Franklin Countys First News

OTIS Federal Credit Union returns $347,795.58 to members

JAY — OTIS Federal Credit Union is pleased to announce that it posted a 6% Bonus Dividend and Interest Refund on Jan. 1, 2021, resulting in a total of $347,795.58 paid out to members for the year 2020. Over the past sixteen years, OTIS FCU has returned over $5,491,449 to both its savers and borrowers via this annual practice.

"We are proud to be able to post a 6% Dividend Bonus and Interest Refund," said Kim Turner, President and Chief Executive Officer of OTIS FCU. "The year 2020 held many unknowns as the pandemic swept through the country, impacting so many households and businesses, and to be able to give back a portion of our profits for the 16th consecutive year is profound. We thank our loyal members for their commitment to us, especially during these unprecedented times, and hope that this Bonus Dividend and Interest Refund reflects our continued commitment to our members' financial success."

OTIS FCU’s Bonus Dividend and Interest Refund program is the only one of its kind statewide, and rewards members in proportion to their economic participation in the Credit Union.

About OTIS Federal Credit Union:

OTIS Federal Credit Union was founded in April of 1954 by eleven area millworkers. Pooling their respective deposits of $5 each, they associated themselves as charter members of OTIS under the provision of the Federal Credit Union Act. At a time in America when obtaining a loan was difficult for the average family, the founders of OTIS sought to form a cooperative, independent financial institution operated and controlled solely by its local membership.

Since its inception, OTIS has been committed not only to providing quality financial products and services to its shareholders, but to giving back to the community. Today, OTIS is a full-service financial center offering real estate, auto, and personal lending; online and mobile banking; a variety of checking, savings, and investment accounts; VISA debit and credit cards; financial planning; and much more. OTIS serves more than 11,000 members and holds over $199 million in assets, employing 32 people from Jay and the surrounding area. The credit union is located at 170 Main Street in Jay, Maine. For more information, please visit www.otisfcu.coop or call (207) 897-0900.

 

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