EDWARDSVILLE, Ill. — Scott Credit Union has given more than $1.3 million back to members as a bonus dividend and loan interest rebate.
Along with above-market rates on members' deposit accounts, SCU has awarded active members an additional 3% APY bonus dividend on deposits and a 3% rebate on all interest paid this year on any loan or credit card.
The $922 million credit union said in a statement that the move was a way to thank members for their loyalty.
"Since members own the credit union, this is a great way for us to thank them and share in our success," said CEO Frank Padak in a statement, adding "When we do well, everybody benefits."
The credit union has given more than $4.6 million back to members during the last five years, and Padak said that SCU has given bonus dividends for 22 consecutive years.
"For the past seven years we were able to give the loan interest rebate. Our members are the reason we have been successful, and it is nice to show them that active membership in our credit union is a good decision on their part."
The credit union serves more than 112,000 members and currently has more than $767 million in loans on the books, according to its most recent call report, and has so far made $6.7 million in 2013.
