Baltimores Municipal Employees CU Pays Mid-Year $2.1 Million Member Bonus
BALTIMORE – Municipal Employees CU, which paid its members $3.6 million last year in a semi-annual dividend, paid its members $2.1 million last week as part of planned $4.2 million payout for 2010.
The $1.1 billion credit union had traditionally paid a year-end bonus but started making it twice-yearly to help some of its members, many of whom are teachers who don’t get paid during the summer months.
“MECU has paid its members a cash bonus every year since 1981,” said Herman Williams Jr., chairman of the board. “We are especially glad that we can continue this during a time of economic hardship. Many of our members work for Baltimore City and have had furlough days and other cutbacks. We’re glad that we can make finances a little easier for these members.”
The credit union reported a $3.5 million net last year, even after a $2.4 million charge for the corporate credit union bailout, and had net income of $2 million for the first quarter of 2010.