It is a member-owned and member-operated financial cooperative, providing credit and other financial services to its members.
Scott Credit Union serves 29 counties in the US, and it’s membership is easy for those who live or work in those counties. Members can become credit union owners as soon as they open a $5 savings account.
Due to the CO-OP Shared Branching Network, Scott Credit Union members can make loan payments, deposit checks and withdraw cash at more than 5,000 locations.
Scott Credit Union can be adjudged as a leader in today’s marketplace due to the large – scale financial services it offers to individuals and businesses including everything from free checking accounts, with interest to a variety of loans and savings products.
History of Scott Credit Union
During 1943, people were experiencing the deadly menace of WWII at its height. Entire economies were focused on war efforts.
There was no stimulus to spend the salaries produced by the wartime economy since consumer products were scarce during that period.
Thus, savings rates started soaring which laid a strong foundation for the post – war prosperity that would come. During this time, a group of people from Scott Field decided to create a local credit union where an average person could save and borrow money.
Thus on May 28, 1943 the concept became a reality as the Scott Field Civilian Employees Credit Union was officially incorporated.
On January 9, 1957, it changed its name to Scott Civilian Employees Credit Union because Scott Field was renamed Scott Air Force Base when the US Air Force became a separate branch of military services.
And, in 1957, the name was finally changed to Scott Credit Union.
Expansion of the Union
At the time of the ’80s, massive business failures throughout the Midwest and the nation occurred due to the movement from a manufacturing to a service economy.
This ultimately threatened the solvency of many credit unions.
Hence, National Credit Union Administration (NCUA), began allowing credit unions to add new groups to their existing membership fields.
Due to the local and national influence of deregulation, increased flexibility of merger, and field of membership criteria, the membership of Scott Credit Union skyrocketed.
It operated out of 11 temporary facilities between 1958 and 1965, until opening a permanent one in 1972.
Even when Share Deposit Insurance moved from private insurer National Deposit Guaranty Insurance (NDGC) to the National Credit Union Administration (NCUA), the growth of Scott Credit Union was observed.
Continuous growth of Scott Credit Union’s membership can be attributed to its exceptional service and sound fiscal management.
The Board of Directors also work round-the-clock to ensure that members’ interest is their top priority. Scott Credit Union is financially strong and continues to see growth in membership and loan volume.
Routing number of Scott Credit Union
The routing number of this union is #281077522. It is used for the purpose of direct deposit.
Hassle-free transfer of money to your account is possible due to the facility of direct deposit. It helps to avoid waiting for checks to arrive and stand in the teller line.
It may be noted that military and government employees have to use Form 1199A for Direct Deposit.
Scott Credit Union’s Branch Hours
The time mentioned below was applicable from January 1, 2019 onwards.
From Monday to Friday, Scott Credit Union branches, except Scott Air Force Base Branch, remains open from:
Lobby: 9:00 am to 6:00 pm
Drive up: 8:00 am to 6:00 pm
And, the Scott Air Force Base Branch remains open on Monday to Friday from:
Lobby: 9:00 am to 5:00 pm
Drive up: 8:00 am to 6:00 pm
Whereas, on Friday, all branches remain open from:
Lobby: 9:00 am to 12:00 pm
Drive up: 8:00 am to 12:00 pm
Eligibility of Scott Credit Union
Anyone living or working in or with immediate family members living or working in Monroe, Madison, St. Clair, Morgan, Sangamon, Calhoun, Greene, Jersey, Macoupin, Montgomery, Christian, Shelby, Bond, Fayette, Effingham, Jasper, Crawford, Clinton, Marion, Washington, Jefferson, Randolph, Perry, Franklin, Jackson, or Williamson counties in Illinois are eligible to join the Scott Credit Union.
Same goes for anyone living or working in or with immediate family members living or working in St. Louis, St. Charles, and St. Louis City county in Missouri can certainly join the organization.Members’ immediate family, including any relative by blood or marriage or foster and adopted children can also join the credit union.
Special features of Scott Credit Union
Scott Credit Union began to use CAMEL Rating System for regulatory compliance in 1988. CAMEL Rating System is an internationally recognized framework for assessing capital adequacy, asset quality, management, earnings, and liquidity of financial institutions.
Scott Credit Union has differentiated itself in many ways including paying more interest on deposits, charging lower rates on loans, and helping members in avoiding the many fees that banks charge their customers.
- SCU Online
Helps in checking account balances, complete financial transactions, pay bills online, and apply for loans via the Internet.
- Hardship Loan
It is available for unusual financial problems which could result in home foreclosure and / or car repossession.
- Investment Services
Companies, organizations, and individuals can receive quality financial services based on their requirements.
- Student Debit Account
It is a checking account, without the usual checks, for students aged between 13 to 22.
- 100% Loan – to – Value (LTV) Mortgage Loan
It is great for first – time homebuyers which offers more easily manageable mortgage payments.
- Mobile ATM trailer
It is a free-of-charge ATM service that travels to community events.
- Mobile Banking
24×7 mobile banking with no fee charged by the mobile provider.
- Sequestration / Government Shutdown Loan
It helps in safeguarding members’ assets during periods of government shutdowns
- Mobile Wallet Solutions
Enabled quick credit and debit card payments via Apple Pay and other mobile wallet solutions
Financial Position of Scott Credit Union
Scott Credit Union finished the year with capital at $118.2 million which is 9.73% of assets.
It is quite important to note that, Scott Credit Union remains above the 7.00% regulatory standard that is considered well capitalized. Scott Credit Union net earnings for 2018 were $11.8 million.
Their assets at the end of 2018 were at $1.2 billion. Scott Credit Union’s membership in 2018 increased 2.45% from 2017 to 142,796 members.
Recent Progress of Scott Credit Union
Scott Credit Union launched a programme named Scott Credit Union Community Foundation in 2018 to expand their commitment to support the communities.
The charitable foundation would raise money through their annual golf tournament and would establish a scholarship program to benefit students at area high schools.
It is proposed that the 100% of the proceeds raised by the Community Foundation would be donated back to the communities.
Plus, a percentage of members’ debit card purchases with EPIC Checking also would also be donated to the Foundation.
Scott Credit Union’s growth is only possible due to the loyalty of the members who choose it.
Scott Credit Union continues to offer its members, lower rates when they borrow money, better rates on their savings, lower fees, and even the recent bonus dividends and loan interest rebate.
The cooperative structure of Scott Credit Union has allowed the Board of Directors to give over $11 million back to members over the past 11 years.
The year 2018 marked the 27th consecutive year for a bonus dividend and the 12th year, Scott Credit Union gave a loan interest rebate back to their members.
The bonus dividend and loan interest rebate can be regarded as a distinct feature of Scott Credit Union.
Remarkable activities of Scott Credit Union
Scott Credit Union has various programmes for people which lends a helping hand for them. Scott Credit Union has generated great Goodwill in it’s neighborhood owing to the excellent work undertaken by it.
Scott Credit Union has partnered with many community organisations including the St. Louis Cardinals and the St. Louis Blues. Here are some highlights of the major works of the same:
- Volunteer Incentive Programme (VIP)
It encourages Scott Credit Union employees to volunteer in their neighbourhoods Approximately $3 million has been contributed and 22,300 volunteer hours by its employees for civic benefits.
- Welcome Home Programme
It is a public-private venture between the Illinois Treasurer’s Office and lending institutions which allows Operation Desert Storm veterans to take out low interest loans on their return from active duty.
- Youth Advisory Council
This programme selects 15 students on an individual basis, to serve as the voice of the youth membership.
- SCU Big Barkers Kidz Club
Promotes financial literacy while also encourages kids 12 and under, to start saving.
- Family Support Center Friendship Club
Supports the families of military personnel who were deployed to serve in Operation Desert Storm from Scott Air Force Base.
Scott Credit Union’s Innovative way of promoting
Earlier, Scott Credit Union advertised on billboards around the St. Louis metropolitan area.
In library order to effectively promote the organization, the then President and CEO, James Bright, proposed that Scott Credit Union should purchase a Hummer which could be wrapped in a colourful style to publicise the Scott Credit Union.
The distinctive vehicle was thus driven to special events and offices, which attracted attention from prospective members.
This marketing tool, unusual in some way, earned Scott Credit Union the 2004 Diamond Award from the Credit Union National Association Marketing & Business Development Council.
Milestones of the Credit Union
From a modest beginning on Scott Air Force Base with 27 charter members and $145.50 in deposits, it now has over 140,000 members, 16 branches, and $1.2 billion in deposits.
It has major presence in Southwestern Illinois.
It has received a “Top Workplace” award for seven consecutive years (2012–2018) by the St. Louis Post-Dispatch.
It highlights Scott Credit Union’s immense health and wellness benefits, tuition reimbursement, fitness and merchant options, cafeteria plan options, paid sick time, etc. available to its members of the 150 companies named as a Top Workplace in three categories, SCU was one of only nine recognized for the seventh consecutive year.
Scott Credit Union believes that employees who enjoy their workplace provide better service to our members.
Scott Credit Union has an exceptional past, a remarkable present and extremely bright future by offering value and security to its members.
Notable People of the Union
A lot of people have steered the boat of the organization. Notable among them are:
- Clarence Distler (1959–1977)
He served as the Scott Credit Union’s first Treasurer and Manager, who guided the organization in an exceptional, innovative and extraordinary way.
He is a respected pioneer who guided the credit union through its infancy. His leadership enabled members of the Scott Credit Union to easily obtain required loans at the lowest possible interest rate.
He later became the President of the organization and served in the organization till he passed away in 1977.
- CM Sgt (Retd.) William Hostsetter (2016 – Present)
He is the present Chairman of the Scott Credit Union. He joined the Board of Directors in 1981. He has witnessed the manifold growth of the organization in front of his eyes.
He keeps the top priority of serving the members of the organization by leaving no stone unturned.
- Frank Padak (2005 – Present)
He is the present President and CEO of the Scoot Credit Union since 2005. He has a long and illustrious career with the organization.
He became Scott Credit Union’s Vice – President in 1997. Mr Padak became Senior Vice – President in 2002 and was later named President and CEO, as well as Treasurer, in 2005 after Mr Bright’s death.
He handles day-to-day operations of the organization and acts like a guiding light in terms of leading the organization in a perfect way.
Ethics of Scott Credit Union
It is imperative to say that credit unions like SCU exist to serve members, including working families, small businesses, and the local community.
SCU has contributed approximately $2.9 million and its employees have volunteered over 20,000 hours to a variety of local civic efforts throughout the region in the past 10 years.
Scott Credit Union’s continued success is also made possible due to the commitment of its Board of Directors and it’s staff, which remains dedicated to providing the best value and a great experience to their members.
Scott Credit Union aims to provide members with as much value as possible. Scott Credit Union remains focused on providing its members with the best money saving alternative.
