Press
Scott Credit Union wins three State Awards
(February 3, 2014) — Scott Credit Union has garnered awards in three categories of the Illinois Credit Union League’s annual state-wide awards competition.
The local credit union won the top prize in a category focused on the credit union philosophy of people helping people in action, won second place in the social responsibility category and garnered an honorable mention for youth financial education programs.
Scott Credit Union won the first place award in the $250 million to $1 billion asset categories for its Sequestration Loan Program that was designed to provide funds to furloughed government employees early in 2013.
The program offered members the opportunity to borrow 100 percent of their monthly net pay up to $5,000 at 0% for 60 days. Furloughed workers did not have to make a payment for the first 60 days and had one year to repay the loan at a low rate.
“We really wanted to help members cover a few paychecks and then pay it back when they were getting paid their full wages again,” Scott Credit Union President & CEO Frank Padak said. “This program is really about helping our members when they need us most. They had bills to pay and their income was delayed. People helping people is the foundation upon which credit unions are built.”
Scott Credit Union also received its second place award for a partnership with the Millstadt Primary School to build a fitness path and health and wellness program at the school.
Additionally SCU received the honorable mention for its WiredUp web site that provides teens with resources that will help them with their finances now and in the future.
“We are very proud of the work we have done to give back to the community and schools, as well as what we have done to provide financial education,” said Scott Credit Union Community Relations Supervisor Ashleigh Deatherage. “It is nice to be recognized with the awards, but the real happiness comes with knowing that we are able to help people. These awards really showcase our dedication to helping people.”
Representatives from Scott Credit Union will be recognized at the keynote and awards program during the Credit Union League’s Annual Convention this spring in Schaumburg, Ill.
Scott Credit Union has made giving back to its communities a major priority. The local credit union contributed more than $325,000 and its employees volunteered more than 2,400 hours to a variety of local civic efforts throughout the region in 2013.
“We realize that without our members and the communities in which we serve, we would not exist as a financial alternative,” Deatherage said. “That is why it is so important for us to give back and support the communities in which we have locations.”
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 not-for-profit credit union.
“Conducting financial business with a credit union saves the consumer real money,” Deatherage added. “Many credit unions, like Scott Credit Union, offer similar products and services to what the conventional financial institutions have, but we do so with our members’ best interest in mind. Plus, we really care about the community and we are committed to supporting local efforts through contributions and volunteerism.”
Scott Credit Union is a not-for-profit financial cooperative that is member owned. The credit union recently gave about $1.3 million back to members through a bonus dividend and loan interest rebate.
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, call 1-800-888-4728, or stop by any of the credit union’s branches.