Polish & Slavic Federal Credit Union

Polish & Slavic Federal Credit Union (PSFCU) is a federally insured, state-chartered, credit union with over 96,000 primary members, serving over 120,000 people. PSFCU has 19 branches in New York, New Jersey, and Illinois. PSFCU is the largest ethnic credit union in the United States.[1][2][3]

Polish & Slavic Federal Credit Union
FormerlyIndustrial and Commercial Federal Credit Union
TypeCredit union
IndustryFinancial services
Founded1976
Headquarters100 McGuinness Blvd,
Brooklyn, NY 11222
Number of locations
19
Area served
Illinois, New York, New Jersey
Key people
Krzysztof Matyszczyk, Chairman
Bogdan Chmielewski, CEO
ProductsSavings, checking, consumer loans, mortgages, credit cards, investments, online banking
Total assets$2.035 billion (2019)

$1.920 billion (2018)

$1.840 billion (2017)
Members96,188 (September 2018)
Websitehttps://en.psfcu.com/

History

The Polish & Slavic Federal Credit Union was chartered in 1976 by the founders by Rev. Longin Tolczyk and members of the Polish & Slavic Center. In creating the PSFCU, the founders intended to help immigrants who were turned down by traditional banks. The bank was originally called the Industrial and Commercial Federal Credit Union, and was referred to as such in its first charter. In 1979, the credit union adopted its current name.

The first office of the credit union was established on 940 Manhattan Avenue in Greenpoint, Brooklyn, adjacent to the Polish & Slavic Center. In 1981, the PSFCU moved its headquarters to 140 Greenpoint Avenue.

In 1987, the first New Jersey branch was opened in Union, followed by rapid expansion over the New York City metropolitan area. In 2007, PSFCU established an ATM at the American Czestochowa in Doylestown, Pennsylvania. In 2010, the PSFCU started its expansion into Illinois with branches in Norridge, Mt. Prospect, Bridgeview and Schaumburg.[4] In January of 2019, the Polish & Slavic Federal Credit Union opened its first branch in the state of Pennsylvania, in the town of Stroudsburg.

The Polish & Slavic Federal Credit Union is the largest sponsor of the annual Pulaski Day Parade in New York City.[3]

Membership

Anyone can become a member of the Polish & Slavic Federal Credit Union. Upon electing to open an account at the PSFCU, the individual can also select to become a "sponsoring member" of the Polish & Slavic Center, Polish Cultural Foundation, Polonia of Long Island, Polish Supplementary School Council of America, General Pulaski Memorial Parade Committee, Alliance of Polish Clubs in the United States, Polish Highlanders Alliance of North America, Kosciuszko Foundation, Copernicus Foundation, or Polish Army Veterans Association of America. Previously, only persons of Polish or Slavic descent could become a member of the federal credit union, however that rule has since been changed and membership is open to all persons willing to join, regardless of ethnicity.[5]

Services

Polish & Slavic Federal Credit Union offers these services:[6]

References
  1. Kirk Semple (September 20, 2008). "A Land of Opportunity Lures Poles Back Home". The New York Times. The New York Times Company. Retrieved June 27, 2018.
  2. Cindy Capitani (July 11, 2016). "Nation's Largest Ethnic Credit Union Opens Wallington Branch". Retrieved June 27, 2018.
  3. "PSFCU Annual Report 2018" (PDF). Polish & Slavic Federal Credit Union. Retrieved December 3, 2019.
  4. "PSFCU Opens 17th Branch With Latest New Jersey Location". GlobeNewswire. July 6, 2016. Retrieved June 27, 2018.
  5. Ken Tumin (August 10, 2010). "10 of the Strangest Credit Union Eligibility Requirements". DepositAccounts. Retrieved June 27, 2018.
  6. "Overview - Polish & Slavic FCU". PSFCU. Retrieved June 27, 2018.
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