Members of South Division Credit Union in Cook County will now have access to expanded products and services following the recent merger with Scott Credit Union, which is headquartered in Edwardsville.
The South Division name will formally become Scott Credit Union and the merger allows Scott to establish its first presence outside of Metro East and St. Louis, the credit union said today.
The merger was approved with a vote of the membership of the former South Division Credit Union and the approval by the boards of directors of Scott Credit Union and South Division Credit Union. Having received final regulatory approval, the merger is effective Sept. 1.
“We’re looking forward to this opportunity to combine our two credit union families into one strong, growing organization,” said Frank Padak, president and CEO of Scott Credit Union.
The merger has expanded Scott Credit Union’s field of membership to include part of the greater Chicago area and has increased its total footprint to 23 locations with the addition of SDCU’s Evergreen Park, Midlothian and Chicago branches. Scott Credit Union will also gain approximately 5,500 new members and 20 full-time and part-time employees.
“This merger will be greatly beneficial to both of our credit unions,” said Padak. “As part of SCU’s overall strategy for growth, we now have the opportunity to offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will benefit from significant annual savings on expenses and a higher return on assets. Plus, South Division’s members are expected to enjoy higher rates on deposits, an expanded slate of products and services, as well as favorable rates and turn-around times for loans.”
Following the merger, the Chief Executive Officer of South Division Credit Union, Geraldine Burek, has announced her intention to retire after 40 years of service.
“South Division Credit Union’s goal has always been to provide the best possible products and services for our members,” said Burek. “Our team is excited for this opportunity to partner with Scott Credit Union and demonstrate to our members how we can become even better together.”
“As credit unions, both of our organizations share the same spirit of cooperation and a philosophy of people helping people,” added Padak. “We look forward to welcoming South Division’s employees and members into the SCU family while maintaining a locally focused financial institution.”
Founded in 1943, Scott Credit Union has 20 locations in Metro East and in the St. Louis market.
South Division Credit Union was formed in 1935.