Scott Credit Union surpasses $1 billion in assets milestone
Credit Union grows to 125,000 members, Sees Increases in Loans, Deposits
(November 3, 2014) — A mission to make banking simple has led Scott Credit Union to another milestone. The southwest Illinois credit union recently eclipsed $1 billion in assets.
“Growing to $1 Billion in assets is a significant milestone that Scott Credit Union is very proud of. This would not have been possible without the efforts of our Board of Director’s, Management, Staff and the Members we serve,” said Scott Credit Union President & CEO Frank Padak. “We are proud that we are providing more than 125,000 members with a better value.”
“As an organization, our focus has been on ensuring the safety and soundness of our credit union, simplifying banking and providing our members the best value,” Padak said.
Scott Credit Union’s approach has paid off in significant growth over the past few years.
“We are a financially sound credit union that has had strong growth,” Padak added.
As of September 30, 2014, Scott Credit Union’s capital-to-asset ratio is 10.08 percent. The credit union’s assets have increased from $600 million at the end of 2009 to now over $1 billion while averaging over a 1.00% return on assets during that same time period. SCU’s membership has grown from 72,043 to over 125,000 members since the end of 2009.
Scott Credit Union has focused on giving back to its members. In November last year, the credit union gave more than $1.3 million back to its member in the form of a 3 percent bonus dividend on their savings and a 3 percent loan interest rebate.
Over the past five years, Scott Credit Union has given bonus dividends and loan interest rebates back to members totaling over $4.6 million, Padak noted.
“We have also focused on offering the services that members want,” Padak added. “We are very competitive on auto loans, have a high-rate free checking account, and have free mobile banking. Our mission is Banking Simplified so we delivery all of our services in the most simple and convenient way for our members. It is a formula that really works for us and our membership.”
The credit union has experienced strong loan growth and has over $880 million in total loans through September of this year. SCU has experienced over 18 percent loan growth this year.
“We couldn’t be more pleased with how well our business has grown and how much our members are taking advantage of the services we offer,” Padak noted.
Scott Credit Union has also remained committed to its strategy of being the best place to work. That commitment paid off again recently when the local credit union was named to a St. Louis Post-Dispatch Top Workplace for the third straight year.
“This has been important to us because we serve members every day. It is really important that our people enjoy working here and can pass their positive attitude along to our members in the experience that they provide them,” Padak said.
Scott Credit Union has also made giving back to its communities a major priority. The credit union contributed approximately $800,000 and its employees volunteered nearly 7,000 hours to a variety of local civic efforts throughout the region in past three years.
“We realize that without our members and the communities in which we serve, we would not exist,” Padak noted. “Supporting our communities is very important to us.
The credit union has increased its community involvement in the past few years while also increasing its efforts to educate consumers of the value of doing their financial business with a member-owned, not-for-profit credit union.
Scott Credit Union is open to anyone who lives or works in a 17 county area in Illinois, 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, Illinois.