Municipal Employees Credit Union of Baltimore has returned $1.4 million to its members under its “Bonus Rewards” program for 2018.
The $1.2 billion-asset institution said on Wednesday that the payment was made on February 28.
In January 2018, MECU paid out $1.75 million to its members under the rewards program, following a payout of $2.5 million in 2017.
MECU also noted that it has returned almost $100 million to its members through this sort of cash payout. The latest rewards payment marks the 38th straight year that MECU has made such a distribution.
The size of individual payouts was based on MECU’s net income. In 2018, the credit union generated net income of about $4.14 million, a 20.4 percent drop from the prior year.
“We are pleased to continue MECU’s long tradition of sharing our success with our member-owners and the Baltimore community,” John Hamilton, MECU President and CEO, said in a statement.
