Ascend Federal Credit Union Members Share $5 Million End-of-Year Payment
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Tullahoma-based company remains one of the nation’s few credit unions to offer a member return
TULLAHOMA, Tenn., Nov. 30, 2023 – Ascend Federal Credit Union, the largest credit union in Middle Tennessee, announced today that it will return $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use. With the addition of this year’s return, Ascend’s volunteer, unpaid board of directors has approved giving a total disbursement of more than $109 million to the credit union’s members since the member return program began in 2005.
“Our member return is another example of the great benefits Ascend provides,” said Matt Jernigan, Ascend president and CEO. “Each year, we like to thank our valued members by putting money back into their pockets during the holiday season. Looking forward, we anticipate another year of continued financial strength and stability in 2024, and we are enthusiastic about what is ahead for our credit union and members.”
Jernigan said the member return is never guaranteed, but it is a goal of Ascend’s board to distribute it every year. Thanks to growing membership and use of the credit union, as well as prudent management, members have received a return every year for the last 19 years.
The credit union examines its financial performance each year to identify how the return will be calculated and what amount will be given. Generally, the more checking/debit or savings activity someone has with Ascend, the greater their bonus payment, and the more loans they have, the greater their loan interest refund.
The 2023 return will appear on members’ November or December statements.
About Ascend Federal Credit Union
With more than 237,000 members and more than $4.1 billion in assets, Ascend Federal Credit Union is the largest credit union in Middle Tennessee and one of the largest federally chartered credit unions in the United States. Based in Tullahoma, Tenn., the member-owned financial institution offers banking, loan, retirement and investment services from its 27 branches, more than 55,000 free ATMs worldwide, online banking portal, and mobile app. The credit union’s mission is to serve by offering financial literacy education and giving back to its community in a variety of ways. Ascend is federally insured by the National Credit Union Administration. For more information, visit ascend.org.