Annual Meeting planned for March 28
Scott Credit Union continued to provide members with a great value, and took steps toward growth, in another successful year in 2018. Throughout the year, we remained focused on providing our members with the best money saving alternative.
We focused in 2018 on the growth of the credit union to better serve our overall membership. We opened our first branch in St. Louis County in Ladue, while announcing plans for a new branch in Columbia, IL, and a second on the Missouri side of the river in Crestwood.
Also in 2018, we joined the CO-OP Shared Branch Network, giving members the option to perform their SCU banking transactions at any of more than 5,000 participating non-Scott Credit Union locations nationwide. Members can make deposits and withdrawals, transfers, and auto loan payments at participating non-SCU branches.
We also are proud to announce that we launched the Scott Credit Union Community Foundation in 2018 to expand on our commitment to support our communities. The charitable foundation will raise money through our annual golf tournament and will establish a scholarship program to benefit students at area high schools. 100% of the proceeds raised by the 501(c)(3) Community Foundation will be donated back to our communities. Plus, a percentage of members’ debit card purchases with EPIC Checking also will be donated to the Foundation.
Our growth is only possible due to the loyalty of our members who choose SCU. We continue to offer you lower rates when you borrow money, better rates on your savings, lower fees, and even the recent bonus dividend and loan interest rebate. Our cooperative structure has allowed us to give over $11 million back to members over the past 11 years.
2018 marked the 27th consecutive year for a bonus dividend and the 12th year we gave a loan interest rebate back to you–our members. The bonus dividend and loan interest rebate are examples of the value of your membership.
We are very pleased to announce that the Credit Union is financially strong and continues to see growth in membership and loan volume.
I would like to share some additional financials from 2018. We finished the year with capital at $118.2 million which is 9.73% of assets. Scott Credit Union remains above the 7.00% regulatory standard that is considered well capitalized. Our net earnings for 2018 were $11.8 million. Our assets at the end of 2018 were at $1.2 billion. Membership in 2018 increased 2.45% from 2017 to 142,796 members.
We invite you to hear more about our performance in 2018 at our Annual Meeting that will be held at 7:30 p.m. on Thursday, March 28 at our Home Office at 101 Credit Union Way in Edwardsville.
Credit unions like SCU exist to serve members, including working families, small businesses, and the local community. SCU has contributed approximately $2.9 million and its employees have volunteered over 20,000 hours to a variety of local civic efforts throughout the region in the past 10 years. We are proud to be able to give back to the communities we serve.
In 2018, we were named a St. Louis Post-Dispatch Top Workplace for the seventh straight year. Of the 150 companies named as a Top Workplace in three categories, SCU was one of only nine recognized for the seventh consecutive year. We believe that employees who enjoy their workplace provide better service to our members.
We are looking to continue our success in 2019 because of our conservative management and strong financial position. Our success would not be possible without our members. Our continued success is also made possible by the commitment of our Board of Directors and our staff, which remains dedicated to providing the best value and a great experience to our members.
We will continue to provide members with as much value as possible. That means that each and every day we will be guided by our members’ best interest. We look forward to a successful 2019!
Thank you,
Frank M. Padak, President & CEO
