MECU of Baltimore Pays Members $4.2 Million
Members of Municipal Employees Credit Union Inc. of Baltimore recently received their share of a $4.2 million dividend.
The loan interest rebates and dividends were deposited in members' accounts on June 30, according to the $937 million credit union.
"Many of our members are teachers," said MECU Chairman Herman Williams. "By providing part of the cash bonus we offer our members at the start of the summer, it gives our teacher members some extra cash when they most need it."
MECU of Baltimore said it has paid its members a cash bonus every year since 1981. In 2007, the credit union's board of directors decided to pay half the bonus in June and the second half in December.
MECU President/CEO Bert Hash said "while some area financial institutions have struggled during the past year, MECU has remained well capitalized and ready to help our members with their financial needs in 2009."