Scott Credit Union passes $1 billion in assets

EDWARDSVILLE – Scott Credit Union has 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 directors, 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 of Sept. 30, 2014, Scott Credit Union’s capital-to-asset ratio is 10.08 percent. The credit union’s assets have increased from $600 million since the end of 2009.  SCU’s membership has grown from 72,043 to over 125,000 members in that same timeframe.

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.

H said the credit union has experienced strong loan growth and has more than $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 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.

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