The $1.2 Municipal Employees Credit Union of Baltimore said it paid $1.5 million to members on June 30.
The Maryland credit union said in a statement that the cash bonus consists of loan interest rebates, which returns part of the interest members paid on loans, and an extraordinary dividend, which adds interest to members' deposit accounts.
MECU's board of directors has voted to pay members a cash bonus every year since 1981, according to credit union's statement.
Continue Reading for Free
Register and gain access to:
- 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
NOT FOR REPRINT
© 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.
