MECU Members Get $4.2 Million Payout
BALTIMORE – Municipal Employees CU paid members $2.1 million in loan rebates last week, the second of three installments in this year’s $4.25 million member payout.
Last week’s rebates totaled $1.137 million, equal to 5.85% of the interest members paid on their loans from June 25 to Nov. 30. MECU also paid its members $2.1 million in rebates in July, the first of the three installments.
The $1.1 billion credit union also is planning an extraordinary dividend of $988,000 on Dec. 31.
“It’s especially important to pay the loan interest rebate early this year,” said Herman Williams Jr., chairman of the board. “This will make the holidays a little easier for many of our members who have struggled so much in the past year to have a merry holiday.”
“Although it has been a hard year for all businesses, we continue to make a profit and to share that profit with our members,” said Bert Hash, president of MECU.
MECU reported net income of $5.3 million for the first three quarters of the year, even after reporting a $1 million expense for the corporate credit union bailout.