BALTIMORE — Members of MECU of Baltimore received cash bonuses of $1.8 million in December, which added to cash bonuses paid in June made a total of $3.5 million for 2014.
The $1.1 billion credit union said the most recent bonuses consisted of loan interest rebates of almost $1 million, paid on Dec. 3, and an extraordinary dividend of more than $834,000 that was paid on Dec. 31.
MECU on Tuesday issued a statement noting its board of directors has voted to pay members a cash bonus every year since 1981.Beginning in 2008, the board decided to pay half the cash bonus at the end of June and the remainder in December.
"The June payment helps members at vacation time and helps the cash flow of employees of the Baltimore City School System who do not receive pay over the summer. The December payment helps members at holiday time," the CU said.
MECU has more than 106,000 members.
