For Immediate Release
January 3, 2019
OTIS Federal Credit Union Passes $5 Million Mark with Annual Interest Refund and Bonus Dividend Program
JAY, Maine— OTIS Federal Credit Union is pleased to announce that it posted an 8% Bonus Dividend and Interest Refund on January 1, 2019, resulting in a total of $392,239.44 paid out to members for the year 2018. Over the past fourteen years, OTIS FCU has returned over $5,015,215 to both its savers and borrowers via this annual practice.
“We are so excited to post our 14th Bonus Dividend and Interest Refund!” said OTIS President/CEO, Kim Turner. “I love how we can truly embrace the power of the Member Economic Participation Cooperative Principle by not only offering low loan rates, higher yields on deposits and maintaining lower fees, but we can give back to our owners, our members; a portion of our annual profit in the form of the Bonus Dividend and Interest Refund. This couldn’t be possible without the amazing team of employees at OTIS who work day-in and day-out to help our loyal members with their deposit and loan needs.” Added Darice Dubreuil, Vice President, “As far as we know, we are the only credit union in the state of Maine to do this, but we do know of other credit unions in the United States that also do this. When we began this in 2005, I thought that this was a great way to reward our members for banking with us, especially where it rewarded both our savers and our borrowers. I am glad we can continue to do this year-after-year and am thrilled that we surpassed the five-million-dollar mark. This is simply amazing! This is another reason why banking with OTIS Federal Credit Union is different!”
Please direct all media inquiries to Sarah Hayes, Director of Marketing and Communications, 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 10,900 members and holds over $168 million in assets, employing 29 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.