The Armed Forces Financial Network elected Frank Padak, president and CEO of Scott Credit Union, as its new chairman.
Padak will fulfill a two-year term in the role, having previously served as a director on the network's board since 2010, according to a press release. Padak has worked at Scott CU for more than 20 years, the last 15 as president and CEO.
During Padak's tenure as the head of Scott, he has helped grow the credit union from $359 million in assets to more than $1 billion, as well as more than doubling the number of members to 126,000. Prior to his current position with the credit union, Padak worked as Scott's vice president of mortgage lending and senior vice president.
Scott, based in Edwardsville, Ill., started out life as a military credit union serving Scott Air Force Base and still serves active and retired members of the military. It later expanded its field of membership to include 17 Illinois counties as well as St. Louis County in Missouri.
The Armed Forces Financial Network (AFFN) was created in 1985 to provide U.S. Military personnel with access to their assets through ATM and point-of-sale (POS) terminals at or near U.S. military bases globally. The network aims to create a more diverse field of financial institutions to serve the military.
"AFFN has supported defense credit unions and military banks in their mission to serve those who serve, proudly and honorably for the past 30 years. I look forward to the continued success of AFFN on behalf of all AFFN Participants," Padak said in statement.