NNTC pays out nearly $5 million to customers
December 3, 2020
It pays to be a customer with Northeast Nebraska Telephone Company in Jackson. About 4,500 current customers and 1,900 former customers will receive a capital credits payout in December, which will total $4.9 million across the NNTC member base.
This year’s payout amount will reflect the amount paid in by customers in the 2009 and 2019 calendar years.
This is good news for the customers of NNTC because it means most member customers will receive some sort of payout in December. As the company continues to grow, its customers benefit.
Some customers are often surprised by the money showing up in their mailboxes, but if they’re members during a financially profitable year, the profits belong to the members.
Northeast Nebraska Telephone Company is one of just seven telecommunications providers in Nebraska to operate as a cooperative. Telecommunication co-ops have the ability, with board approval, to pay their customers back as the company’s financial situation allows. Since money was made by NNTC, that money stays in northeast Nebraska, giving the area an economic boost.
According to Northeast Nebraska Telephone Company’s Board President David Armstrong, the company pays out when it can.
“We pay our owners [customers] their capital credits as quickly as possible while maintaining the ultimate goal of reinvesting in the finest fiber lines in northeast Nebraska,” Armstrong said.
NNTC was founded in 1955. 1990 was the first year NNTC paid back its co-op members in the form of capital credits. Since 1990, and including payout in 2020, NNTC has paid its members more than $59 million.