Ascend Federal Credit Union celebrates 65th anniversary by returning $6.5 Million to members

Press Release | 12/02/16

Ascend Federal Credit Union is returning $6.5 million to its members.

“Those numbers – ‘6’ and ‘5’ – are very significant for the credit union,” Ascend President and CEO Caren Gabriel said. “When we opened our doors at Arnold Air Force Base 65 years ago, our only products were consumer loans and a savings account. You couldn’t write a check, and ATMs hadn’t been invented.

“Today, you can deposit a check using Ascend’s app. You have fee-free access to more than 50,000 ATMs worldwide. You can walk into our newest financial center in Hendersonville and interact with a teller located at our Corporate Headquarters in Tullahoma. Ascend is evolving to meet the changing needs of our members, and we’re growing.”

Over the past 12 years, Ascend’s volunteer, unpaid Board of Directors has returned more than $66.5 million in bonus dividends and loan interest refunds.

“This year’s return is our Board’s way of thanking members for 65 years of loyalty,” Gabriel said. “We would not be celebrating our 65th year of business, or our 12th consecutive return, without our members. The more you use Ascend – for your mortgage, vehicle, credit card, checking and savings accounts – the bigger your return.”

Gabriel said the member return is never guaranteed, but it is something the credit union’s Board strives for each year.

The 2016 return will appear on members’ December statements.

With $1.965 billion in assets and more than 170,000 members, Ascend is the largest credit union in Middle Tennessee and one of the largest federally chartered credit unions in the United States. The National Association of Federal Credit Unions (NAFCU) selected Ascend as the 2015 Federal Credit Union of the Year. Ascend is federally insured by the NCUA. Membership is limited.

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