Focus on Members Drives SCU Success in 2016
Annual Meeting Planned for March 23
We are driven every day to be successful. That is because we truly are focused on doing the right thing for our members by providing the best value when it comes to financial services. In a world that typically does little to take care of consumers, we are happy to provide you with an alternative that is trying to help you save money.
Because of our not-for-profit cooperative structure, we are able 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.
That’s right. We gave nearly $1.5 million back to our active members through a 3.00% Annual Percentage Yield Bonus Dividend and a 3.00% Loan Interest Rebate. We simply put that money back into members’ accounts late last year. It was the 25th consecutive year for a bonus dividend and the 10th year we were able to give a loan interest rebate back to you – our members.
Over the past eight years, Scott Credit Union has given bonus dividends and loan interest rebates back to members totaling over $9.2 million. The bonus dividend and loan interest rebate are examples of the value of your membership with Scott Credit Union. We are confident that choosing to belong to Scott Credit Union is a good decision.
We are also very pleased to announce that the Credit Union is financially strong and continues to see growth in membership and deposits, as well as solid loan volume. We invite you to hear more about our performance in 2016 at our Annual Meeting that will be held at 7:30 p.m. on Thursday, March 23 at our Home Office at 101 Credit Union Way in Edwardsville.
We were also excited in 2016 to roll out a new tool in our Branches called Savings Detector. This tool gives us the ability to see if we can save you money on an auto loan or credit card balance that you have with another financial institution. We simply can tell you how much money we can save you over the life of your loan or credit card balance. It’s another great way that we are helping you to get more value from your membership with SCU. Through the year, we saved members over $565,000 simply by refinancing an auto loan or credit card balance to Scott Credit Union.
Credit unions like SCU exist to serve their members, including working families, small businesses, and the local community. SCU has contributed approximately $2.2 million and its employees have volunteered 17,000 hours to a variety of local civic efforts throughout the region in past eight years. We are extremely proud of that effort.
I also would like to share some additional financials from 2016. We finished the year with capital at more than $97.1 million which is over 8.89% of assets. Scott Credit Union remains above the 7.00% regulatory standard that is considered as well capitalized.
Our net earnings for 2016 were over $8.5 million. Our assets at the end of 2016 were at $1.09 billion. Membership in 2016 increased over 2.64% from 2015 to more than 135,282 members.
We are looking to continue our success this year because of our conservative management and strong financial position.
Throughout 2016, we also focused on our vision of being the highest quality and most convenient financial institution in the markets we serve. Again, 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 exceptional service.
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 2017!
Frank M. Padak
President & CEO