NCTC Issues $1.2 Million in Capital Credits to Members
The board of directors for North Central Telephone Cooperative, Inc. (NCTC) voted to distribute $1.2 million in capital credits to members who were in service in 1990.
Each year, the money that members invested in NCTC is used to provide advanced telecommunications services, or to make a new technology possible in the future. Profits not invested in improvements is allocated to its members as capital credits. These funds are held in trust until the NCTC Board of Directors determine that the cooperative is in a financially positive position to distribute the payments to its members.
Since 2007, NCTC has been upgrading its entire network to a state-of-the-art fiber optic solution, which allows members to have access to the fastest and most highly demanded internet speeds available anywhere in the world. The NCTC board of directors and management was proactive in beginning its fiber deployment so that the cooperative could eventually be a 100% fiber network and begin issuing capital credits again.
Our cooperative is ahead of most large, national companies in fiber deployment. As we have stated many times—if it were easy, everyone would be doing it,” said NCTC Board Chairman Glen Hardcastle. At a time when both Tennessee and Kentucky have many areas that still lack reliable internet service, NCTC members can experience world class internet use.
“I’m thankful for the board’s decision to issue capital credits again. We celebrated a 100% fiber network earlier this year. The hard work and dedication to upgrade this network is paying off for our members,” said Johnny McClanahan, NCTC president and CEO.
Checks will be issued the first week of August for those members who were in service in 1990. Members can check to see if you are eligible for capital credit refunds by visiting nctc.com.