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 m