Home Credit union South Division merges with Scott Credit Union

South Division merges with Scott Credit Union


EDWARDSVILLE – Cook County’s South Division Credit Union (SDCU) has merged with Scott Credit Union (SCU) headquartered in Edwardsville.

The merger was approved by a vote of the members of the former SDCU and the boards of directors of SDCU and SCU.

After receiving final regulatory approval, the merger took effect on September 1.

“We look forward to this opportunity to combine our two families of credit unions into a strong and growing organization,” said Frank Padak, President and CEO of SCU.

The merger expanded SCU’s membership scope to include part of the greater Chicago area and increased its footprint to 23 locations, with the addition of SDCU’s Evergreen Park, Midlothian and Chicago branches. SCU will gain approximately 5,500 new members and 20 full-time and part-time employees.

“This merger will be of great benefit to our two credit unions,” said Padak. “As part of SCU’s overall growth strategy, we now have the opportunity to offer our services to even more potential members by expanding into the Chicago area. Meanwhile, South Division Credit Union will enjoy significant annual savings on expenses and a higher return on assets. In addition, members of the Southern Division are expected to benefit from higher rates on deposits, a wider range of products and services, as well as favorable rates and turnaround times for loans.

Following the merger, Geraldine Burek, CEO of SDCU, announced her intention to retire after 40 years of service.

“The goal of South Division Credit Union has always been to provide the best possible products and services to our members,” said Burek. “Our team is thrilled for this opportunity to partner with Scott Credit Union and show our members how we can become even better together.”

“As credit unions, our two organizations share the same spirit of cooperation and a philosophy of mutual aid,” added Padak. “We look forward to welcoming the employees and members of the South division into the SCU family while maintaining a region-focused financial institution. “

Founded in 1943, SCU is a full-service financial cooperative. with 20 locations: Affton, Ballpark Village, Belleville, Collinsville, Columbia, Crestwood, Edwardsville, Fairview Heights, Ferguson, Highland, Ladue, Liban, Mascoutah, O’Fallon, Illinois, Troy, Illinois, Scott Air Force Base, Waterloo and Wood River.

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