BALTIMORE, Md. MECU of Baltimore said today it paid its members, many of whom are teachers, a $1.5 million bonus, half of the annual bonus the $1.2 billion credit union typically pays.
MECU, the one-time Municipal Employees’ CU, began paying the summer bonuses—one of the only credit unions to do so--because many of its members work for the Baltimore City School System and don’t get paid during the summer.
This summer’s 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.
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