ESL Distributes $25 Million to Members in Annual Owners’ Dividend Payout
ROCHESTER, N.Y., January 19, 2024 – ESL Federal Credit Union announced a $25 million distribution to members in its annual Owners’ Dividend payout for 2023. The payment was made based on the credit union’s most recent annual financial activity and is the second largest single payout in ESL history. This payout is also the second consecutive year of a $25 million payout for eligible credit union members.
With this latest distribution, ESL has now shared more than $290 million with its members through the Owners’ Dividend since 1997, including $125 million paid to members since 2020.
“This year’s $25 million payout reaffirms our commitment to share our financial success with our members,” said Faheem Masood, president and CEO, ESL Federal Credit Union. “We thank them for their trust and loyalty in us, as their ongoing support enables this payout and our ongoing efforts to help Greater Rochester thrive and prosper.”
Eligible ESL members receive an Owners’ Dividend based on established criteria, which includes account balances, card transactions, and relationships with the ESL Wealth Management teams. This is in addition to a base starting payout of $10.
For more information about the ESL Owners’ Dividend, please visit esl.org/aboutownersdividend. Qualification for the Owners’ Dividend is subject to eligibility requirements, and payment of the Owners’ Dividend is not guaranteed.
About ESL Federal Credit Union
With more than 100 years of locally owned history, ESL Federal Credit Union serves as a full-service financial institution to more than 413,000 members and 16,100 businesses. Founded in 1920, the company provides personal banking, business banking, mortgage services and wealth management services through its locally based 24-branch network; telephone, mobile and online banking; and live chat center.
The Rochester-based financial institution employs approximately 950 people in the Greater Rochester area and holds more than $9.2 billion in assets. Since 1996, ESL has paid out 29 consecutive Owners’ Dividends to its members totaling more than $290 million. Since the creation of its Community Impact initiative in 2018, ESL has reinvested more than $100 million in grants throughout the community. The company has appeared on Great Place to Work® lists since 2010. ESL Federal Credit Union is headquartered at 225 Chestnut Street, in Rochester, and can be found online at www.esl.org.