EDWARDSVILLE, Ill. — Scott CU returned $1.8 million to its members just in time for the holidays.
The returns are part of an annual dividend and loan rebate that gave active members a 3% APY bonus dividend, along with a 3% interest rebate on interest paid on any loan or credit card during the year.
Members also received an additional 1% bonus dividend and 1% loan rebate as a thanks for helping the institution grow and surpass the $1 billion-asset milestone this year.
"We have been able to issue a bonus dividend to our members for 23 consecutive years," said President and CEO Frank Padak. "For the past eight 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 has returned more than $6.4 million to members in the past six years, and Padak emphasized Scott's 124,000 members and its not-for-profit status as being a key component of what makes CUs unique as well as able to return earnings to the membership.
"Our members are the reason the cooperative exists and we do everything we can to give them the best value," he added. "We have our members' best interests in mind in everything we do."
