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Routing/ABA Number: 226082022
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What’s New at Our Credit Union?

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May 2006

What’s new at our Credit Union? 
At the Polish & Slavic Federal Credit Union, there are numerous positive changes taking place. These changes are a result of the dialogues between the PSFCU Board of Directors and its members, financial market conditions, as well as the results of actions taken by the management and employees during daily operations, with the goal of improving the institution’s financial results and offers. 

Dividend rates going up on savings
A few months ago the dividend rate on the passbook savings account was 0.9%. Currently the rate is 1.5% and there is a tendency for further raises.  "Our members expect higher rates. As a result of the joint efforts of the Board and Management, we are systematically raising rates - all depending on the market and Credit Union's financial condition - in order to assure our savers financial results, which are traditionally expected from the Credit Union" - stated Alex Storozynski, Chairman of the Board.

Term share rates are going up
Recently the rate for the 12 - month term share has crossed over the magical barrier of 4%.  This fact was widely communicated through the mass media.  As a result of the energetic promotion, the term shares have grown from $105,958,735 to $120,304,278, which is almost a 14% increase in just about a month's time.

In cooperation with CUNA  (Credit Union National Association) the Credit Union is preparing to offer investment and insurance services 
PSFCU is considering offering mutual funds managed by prominent firms like Fidelity, Oppenheimer or Invesco, which invest in the stock market or government and corporate obligations. "We want to give members access to financial instruments offering higher potential for growth over savings and other fixed rate products" explains Alicja Malecka, Chief Executive Officer. "We will also be able to offer insurance services, including standard policies and those with investment elements."

Mortgages for Co-ops
After a long break, our Credit Union once again offers these types of mortgages, meeting our members expectations, who plan to purchase an apartment. There are many attractive options prepared, which are sure to make this new product very popular.


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