BALTIMORE-- MECU of Baltimore paid its members a $2 million cash bonus last week, the first of two installments on its annual $4 million member payout.
The $1.2 billion MECU, formally Municipal Employees CU, typically pays out its annual member dividend in July and in December. “Paying our members this cash bonus reminds them that MECU is truly different,” said Herman Williams, chairman of the MECU board.
MECU paid its 100,000 members, many of them Baltimore teachers who don’t get paid in the summer, a total dividend of $4.25 million last year, including $2.1 million in July.
Many of MECU’s other members are planning vacations during the summer and appreciate having the extra funds also.
At this time, MECU is also planning to pay a cash bonus to its members at the end of the year, which will help many people with holiday bills.