The $774 million Scott Credit Union of Collinsville, Ill. announced it has paid out a bonus dividend and loan rebate totaling $1.1 million to its membership.
Active Scott CU members received an additional 3% APR bonus dividend rebate on their deposits and a rebate of 3% of the interest they paid on any loan or credit card in 2011, the CU said.
"Since members own the credit union, this is a great way for us to thank them and share their success," said Frank Padak, president/CEO for Scott CU. "This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are not-for-profit, we give our earnings back to members through dividends, loan rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible."
"At a time when banks are charging more fees, we are proud to giving money back to our members," Padak said.
The 93,000-member CU said it has paid more than $2.1 million in bonus dividends over the past 10 years.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
