Scott Credit Union reports continued success, growth at 76th annual meeting
EDWARDSVILLE, IL (April 12, 2019) — Scott Credit Union, with its not-for-profit, cooperative structure, continued its focus on providing a better value to members and positioning for future growth through another successful year in 2018.
The local credit union reported its year-end results to members at its 76th annual meeting, which was held recently at SCU’s Home Office in Edwardsville.
SCU President & CEO Frank Padak reported that Scott Credit Union ended 2018 continuing to be a strong and sound financial institution. The credit union finished the year with capital of 9.73 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, solid loan volume, and the opening of its first St. Louis County Branch in Ladue, according to Padak.
“We continued to grow throughout 2018 and had net income of $11.8 million,” Padak told the crowd at the meeting.
Padak also said SCU announced plans in 2018 for its branches that are now open in Columbia, IL, and Crestwood.
He noted that Scott Credit Union was again able to reward a bonus dividend and loan interest rebate to members in 2018.
“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 $570,000 bonus dividend and loan interest rebate.”
“It really was another successful year for Scott Credit Union and its members,” he said.
Scott Credit Union also joined the CO-OP Shared Branch Network in 2018, giving members the option to perform their SCU banking transactions at 5,600 participating non-Scott Credit Union locations nationwide, Padak noted.
Scott Credit Union reported assets of $1.22 billion at the end of 2018. The credit union had an increase in membership of 2.45 percent to 142,796 members and growth in loan originations.
“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.
“Our business has grown and 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 2018.
SCU was one of nine companies recognized as a Best Place to Work for a seventh 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, Lawrence Haffner as Vice Chairman, Joanne Carden as Secretary, Frank Padak as Treasurer, Michele Gehlbach, Sarah Holdener, Deborah Lane, Christopher Sobrino and Mark Witkowski.
Betty Renth was recognized at the meeting as an Emeritus Director. Renth served on the SCU 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 Jacob Curtis, Joan O’Saben and George Sconyers.
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
