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MECU pays loan interest rebate early--for holidays
BALTIMORE (11/3/09)--Municipal Employees CU (MECU) of Baltimore Thursday paid its members loan interest rebates totaling $1.14 million, a month earlier than usual. MECU has paid its members a cash bonus with loan interest rebates and extraordinary dividends every year since 1981. In 2007, the MECU board of directors decided to pay half the bonus in June and the second half in December, a practice that continues today. “We decided to pay our members the loan interest rebate early this year to help families shopping for the holidays,” said MECU’s Board Chairman Herman Williams Jr. “This has been a tough year for some of our members, and I’m glad we’re in a position to do something to help.” “MECU will also pay our members an extraordinary dividend at the end of December, when it’s usually paid,” said Bert J. Hash Jr., MECU president/CEO. “That will be approximately another million dollars returned to our members. It’s at times like this that the benefits of credit union membership really stand out.” MECU has $956.2 million in assets.
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