Question 1

What is Eastman Credit Union (ECU)?

Accepted Answer

Eastman Credit Union (ECU) is a federally chartered, not-for-profit financial cooperative headquartered in Kingsport, Tennessee. With over $9.7 billion in assets and more than 356,000 members, ECU is the largest credit union in Tennessee by asset size and ranks among the nation's top 50 largest credit unions.

Originally established to serve employees of Tennessee Eastman Chemical Company, ECU has evolved into a community charter credit union serving residents and businesses across Northeast Tennessee, Southwest Virginia, and East Texas. The credit union operates 35 branches, service centers, and offices throughout its service area.

Question 2

When was Eastman Credit Union (ECU) founded?

Accepted Answer

Eastman Credit Union was founded on September 10, 1934, when James C. White, president of Tennessee Eastman Company, along with nine other company officials, received the charter for Tennessee Eastman Credit Union (TECU). The credit union was established shortly after the Federal Credit Union Act was signed into law by President Franklin D. Roosevelt.

The credit union officially opened its books on October 1, 1934, operating from a makeshift office in Building 75 on the Kingsport plant site. It ended its first month with 138 members, $795 in shares, and $716.60 in loans. The credit union was created to foster good financial habits and build community among workers during the uncertain economic times of the Great Depression.

Question 3

Where is Eastman Credit Union (ECU) headquartered?

Accepted Answer

Eastman Credit Union is headquartered in Kingsport, Tennessee. The main office is located at 2021 Meadowview Lane, Kingsport, TN 37660, with a mailing address of P.O. Box 1989, Kingsport, TN 37662.

Question 4

Where does Eastman Credit Union (ECU) operate?

Accepted Answer

Eastman Credit Union operates across three states with 35 branches, service centers, and offices serving members in Northeast Tennessee, Southwest Virginia, and East Texas.

Tennessee counties: Sevier, Grainger, Hamblen, Jefferson, Cocke, Greene, Unicoi, Carter, Washington, Hawkins, Hancock, and Sullivan.

Virginia counties: Lee, Scott, Wise, Washington, Dickenson, and Russell.

Texas counties: Gregg and Harrison.

Membership is open to individuals who live, work, worship, attend school, or operate a business in these counties. Additionally, employees of partner companies such as Eastman Chemical Company and Food City, along with their immediate families, are eligible for membership. Healthcare workers in certain additional counties outside the community charter also qualify for membership.

Question 5

What services does Eastman Credit Union (ECU) offer?

Accepted Answer

Eastman Credit Union provides comprehensive financial services designed to meet diverse member needs.

Deposit accounts include the Beyond Free Checking account (a truly free checking account with no monthly fees), savings accounts (share accounts), money market accounts, and investment certificates with competitive rates.

Lending services encompass auto loans, mortgage loans, home equity loans, personal loans, and credit cards with various reward options.

Digital banking features include award-winning mobile banking apps (rated as one of the best mobile banking apps by MagnifyMoney from 2014-2020), online banking with 24/7 account access, ECU PhoneLink for telephone banking, and Money Tree ATMs throughout the service area.

Investment and retirement services help members plan for their financial future, while business banking solutions support local entrepreneurs and companies.

Financial wellness resources through GreenPath Financial Wellness provide members with access to financial education and expert guidance for life's financial challenges.

Question 6

What makes Eastman Credit Union (ECU) unique?

Accepted Answer

Eastman Credit Union distinguishes itself through its Extraordinary Dividend program, which has returned $209 million to members since 1998. Most recently, ECU announced a $16 million dividend in December 2024, calculated based on interest paid on loans and earned on deposits throughout the year. This program demonstrates ECU's commitment to returning value directly to members.

ECU has earned significant recognition, including being designated the Nation's #1 Best-Performing Credit Union by S&P Global Market Intelligence in 2024 and the #1 Peak-Performing Credit Union in 2003. These accolades reflect the credit union's strong financial performance and operational excellence.

The credit union's motto, "ECU BESIDE YOU," reflects its deep commitment to community involvement and member service. ECU has donated over $1 million to organizations like Appalachia Service Project to support rebuilding efforts in communities affected by natural disasters such as Hurricane Helene.

With strong financial metrics including a 14.17% net worth ratio, 1.83% return on average assets, and consistent growth across deposits, loans, and membership, ECU demonstrates both stability and forward momentum.

Question 7

What type of financial institution is Eastman Credit Union (ECU)?

Accepted Answer

Eastman Credit Union is a federal credit union chartered under the Federal Credit Union Act and regulated by the National Credit Union Administration (NCUA). Charter number 68095 was issued in 1934.

As a federally chartered credit union, ECU operates as a not-for-profit financial cooperative owned by its members. Every member is a part-owner with voting rights in credit union governance. The cooperative structure allows ECU to focus on member benefit rather than profit maximization, enabling competitive rates, lower fees, and programs like the Extraordinary Dividend.

ECU transitioned from a select employee group (SEG) charter serving only Eastman Chemical Company employees to a community charter in 2005, significantly expanding membership eligibility. This evolution reflects the credit union's growth from serving approximately 2,600 members in 1945 to over 356,000 members today.

All deposits at ECU are federally insured by the NCUA up to $250,000 per depositor, providing the same level of protection as FDIC insurance at banks. The credit union maintains an Equal Housing Lender designation and operates as an Equal Opportunity Employer with over 1,000 employees.

Eastman Credit Union (ECU)

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About Eastman Credit Union (ECU) in the United States