The $1.1 billion MECU of Baltimore has paid its members a loan interest rebate totaling more than $1 million and expects to pay an additional bonus dividend on deposit accounts at the end of December, the CU announced.
Members received rebates of 6% of the total interest they paid on their loans between June 25 and Nov. 30, 2011. The credit union’s latest loan interest rebate payout totaled $1,139,000.
In June 2011, MECU paid a bonus dividend of more than $2 million to its membership, which encompassed a loan interest rebate and bonus dividend on deposit accounts.
At the end of December, the CU expects to pay the second half of an annual bonus dividend on deposit accounts, which will bring the grand total of MECU’s 2011 bonus dividend payout to more than $4 million.
MECU first awarded its membership with a loan interest rebate and bonus dividend in 1981. Beginning in 2008, MECU’s board of directors decided to split the credit union’s annual bonus dividend into two payouts, one in June and one in December, in order to help members dealing with recession-related financial issues, the CU said.
Founded in 1936, MECU currently serves more than 99,000 members.