CHICAGO, Jan. 4, 2016 /PRNewswire/ -- MECU, a Schaumburg, Illinois-based credit union, paid a $750,000 Owner Participation Dividend to its members on December 31, 2015.
This dividend, which was declared by MECU's Board of Directors, represents funds remaining after the organization paid its expenses for the year and ensured that MECU had adequate reserves. All members with active accounts in good standing qualified for the dividend, which was based on the level of each member's involvement with MECU.
Commenting on the dividend, Michael R. Murphy, President and Chief Executive Officer, said, "As a member-owned, not-for-profit financial institution, we exist for the sole purpose of serving our members. This year, thanks to their support, we were able to not only offer lower rates on loans, lower fees and higher returns on savings but also this special dividend. It's something they wouldn't get from a bank and just one more way we put members first."
MECU is a not-for-profit, member-owned credit union whose principal mission is to improve the financial lives of its members. MECU embraces a 75-year tradition of doing the right thing for members—a practice that goes beyond offering the finest financial products and services. MECU's core principle of "Putting you first" reflects an unwavering commitment to demonstrate uncommon courtesy, respect and integrity in each interaction with every member. For more information, visit mecu.org.
Media contact: Erin Hennessy
Vice President, Marketing