Elko Federal Credit Union Pays Out $1 Million to Members
ELKO, NV: January 7, 2025 – Elko Federal Credit Union (EFCU) is pleased to announce a significant milestone: a total bonus member payout and dividend (collectively “dividend”) of $1 million to members for the 2024 calendar year. This marks the largest single-year member dividend payout in EFCU’s 65-year history, reflecting the credit union’s commitment to member value and financial well-being.
The $1 million dividend surpasses the credit union’s previous record and highlights the collective success of EFCU and its members. The credit union estimates that member dividends over the last seven years exceed $3.2 million.
“We are thrilled to share this record-breaking news with our members and community,” said Thomas C. Ballew, Chairman of the EFCU Board of Directors. “This dividend is a testament to the hard work and dedication of our team, and it underscores our commitment to providing exceptional financial services to our members and the communities we serve. By returning these dividends and loan interest refunds, we aim to have a positive impact on our members' financial lives.”
The 2024 member dividend includes a $600,000 share bonus dividend for qualified primary share account holders and a $400,000 loan interest refund for EFCU borrowers. Above all, the member dividend represents one facet of how the not-for-profit, member-owned financial cooperative strives to be good stewards of its members’ funds and provide exceptional value.
“Our members’ trust is the foundation of our success,” stated Todd Sorenson, EFCU President and CEO. “2024 was a great year for many milestones in addition to the largest dividend; we pledged our largest one-time donation of $100,000 to the Nevada Gold Mines Recreation Center, we grew to over $300 million in total assets, and in more than just a cool talking point, since it’s inception EFCU has now originated over $1 Billion in loans to the members that we serve. Billion with a "B" and we couldn’t be prouder! We appreciate the tremendous trust you, as our members, have placed in us. Here’s to a great 2025!”
About EFCU
Founded in 1960 in its namesake of Elko, Nevada, EFCU is a not-for-profit financial cooperative with more than 17,000 members and $300 million in 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 communities within our field of membership with convenient branch access, online and mobile banking platforms and surcharge-free ATMs nationwide through the Co-Op network. For more information, visit efcu.org.