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A statement from Polish and Slavic Federal Credit Union

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A STATEMENT FROM

POLISH AND SLAVIC FEDERAL CREDIT UNION


Brooklyn
, NY, Nov. 30, 2006
 
Polish & Slavic Federal Credit Union announced today that Mr. Frederick Czulada has been appointed to fill the vacancy created by the removal of former Director Mr. Andrew Kaminski. Mr. Kaminski lost his seat after The New York State Supreme Court, County of Kings, upheld the Board decision to remove him.
 
Mr. Czulada who resides in Brooklyn and is self-employed as an Investment Advisor also serves on the Board of the Polish Foundation of Clark, New Jersey and the Pulaski Day Parade Committee. The Board of Directors of the PSFCU is pleased that Mr. Czulada, an individual who has served Polonia for ten years can now contribute to the success of the credit union. Mr. Czulada will serve his term until the next election.    
 
PSFCU also made a determination regarding the validity of a Petition for a Special Meeting presented by an anonymous group of members on October 16, 2006. Upon verification and review by the credit union and Election Services, an independent company used by many credit unions to run elections, the petition was determined invalid, as it did not meet the standards as required under the By-Laws. In particular, the petition did not have the required 750 valid signatures.
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