After serving as a volunteer member of Scott Credit Union’s board of directors for more than 40 years, CMSgt. William “Pete” Hostetter (Ret.) has announced his retirement from the position of Board Chairman.
One of the ways credit unions differ from other financial institutions is by their governance through a volunteer board of directors. Credit union boards are comprised of volunteers who are members of the credit union themselves. Serving without pay, the directors provide strategic direction that prioritizes the financial well-being of the credit union members before profit.
A former service member of the U.S. Air Force, Hostetter joined the Scott Credit Union board of directors in 1981. At that time, SCU’s field of membership was limited to those affiliated with Scott Air Force Base and SCU employees. During Hostetter’s tenure, the credit union grew from having approximately $33 million in assets and 21,000 members to $1.6 billion in assets and more than 144,000 members today. SCU’s field of membership has also grown to include 26 counties in Illinois and three in Missouri.
“Pete will always be remembered for his unwavering commitment to our members and the success of the organization,” said Frank Padak, President and CEO of Scott Credit Union. “I have worked closely with Pete for over 27 years, and while I am sad to see him retire as Chairman, I am also happy for him to be able to enjoy his retirement.”
Although he is stepping down from the role of Board Chairman, Hostetter will remain on the board in the role of Emeritus Director, Padak announced. While he will no longer be a voting member, Hostetter will be able to attend board meetings and serve as an advisor to the current directors.
“Pete always kept the best interest of our members in mind during every board decision,” said Padak. “We look forward to continuing this legacy and continuing Scott Credit Union’s success.”
Scott Credit Union is a full-service financial cooperative. When someone opens an account at the credit union, they become a member and an owner. Because of its structure, Scott Credit Union has given back nearly $13 million to members through a bonus dividend and loan interest rebate over the past 13 years.