EDWARDSVILLE, IL  - April 2, 2024 – Scott Credit Union held its 81st annual meeting for members on Thursday, March 21, 2024. They shared their strategic priorities that support the vision of Building Better Financial Futures. The local credit union continues to thrive due to its non-profit, cooperative structure, providing ongoing value to its members.
“2023 was a year of growth and community impact, where we expanded our reach, increased our philanthropic efforts, shared our profits with our members, and remained dedicated to enhancing their financial well-being,” remarked Frank Padak, President, and CEO of Scott Credit Union. "As we embark on the journey ahead, we remain steadfast in our commitment to serving our members and communities, fostering financial empowerment, and continuing to be a trusted partner in their financial journeys."
Scott Credit Union finished 2023 with regulatory capital at $160.5 million, which is 9.14% of assets. This is above the 7.00% regulatory standard that is considered well-capitalized. The net earnings for 2023 were $9.3 million and the assets were $1.74 billion.
"We were thrilled to announce our continued success by providing active members with a Bonus Dividend on shares and a loan interest rebate, totaling more than $1,000,000 into share accounts," stated Lawrence Haffner, Chairman of the Board of Scott Credit Union. "Over the past 16 years, the bonus dividends and loan interest rebate we’ve distributed to members have totaled $15.4 million—a testament to Scott Credit Union's unwavering commitment to being With You."
At the meeting, Scott Credit Union’s volunteer Board of Directors for 2024 was elected, and Jessica Haugen and Christopher Sobrino were re-elected for 3-year terms. Angela Stewart was elected as a Director after serving as an Associate Director. The other Board members are Lawrence Haffner serving as Chairman, Jacob Curtis as Vice Chairman, Deborah Lane as Secretary, and Frank Padak as Treasurer. Joy Hayward and LaJuan Miller continue their service on the Board. Lucrecia Cordon-Springer and Nathan Richard remain as Associate Directors.
CMSgt William “Pete” Hostetter (Ret.) was recognized as an Emeritus Director, honoring his remarkable 40-year tenure on the SCU Board until his retirement in 2021.
 
 
In 2023 the organization rolled out an improved website (scu.org) and a new product, CashBack Checking, which allows members to earn cash back rewards on debit card purchases each month. In addition, a record amount of money was raised for the Scott Credit Union Community Foundation, which awarded $100,000 in With You grants to 34 schools in the St. Louis and Chicago metro areas.
Scott Credit Union was proudly recognized as one of the Top Workplaces for the 10th time in 12 years. On the list of similar-sized employers in St. Louis, SCU ranked 45 and was the top credit union.
In 2023, SCU celebrated its 80th anniversary by committing to conduct 80 Acts of Kindness in the community. The credit union surpassed that goal by completing 104 Acts of Kindness, including serving meals at the Ronald McDonald House Charities of St. Louis, providing essential diaper supplies to Metro East Diaper Bank, and providing household items and assisting in preparing houses at the Veterans Community Project.
In addition to the 80 Acts of Kindness, SCU volunteered 1,100 hours to support various civic efforts and charitable causes, such as the KMOV Surprise Squad events, community parades, and more. In 2023, the credit union also contributed financial donations exceeding $150,000.
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