Contact: Todd Sorenson, Elko Federal Credit Union
775.738.4083
tsorenson@elkofcu.org
For Immediate Release:
Elko Federal Credit Union Announces a $500,000 Bonus Dividend and Community Impact Commitment
ELKO, NV: January 26, 2023
The Elko Federal Credit Union (EFCU) announced a $500,000 bonus dividend and community impact commitment. Both were approved at the EFCU Board of Directors meeting in December.
“The EFCU board of directors is devoted to servicing the financial needs of Northeastern Nevada as well as contributing to the wellbeing of our community. We feel strongly EFCU is only as successful as our members”, Jan Baum, Chairperson of the EFCU Board of Directors, commented, “We are excited to announce our current year bonus dividends and community impact commitment. EFCU board believes our community impact commitment to mental health awareness and suicideeducation and prevention is another step towards servicing our community for the long-term.”
The one-time bonus dividend consisted of a $250,000 loan interest refund to our borrowers, as well as a $50 per share dividend payment to our Moola Moola and Student Share Accounts, regardless of account balance. Additionally, EFCU is proud to announce a community impact commitment in the amount of $150,000 that will be utilized within our primary field of membership areas and specifically targeting mental health awareness and suicide prevention.
“Community is what we are all about”, stated Todd Sorenson, EFCU President and CEO “What a better way to start off 2023 than to thank our membership via a refund on loan interest and to be able to provide a meaningful impact to our youth and student members, many who have not yet experienced a strong earning power on share deposits. I am equally excited about the opportunity EFCU has to provide a community impact commitment in a BIG way, which is in addition to our existing community involvement participation.”
About Elko Federal Credit Union
Founded in 1960 in its namesake of Elko, Nevada, Elko Federal Credit Union (EFCU) is a not-for-profit financial cooperative owned by its more than 16,000 members and has aggregated over $260 million in total assets. As Nevada’s ninth largest credit union, EFCU offers a complete selection of convenient, innovative and competitive products and services for both personal and business banking needs. With locations in Elko and Spring Creek, the credit union meets the needs of the local community with convenient branch access, as well as through online and mobile banking platforms and at surcharge-free ATMs nationwide through the Co-Op network.