(April 9, 2014) -- Scott Credit Union, with its not-for-profit, cooperative structure, was able to continue providing a better value to members through another successful year in 2013.
The local credit union reported its year-end results to members at its 71st annual meeting, which was held at SCU’s Home Office in Edwardsville.
Scott Credit Union continued its success with growth in membership, lending and assets, according to SCU President & CEO Frank Padak.
“We continued to grow throughout 2013 and had net income of $8.1 million,” Padak told the crowd at the meeting.
Padak noted that Scott Credit Union was again able to reward a bonus dividend and loan interest rebate to members in 2013.
“The real bottom line for us as a credit union is providing the best value possible to our members,” Padak said. “Because we had positive growth, maintained our capital position, and had solid earnings, we were able to reward our active members with a $1.3 million bonus dividend and loan interest rebate.”
“It really was another exceptional year for Scott Credit Union and its members,” he said.
Scott Credit Union reported an increase in membership of over 8.5 percent to more than 114,000 members and growth in assets, deposits and loans. Scott Credit Union’s total loan growth in 2013 was 7.2 percent and the local credit union’s assets grew from $887 million to $928 million through the end of the year.
“Our growth has allowed us to provide services that historically have only been available at larger financial institutions,” Padak noted. “The economies of scale created by our growth and conservative management also continue to serve our membership well through competitive rates and low fees.”
The credit union continues to focus on providing exceptional service and making decisions that benefit its members.
“We couldn’t be more pleased with how well our business has grown and how much our members are enjoying the benefits of the services we offer,” Padak said. “Because of our cooperative structure, we answer to our members, not to a small group of stockholders. When we do well, our members benefit. That’s the great thing about our not-for-profit structure. It is really the best model for the consumer.”
Additionally, Padak announced that in 2013, SCU relocated its East Alton location to a new branch in Wood River.
Padak also noted that Scott Credit Union has also remained committed to being the best place to work. This strategy resulted in SCU being ranked in the list of Top Workplaces for medium size businesses in the St. Louis Metropolitan Area by the St. Louis Post-Dispatch in 2013.
“We received this honor in 2013 for the second straight year,” he said. “We are extremely proud of it because we believe that employees who enjoy their workplace will provide even better service to our members.”
Also at the meeting, Scott Credit Union’s volunteer Board of Directors was elected for 2014. The Board includes Betty Renth as Chairman, CMSgt William Hostetter (USAF Retired) as Vice Chairman, Roselyn Altman as Secretary, Frank Padak as Treasurer, Carolyn Choate, Dale Huegen, and Sheila Vallowe.
Scott Credit Union is a full service not-for-profit financial institution that provides services for people who live or work throughout the area.
Scott Credit Union is open to anyone who lives or works in a 17 county area, including Madison, St. Clair, Monroe, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, and Jackson counties. Anyone who lives or works in St. Louis County, Missouri also can open accounts at SCU. Additionally, anyone active or retired military also can have accounts with Scott Credit Union.
Scott Credit Union currently has 15 area locations: Scott Air Force Base, East Belleville, Fairview Heights, Collinsville, O’Fallon, Edwardsville, Waterloo, Highland, Caseyville, West Belleville, Millstadt, Mascoutah, Troy, Wood River and its Home Office in Edwardsville.
For details on opening accounts at Scott Credit Union, visit www.scu.org.