Christmas Comes Early For Baltimores MECU Members
BALTIMORE – MECU gave its members a $2 million payout, the first half of its anticipated Christmas bonus dividend.
The cash bonus consists of loan interest rebates and extraordinary dividends. The amount received by each member was based on the amount of interest he or she paid on loans and the amount of interest earned on deposits for the first half of the year.
MECU, formerly Municipal Employees CU, decided in 2008 to pay half the annual Christmas bonus at the end of June and the remainder at the end of December to help members dealing with financial effects of the recession.
It is expected that members of the $1 billion credit union will receive the second half of the cash bonus in December.
MECU paid a total of $4.2 million to members last year.