EDWARDSVILLE, Ill. — Scott CU here announced it has surpassed the $1 billion mark in assets.
The credit union made the announcement in a statement, along with the news that it has grown to 125,000 members and seen increases in both loans and deposits.
"Growing to $1 billion in assets is a significant milestone that Scott Credit Union is very proud of," said Frank Padak, president and CEO of the credit union. "This would not have been possible without the effort of our board of directors, management, staff and the members we serve. We are proud that we are providing more than 125,000 members with a better value."
Padak said that the organization continues to focus on safety, soundness and providing value to members. As of its most recent Call Report, the credit union said, Scott CU holds a capital-to-asset ratio of 10.08%, while assets have risen by more than 60% since year-end 2009, including averaging a 1% ROA in that same time period. Membership has also risen by more than 70% in that same time period.
"We have also focused on offering the services that members want," Padak said. "We are very competitive on auto loans, have a high-rate free checking account and have free mobile banking. Our mission is 'Banking Simplified,' so we deliver all of our services in the most simple and convenient way for our members. It is a formula that really works for us and our membership."
The credit union currently has more than $887 million in loans on its books, more than half of which are concentrated in used vehicle lending.
Starting last year, Scott returned more than $1.3 million to members in the form of a 3% bonus dividend on savings and a 3% loan interest rebate.
