The 99,500 members of the $1.2 billion MECU of Baltimore have received bonus dividends and loan interest rebates totaling more than $2 million.
The payouts were made during the first week of July, the credit union said. MECU has paid cash bonuses to members annually since 1981 and since 2008 has been paying half of it at the end of June and the rest in December.
The move was made to accommodate the many members who are Baltimore city school teachers during the summer months and to help with holiday bills, the credit union said.
“Paying our members this cash bonus is very important to us. Our members put their trust in us to manage their funds well and this cash bonus is just one way that we are able to show our members that we deserve that trust.” said Bert Hash Jr., the credit union's president/CEO.
“We talk about the credit union difference all the time,” said Herman Williams Jr., MECU board chairman. “Paying our members this cash bonus reminds them that MECU truly is different.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
