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We are $2 billion credit union

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We are $2 billion credit union

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.”

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PSFCU first headquarters at cafeteria in Brooklyn - March 1977 (photo: Nowy Dziennik/ PSFCU)

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.

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