EDWARDSVILLE, Ill. – Scott Credit Union declared a bonus dividend and loan interest rebate, giving back more than $1.3 million to its members.
On Monday the $1 billion CU said it recently directly deposited the money into members' accounts. Scott said "active" members were given an additional 3% Annual Percentage Yield bonus dividend on their deposits and a rebate of 3% of the interest they paid this year on any loan or credit card to thank them for their loyalty.
"Just in time for the holidays, area residents who have savings accounts or loans with Scott Credit Union are putting extra money in their pockets," the CU said it a statement.
The CU's board of directors approved the bonus dividend and the loan interest rebate, "as another way to share the success of the credit union in 2015 with its members." "Since members own the credit union, this is a great way for us to thank them and share our success," said Frank Padak, president and CEO.
Over the past seven years, Scott CU has given bonus dividends and loan interest rebates to members totaling more than $7.7 million, Padak noted.
"We have been able to issue a bonus dividend to our members for 24 consecutive years," Padak said. "For the past nine years we also 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."
Scott CU is open to anyone who lives or works in a 17-county area, 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, Mo., also can open accounts at SCU. Anyone who is active or retired military also can have accounts with Scott Credit Union.
