Nation’s Largest Ethnic Credit Union Surpasses Asset Milestone
NEW YORK, NY (July 2, 2019) – It took the Polish & Slavic Federal Credit Union 28 years to reach $1 billion in assets, but less than 15 years to double that amount, as the ethnic credit union has announced that it has just surpassed the $2 billion mark in assets under control.
Reaching $2 billion in assets is a major milestone for the Brooklyn-based credit union, and a testament to its dynamic development and commitment to growing both its membership and geographic footprint. PSFCU is not only the nation’s largest ethnic credit union, it is also one of the largest Polish financial institutions outside Poland.
“What started out 42 years ago when a handful of Polish immigrants sat at a small table inside a meeting hall in the Greenpoint section of Brooklyn, has flourished into a multi-billion dollar financial institution that has helped generations of Polish-Americans achieve their dreams,” said Bogdan Chmielewski, CEO/President of PSFCU.
“Eleven years after our founding, we expanded to New Jersey when we opened our second branch. Today, we have 19 branches in four states while servicing more than 135,000 people. All of this would never have happened without the loyalty and trust of our members.”
The PSFCU reached the $2 billion mark at the end of May. The credit union is also growing its membership, expecting to have more than 100,000 primary members by the fall.
This past fiscal year was especially successful for the credit union. Its net profit exceeded $15 million in FY 2018, the highest annual amount in its history
Founded in Brooklyn, New York in 1976, PSFCU is the largest ethnic credit union in the U.S. with $2 billion in assets. It offers carefully tailored financial products and services to its 135,000 members and their families throughout the country, mainly through its 19 branches in New York, New Jersey, Illinois and Pennsylvania. Long known for its commitment to the communities it serves, the credit union proudly sponsors and supports countless Polish-American organizations, schools, churches and cultural events that all help make local neighborhoods succeed and thrive.
Pawel Burdzy is the PR Manager of Polish & Slavic FCU