For Immediate Release
January 2, 2018
13th Consecutive Win for Borrowers and Savers at OTIS FCU
JAY, Maine – OTIS Federal Credit Union is excited to announce that we have posted an 8% Bonus Dividend and Interest Refund this year! Over the past thirteen years, OTIS FCU has returned over $4.5 million to both our savers and borrowers via this annual practice.
“We are very fortunate to be able to give back to our members,” says Roland Poirier, President/CEO of OTIS FCU. “I personally take pride in how OTIS strives to exemplify the Seven Cooperative Principles around which credit unions are built, one of which is ‘Members’ Economic Participation.’ This particular principle acknowledges members as the owners of their credit unions, who contribute to and democratically control their credit unions’ capital. Members benefit in proportion to the transactions that they choose to conduct at their credit unions rather than to the amount of capital invested. All year long this principle is reflected in our comparatively higher dividends, lower loan rates and lower fees. In providing our yearly Dividend Bonus and Interest Refund, OTIS takes these advantages one step further.”
Darice Dubreuil, Vice President of Lending, reflects upon how OTIS’s annual practice of giving back has increased member loyalty to the Credit Union: “Members will frequently comment that they initially brought their loans to OTIS because of our competitive rates and payment flexibility, but the thing that I most often hear mentioned by those who have been with us long-term is how much they appreciate us giving back in the form of an Interest Refund.” Continues Kim Turner, Vice President of Operations and Compliance, “Our members are our top priority, and we deeply understand how hard they work for their money. Our Bonus Dividends and Interest Refunds are another way of ensuring that members can keep more of their hard-earned money in their very own pockets.” Remarks Poirier, “Our Board of Directors takes great pride in the Credit Union’s ability to give back to our savers and borrowers, and I personally hope that OTIS FCU is in a position to continue this practice of giving back for many years to come.”
Please direct all media inquiries to Sarah Hayes at (207) 320-4985 or email SarahH@otisfcu.coop
About OTIS Federal Credit Union
OTIS Federal Credit Union was founded in April of 1954 by eleven local millworkers. Pooling their respective deposits of $5 each, they associated themselves as charter members of OTIS under the provision of the Federal Credit Union Act. At a time in America when obtaining a loan was difficult for the average family, the founders of OTIS sought to form a cooperative, independent financial institution operated and controlled solely by its local membership.
Since its inception, OTIS has been committed not only to providing quality financial products and services to its shareholders, but to giving back to the community. Today, OTIS is a full-service financial center offering real estate, auto, and personal lending; online and mobile banking; a variety of checking, savings, and investment accounts; VISA debit and credit cards; financial planning; and much more. OTIS serves more than 10,839 members and holds over $161 million in assets, employing 27 people from Jay and the surrounding area. The Credit Union is located at 170 Main Street in Jay, Maine. For more information, please visit www.otisfcu.coop or call (207) 897-0900.