February 2024 – At the year-end meeting of its board of directors, Elko Federal Credit Union (EFCU) announced a total bonus payout and dividend of $750,000 to members through the 2023 calendar year. Deposited to accounts in January, the $750,000 member payout is the credit union’s largest single-year dividend and payout in its 64-year history. The credit union estimates that member payouts over the last six years exceed $2.2 million.
“The Board of Directors is proud to announce the largest member dividend and payout in EFCU’s history,” Thomas C. Ballew, Chairman of the EFCU Board of Directors, commented, “Our volunteer Board is committed to ensuring EFCU provides quality banking and financial services within our Northeastern Nevada footprint, noting that the success of EFCU is a direct reflection of the success of our members and businesses we have the opportunity to serve.”
The member payout for 2023 includes $450,000 in share bonus dividends for primary share account holders who qualified. The payout also includes $300,000 in loan interest refunds paid to EFCU borrowers. Above all, the member payout 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.
“EFCU’s ability to pay dividends at this level is a result of the tremendous trust that our members place with us,” stated Todd Sorenson, EFCU President and CEO “We want to put the benefits of these dividends back into the hands of our members and to provide a refund of loan interest to have a positive impact the overall financial wellness of our members and the businesses we are associated with. Our commitment to our communities is second to none.”
About EFCU
Founded in 1960 in its namesake of Elko, Nevada, EFCU is a not-for-profit financial cooperative with more than 16,000 members and $263 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 elkofcu.org.