A Message from MECU’s Chairman and President & CEO

This past year we saw many challenges in our economy, including the growing foreclosure problem and the failure of several major financial institutions. Toward the end of 2008, economic indicators told us what most people already knew – we were in the middle of a recession nationally. In spite of this, MECU grew in 2008 and we were able to return value to our members in the form of great interest rates, loan interest rebates and extraordinary dividends.

Although credit unions have not faced the problems that banks have faced, the industry has not been immune to what is happening in the economy. Recently, the National Credit Union Administration (NCUA), the federal regulators for credit unions, put into conservatorship two large corporate credit unions. Corporate credit unions do not serve individual people. They provide products and services to the credit union industry.

MECU currently has no business with either of the two corporate credit unions involved, or any other corporate credit union. We want to assure our members that MECU is safe, sound and profitable. The NCUA has assessed all credit unions, whether they use corporate credit unions or not, in order to preserve a well-functioning system of corporate credit unions and to protect the assets of natural person credit unions and their members.

MECU members can rest easy knowing that NCUA insures their deposits up to $250,000, and MECU provides additional share insurance up to $75,000 per member, for a total insured value of $325,000.

For over 70 years, MECU has served its members diligently. We take our responsibilities seriously and know full-well the impact we have in your life. Our mission remains to provide you with high quality financial services through sound management and innovation. Each day it is our privilege to serve you and to be a caring and committed part of your community.

Thank you for being a member of MECU, Baltimore's Credit Union.

Herman Williams, Jr.
Chairman of the Board