For Immediate Release
January 29, 2020
OTIS Federal Credit Union Returns $520,678.73 to Members with Bonus Dividend and Interest Refund
JAY, Maine— OTIS Federal Credit Union is pleased to announce that it posted an 9% Bonus Dividend and Interest Refund on January 1, 2020, resulting in a total of $520,678.73 paid out to members for the year 2019. Over the past fifteen years, OTIS FCU has returned over $5,143,654 to both its savers and borrowers via this annual practice.
“We are thrilled to post our fifteenth Bonus Dividend and Interest Refund, surpassing the $5 million mark!” said Kim Turner, President/CEO of OTIS FCU. “Our existence and success are a result of our loyal members and dedicated employees. We know how hard our members work for their money. We want to ensure that they keep as much of their hard-earned money in their own pockets as possible, and our Bonus Dividend and Interest Refund is just one more way that we do that. This is a great way to say, ‘Thank you!’ to both our borrowers and savers – thank you!” Added Sarah Hayes, Director of Marketing and Communications, “Credit unions are financial cooperatives, and we really try to exemplify the guiding principles of cooperatives in all that we do. Our members are so much more than account numbers—they’re truly owners. We believe that when the Credit Union succeeds, our member-owners should rightfully share in that success in the form of returned profits.”
OTIS FCU’s Bonus Dividend and Interest Refund program is the only one of its kind statewide, and rewards members in proportion to their economic participation in the Credit Union.
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 11,000 members and holds over $181 million in assets, employing 31 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.