Scott Credit Union reports continued success at 74th annual meeting
EDWARDSVILLE, IL (April 6, 2017) — 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 2016.
The local credit union reported its year-end results to members at its 74th annual meeting, which was held recently at SCU’s Home Office in Edwardsville.
SCU President & CEO Frank Padak reported that Scott Credit Union ended 2016 continuing to be a strong and sound financial institution. The credit union finished the year with capital of 8.89 percent of assets. SCU remains well above the 7.00 percent regulatory standard to be considered well capitalized.
Scott Credit Union continued its success with growth in membership and deposits as well as steady loan volume, according to Padak.
“We continued to grow throughout 2016 and had net income of $8.5 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 2016.
“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 nearly $1.5 million 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 $1.09 billion at the end of 2016. The credit union had an increase in membership of over 2.6 percent to more than 135,280 members and growth in deposits. Scott Credit Union’s total deposits grew 4.2 percent last 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 in 2016, SCU began to offer a new tool in its branches called Savings Detector. The tool gives SCU representatives the ability to see if we can save a member money on an auto loan or credit card balance they have with another financial institution.
“Savings Detector helped us save members over $565,000 in 2016 simply by refinancing auto loans or credit cards with SCU,” Padak noted.
Padak also said that Scott Credit Union has 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 2016. SCU was one of 12 companies recognized as a Best Place to Work for a fifth 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 2017. The Board includes William Hostetter, CMSgt (USAF Retired) as Chairman; Dale Huegen as Vice Chairman; Roselyn Altman as Secretary; Frank Padak as Treasurer; Carolyn Choate; Donald Pierre, SMSgt (USAF Retired); and Sheila Vallowe.
Betty Renth was recognized at the meeting as an Emeritus Director. Renth 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 Judith Beussink, Michele Gehlbach, Lawrence Haffner, Sarah Kopatz, Christopher Sobrino and Mark Witkowski.
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.
About Scott Credit Union
Scott Credit Union is a full-service financial cooperative. When someone opens an account at the credit union, they become a member and an owner. Because of its structure, Scott Credit Union has given back nearly $13 million to members through a bonus dividend and loan interest rebate over the past 13 years.
Scott Credit Union currently has 20 area locations: Affton, MO; Ballpark Village in St. Louis, MO; Belleville, IL (two branches); Collinsville, IL; Columbia, IL; Crestwood, MO; Edwardsville, IL (two branches); Fairview Heights, IL; Ferguson, MO; Highland, IL; Ladue, MO; Lebanon, IL; Mascoutah, IL; O’Fallon, IL; Troy, IL; Scott Air Force Base in Illinois; Waterloo, IL; and Wood River, IL.
For details on career opportunities at Scott Credit Union, visit www.scu.org/careers