Scott Credit Union 2015 Year in Review from Frank Padak

To The Members of Scott Credit Union:

I’m proud to announce that 2015 was a successful year for Scott Credit Union! The Credit Union is financially strong and continues to see growth in membership and deposits, as well as solid loan volume. Your choice to be a member of Scott Credit Union continues to make us a successful organization.

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.

Our focus on providing the best overall value, along with your loyalty to Scott Credit Union, allow us to offer you a convenient money-saving banking alternative.

We were very pleased to be able to give over $1.3 million to our active members through a 3.00% Annual Percentage Yield Bonus Dividend & a 3.00% Loan Interest Rebate at the end of the year. This was the 24th consecutive year for the bonus dividend and the ninth straight year we have awarded the loan interest rebate.

The bonus dividend and loan interest rebate are examples of the value of your membership with Scott Credit Union. We truly thank you for choosing to belong to Scott Credit Union.

Our structure is the best for the consumer. When we do well, everyone benefits. We will continue to do everything we can to protect our tax-exemption and the structure that allows us to provide you with the best value when it comes to your banking services.

We were also very proud in 2015 to begin offering Mobile Deposit and Mobile Bill Pay to increase the convenience we offer to our members when it comes to their
banking needs. We were also happy to be able to offer our members a mortgage special in 2015 that generated a high volume of mortgage loans for SCU. We will continue to be a premier lender in our area with strong mortgage, credit card and auto loan offerings.

Credit unions like SCU exist to serve their members, including working families, small businesses, and the local community. Last year, we contributed nearly $370,000 and our employees volunteered more than 2,300 hours in the communities in which we serve. SCU has contributed approximately $1.7 million and its employees have volunteered 15,000 hours to a variety of local civic efforts throughout the region in past seven years. We are extremely proud of that effort.

Because of our members, we work extremely hard to be successful. We are very proud to be able to provide area residents with a lower-cost alternative. We are also very pleased to announce that we continue to be a strong and sound financial institution with capital finishing at more than $88 million which is over 8.40% of assets (e). Scott Credit Union remains above the 7.00% regulatory standard that is considered as well capitalized.

We are looking to continue our success this year because of our conservative management and strong financial position. We remain above the regulatory standards to be considered well capitalized and continue to experience strong growth.

Throughout 2015 our driving force continued to be 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 2016!

Thank you,
Frank M. Padak
President & CEO