A Message from the Chief Executive Officer
of the Polish & Slavic Federal Credit Union
I would like to inform you that on October 3, 2008, U.S. President George W. Bush signed into law the Emergency Economic Stabilization Act which, among other things, increases (until December 31, 2009) the amount of federal insurance coverage for qualifying deposits from $100,000 to $250,000.
This law also applies to funds deposited with credit unions such as the Polish & Slavic Federal Credit Union. As was the case previously, Individual Retirement Accounts (IRAs) continue to be additionally insured up to $250,000. Members’ shares are insured by the National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration and backed by the full faith of the United States Government.
Since the end of September marks the end of our fiscal year, I would also like to take this opportunity to share with you several key financial achie-vements of our Credit Union during the past year.
In the times of the economic and capital market crisis, PSFCU can claim the 2008 fiscal year to be a financial success. As of September 30, 2008, total assets of our Credit Union equaled $1.18 billion which constitutes annual growth of 7.4% and total net worth reached $139.1 million.
Net income for the 12-months ended September 30, 2008 amounted to $7.5 million resulting in a return on average assets of 0.65% and was almost double the amount reported for the 2007 fiscal year.*
We owe the above results to the loyalty and trust of our members as well as the professionalism and involvement of the volunteers and employees of our Credit Union. This also proves that the Polish & Slavic Federal Credit Union truly deserves the title of the “Financial Pillar of the Polonia”.
I would like to invite everyone to take advantage of our services, particu-larly our October promotions celebrating Polish Heritage Month in the United States.
Chief Executive Officer of the PSFCU
*Above data have not yet been audited