The 99,000 members of the $1.1 billion MECU of Baltimore were paid a total of $2 million by their credit union at the end of June, the 30th straight year for such cash bonuses.
The Maryland credit union began paying the bonuses in 1981. They’re loan interest rebates and extraordinary dividends based on interest paid and interest earned on loans and deposits.
For the past three years, the MECU board of directors has chosen to make the payouts twice a year, at the end of June and the end of December to help members struggling with financial issues because of the recession.
Last month, MECU of Baltimore was recognized by the Treasury Department as a community development financial institution, becoming the second-largest CDFI credit union in the country.