Welcome Former South Division Credit Union Members!
As we embark on this merger of two Illinois credit unions into one strong, growing organization, we want to take this opportunity to welcome you to the Scott Credit Union family. We will be with you every step of the way, and have put together the following to address some frequently asked questions about the merger.
General Merger Questions
This merger will be greatly beneficial for both credit unions, and we are excited for the opportunities this partnership will provide. As part of Scott Credit Union’s overall strategy for growth, we now can offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will benefit from significant annual savings on expenses and a higher Return on Assets.
Scott Credit Union was established in 1943, when a group of visionaries came together at Scott Field (now Scott Air Force Base) to create a local credit union where the average person could save and borrow money. From a humble beginning with 27 charter members, we have steadily grown throughout our 78-year history. In fact, today we serve just over 144,000 members representing 26 counties in Southern Illinois and three counties in Missouri, and we are financially strong at just over $1.6 billion in assets. Headquartered in Edwardsville, IL, we currently have 18 branches in Illinois and five in Missouri, as well as a variety of mobile and online services.
South Division’s members are expected to enjoy higher rates on deposits, an expanded slate of products and services, as well as favorable rates and turn-around times for new loans.
Scott Credit Union’s and South Division Credit Union’s boards of directors have approved the merger with a vote of the membership of the former South Division Credit Union. We have also received final regulatory approval. As of September 1, 2021, our two credit unions have officially merged. We are beginning to integrate the operations of both credit unions, with our final member and account conversion tentatively scheduled for February 2022. We will keep all members informed as we make progress towards this goal.
Yes, We intend to keep all South Division Credit Union locations open and available to serve you. The sign on the building may be different, but you can still expect to be served by the same great staff as always at your local branch!
South Division Credit Union’s current field of membership will remain the same.
Checking & Savings Questions
Eventually, yes, South Division Credit Union members will be issued a new member number. We will provide you with information as we get closer to our estimated system conversion date in February 2022.
Eventually, yes. However, South Division Credit Union’s routing number will still be valid for the time being. We will provide you with information as we get closer to our estimated system conversion date in February 2022.
Yes, but for now you can continue using your South Division Credit Union debit card. You will receive a new debit card prior to our estimated system conversion date in February 2022. Please activate your new debit card immediately after receiving it.
Yes, for now you may continue to use your South Division Credit Union checks. We will provide advance notice once we approach the conversion to Scott Credit Union checks.
Eventually, yes, South Division Credit Union members will need to update this information. However, automated payments will still be processed for now. We will provide you with information as we get closer to our estimated system conversion date in February 2022.
Yes, both now and after the system conversion, South Division Credit Union members will still be able to view past statements and transaction history.
Yes, your total deposits will continue to be federally insured by the National Credit Union Administration (NCUA) to at least $250,000.
Loan and Credit Card Questions
Yes, all current loan rates and terms will stay the same.
Yes, for the time being, you will still be able to use your existing credit card. We will provide advance notice to members once we approach the conversion to Scott Credit Union’s Extreme Visa Credit Card.
Yes, both now and after the system conversion, South Division Credit Union members will still be able to view past statements.
Yes, for the time being, members can still utilize their South Division Credit Union online and mobile banking. We will provide advance notice as we approach the conversion to Scott Credit Union’s online and mobile banking.
Yes, you may continue to call us at (708) 857-7070.
No, as of now, office hours for your local branch have not changed.
Yes, just as before, you can complete account transactions at thousands of participating CO-OP Shared Branch locations. Find a location near you.
Yes, you will access to Scott Credit Union’s full suite of products and services effective 9/1/2021.