Wed, Jul 3, 2013
On June 30, 2013, members of MECU of Baltimore, Inc. received a cash bonus totaling $1.5 million. The 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.
The MECU Board of Directors has voted to pay members a cash bonus every year since 1981. In 2008, the MECU Board decided to pay half the cash bonus at the end of June and the remainder in December in order to help the cash flow for employees of the Baltimore City School System which make up a large portion of the membership.