MECU of Baltimore on Thursday said it recently returned $1 million in profits to its members.
The $1.1 billion credit union said the payout was distributed to qualifying members based on their individual deposit and loan relationship with the CU through the first six months of 2017.
MECU’s board of directors said this year’s bonus payout marks the 37th consecutive year the board has voted to give a portion of the credit union’s profit back to its members. The credit union said since 1981 it has returned more than $81 million to its members.
“We are excited to again share a portion of our profits with our member-owners,” John Hamilton, MECU’s president and CEO, said in a statement. “As a financial cooperative, our members are the key to our success and the Member Bonus allows us to say thank you in a meaningful way.”
“We are committed to the success of our members and the success of Baltimore, and we have been for 80 years,” said Herman Williams Jr., chairman of the board. “As a not-for-profit credit union, we believe when we succeed, our members should profit.”
The credit union said as part of its “Thanks a Million” celebration, members can enter for a chance to double their bonus, up to $500. For more details, see mecu.com/bonus.