IT PAYS TO BE A CREDIT UNION MEMBER:
PSFCU ANNOUNCES ITS FIRST SPECIAL DIVIDEND
Nation’s Largest Ethnic Credit Union
Passes $2.5 Million To Its Membership
New Board Decides Unanimously To Issue
A Special Dividend
NEW YORK, NY (April 15, 2010) – The Polish & Slavic Federal Credit Union, the nation’s largest ethnic credit union, has announced today that it has earmarked $2.5 million for a special dividend to assist members in these tough economic times. The announcement came from the PSFCU board of directors, who declared that the special dividend will be paid out May 3, a historic date for Poles, as it commemorates the anniversary of the Polish Constitution of 1791 – one of the most progressive constitutions in the world at that time.
To qualify for the dividend, the individual or business must be a member of the PSFCU as of both December 31, 2009 and May 3, 2010. These members will receive a lump sum equal to 0.25% of their total average share balances for the year ended December 31, 2009. The special dividend will be automatically deposited into members’ regular share accounts at the close of the business day on May 3rd.
“We have once again demonstrated the benefit of membership in a well-managed, member-driven credit union,” said Tomasz Bortnik, Ph.D., Chairman of the PSFCU Board of Directors. “There’s never been a more appropriate time for us to share our success with our members. This special dividend sends a clear signal to all members that we place a tremendous importance on contributing to their financial well-being.”
This marks the first time in its 34-year history that the PSFCU has decided to pay a special dividend. The election of a new board of directors last October, during which members chose those candidates who championed the dividend, was the primary impetus for this payout. In fact, the winning directors ran on the promise to “share the wealth” of the credit union with its loyal members.
“We are in a strong financial position that we can afford to help our members in these extremely difficult times,” said Agnieszka Poslednik, COO of the PSFCU. “We have a net-worth-to-asset ratio of 10.46% and $1.31 billion in assets.”
“We’ve long stressed that the PSFCU is ‘something more than a bank,’ and the special dividend proves the point very well,” said Mr. Bortnik. “We continue to grow, continue to innovate and continue to think of our members first. We’re excited about the future and look forward to continued success.”