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 2017.
The local credit union reported its year-end results to members at its 75th annual meeting, which was held recently at SCU’s Home Office in Edwardsville.
SCU President & CEO Frank Padak reported that Scott Credit Union ended 2017 continuing to be a strong and sound financial institution. The credit union finished the year with capital of 9.58 percent of assets. SCU remains well above the 7.00 percent regulatory standard to be considered well capitalized.
Scott Credit Union also was recognized at the meeting by the Illinois Credit Union System for its 75 years of serving members.
Scott Credit Union continued its success with growth in membership and loan volume, according to Padak.
“We continued to grow throughout 2017 and had net income of $9.8 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 2017.
“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 strong capital position, and had solid earnings, we were able to reward our active members with a more than $500,000 bonus dividend and loan interest rebate.”
“It really was another successful year for Scott Credit Union and its members,” he said.
Scott Credit Union reported assets of $1.12 billion at the end of 2017. The credit union had an increase in membership of 3.03 percent to 139,375 members and growth in loan originations.
Padak reported growth in its Mortgage Department, providing members with more than $105.9 million in mortgage loans to help them realize their dreams of home ownership. That was up 29.9% from loans originated the previous year.
“Our growth continues to allow 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 cooperative structure. It is really the best model for the consumer.”
Additionally, Padak announced that Scott Credit Union has remained committed to be 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 2017.
SCU was one of 10 companies recognized as a Best Place to Work for a sixth consecutive year.
“We are extremely proud of this honor because we believe that employees who enjoy their workplace will provide even better service to our members,” he said.
Also at the meeting, Scott Credit Union’s volunteer Board of Directors was elected for 2018. The Board includes William Hostetter, CMSgt (USAF Retired) as Chairman, Donald Pierre, SMSgt (USAF Retired) as Vice Chairman, Joanne Carden as Secretary, Frank Padak as Treasurer, Michele Gehlbach, Lawrence Haffner and Mark Witkowski.
Betty Renth was recognized at the meeting as an Emeritus Director. Renth has served on the Board for over 60 years and was Chairman from 1971 through her retirement in May of 2016.
Scott Credit Union’s Associate Directors also were introduced at the meeting. These Directors included Sarah Holdener, Debbie Lane, Joan O’Saben and Christopher Sobrino.
Scott Credit Union is a full service not-for-profit financial institution that provides services for people who live or work throughout the area.