Providing members with the best overall value is the driving force that allowed us to be successful again in 2017.
We truly are focused on doing the right thing for our members by providing the best value. We believe in taking care of our members and we are happy to provide you with the best money-saving alternative for your finances.
Because of our not-for-profit cooperative structure, we 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 $10 million back to members over the past 10 years.
We simply put that money back into members’ accounts. 2017 marked the 26th consecutive year for a bonus dividend and the 11th year we were able to give a loan interest rebate back to you – our members. The bonus dividend and loan interest rebate are just one example of the value of your membership. We are confident that choosing Scott Credit Union is a good decision.
We are very pleased to announce that the Credit Union is financially strong and continues to see growth in membership and loan volume.
We were also excited in 2017 to realize growth in our Mortgage Department. We provided members with $106 million in mortgage loans to help them realize their dreams of home ownership. That was up 30% from loans originated the previous year.
I also would like to share some additional financials from 2017. We finished the year with capital at more than $106.8 million which is 9.58% of assets. Scott Credit Union remains above the 7.00% regulatory standard that is considered well capitalized.
Our net earnings for 2017 were nearly $9.8 million. Our assets at the end of 2017 were at $1.12 billion. Membership in 2017 increased 3.03% from 2016 to 139,375 members.
We invite you to hear more about our performance in 2017 at our Annual Meeting that will be held at 7:30 p.m. on Thursday, March 22 at our Home Office at 101 Credit Union Way in Edwardsville.
Credit unions like SCU exist to serve their members, including working families, small businesses, and the local community. SCU has contributed approximately $2.6 million and its employees have volunteered 19,000 hours to a variety of local civic efforts throughout the region in the past nine years. We are proud to be able to give back to the communities in which our members live and work.
In 2017, we remained committed to the strategy of being the best place to work. Our efforts were rewarded when we were named a St. Louis Post-Dispatch Top Workplace for the sixth straight year. Of the 120 companies named as a Top Workplace in three categories, SCU was one of only 10 recognized for the sixth consecutive year. We believe that employees who enjoy their workplace provide better service to our members.
We are looking to continue our success in 2018 because of our conservative management and strong financial position.
Throughout 2017, we also focused on being the highest quality and most convenient financial institution in the markets we serve. 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 2018!
Frank M. Padak, President & CEO