COLLINSVILLE, Ill. – Scott CU, a former defense credit union that now serves 17 southwest Illinois counties, was approved by state regulators in Missouri to serve almost 1 million residents in adjacent St. Louis County, Mo.
The field of membership expansion does not include residents of the city of St. Louis.
Frank Padak, president of the $795-million credit union, said the new FOM grant will provide fresh opportunities for the credit union’s indirect lending program. He said it does not currently plan to open any branches in the new markets. Scott CU currently operates 15 branches in Illinois.
Scott, chartered to serve employees of Scott Air Force Base, has expanded in a hybrid fashion. It has continued to serve military personnel, as well as residents of 17 Illinois counties and several large select groups, including employees of the local Sam’s Club and the Smurfit-Stone Corp.
