Baltimore Merger: MECU Takes In Mercy Health Services Employees FCU
The $1.2 billion Municipal Employees Credit Union of Baltimore said Friday it has completed a merger with the $2.6 million Mercy Health Services Employees Federal Credit Union.
The accounts of 1,017 members of the financially struggling Mercy Health Services Employees FCU in Baltimore have been converted to MECU accounts. NCUA financial reports show year-over-year loan income dropped from $125,929 in 2008 to $96,252 in 2011 at Mercy Health Services Employees FCU. In the same time period, the credit union’s investment income fell from $15,389 to $5,694 in 2011.
MECU also announced it recently held a grand opening for a second student-run branch at Reginald F. Lewis High School for Business and Law in Baltimore.
In addition to the ribbon cutting, the first transaction and tours of the new student branch, the grand opening event featured speakers such as Bert J. Hash Jr., president/CEO of MECU, Barney J. Wilson, principal of Reginald F. Lewis School of Business and Law, and Caroline Fugett, the mother of the late Reginald F. Lewis, who was a highly successful entrepreneur and became the first African-American to develop a billion-dollar corporation, Beatrice Foods.