OTIS FCU passes $5 million mark in dividends back to members

JAY — OTIS Federal Credit Union recently announced it posted an 8 percent bonus dividend and interest refund Jan. 1, 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 more than $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 also giving back to our owners, our members, a portion of our annual profit in the form of the bonus dividend and interest refund.”
Turner said the accomplishment wouldn’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.”
Darice Dubreuil, vice president, said, “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” accomplishing this level of service.
“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,” she said, adding “I am glad we can continue to do this year-after-year and am thrilled that we surpassed the $5 million mark. This is simply amazing and another reason why banking with OTIS Federal Credit Union is different.”