2004. Although the annual return is not guaranteed, the program demonstrates how a financially strong credit union can share its success directly with members. For eligible members, savings balances and qualifying loans can translate into additional value beyond the credit union’s everyday products and services.