Shallotte-based Atlantic Telephone Membership Corporation (ATMC) has announced one of its biggest payouts ever, as the cooperative this week is issuing some $3.1 million in Capital Credit Refunds to current and former cooperative members who had telephone and/or cable TV service in 1997.
 
As a membership cooperative, ATMC refunds to its members portions of revenues not used for expenses in a given year. These refunds are called Capital Credits. When the board of directors approves a refund for a given year, the refunds are mailed to the address on file for members who had service during that year.
 
“This is one of the largest capital disbursements ATMC has ever issued,” said Board of Directors President Doug Hawes in a news release. “We are pleased to give such a large sum back to our community. It is through the patronage of our members that our cooperative is so successful today, and we thank them for their continued support.”
 
The first round of refund checks was mailed Thursday morning.
 
Through the years, ATMC has issued $39 million in refunds to its members.
 
ATMC provides various communications services, including telephone, business systems, wireless, internet/broadband, cable television service and ATMC Security, in Brunswick County. Founded in 1957, ATMC has more than 37,000 members and employs more than 200 local residents.