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The Board Declares Mr. Andrew Kaminski's Seat Vacant

Home > About Us > News > The Board Declares Mr. Andrew Kaminski's Seat Vacant
The Board Declares
Mr. Andrew Kaminski's Seat Vacant
 
Pursuant to Article VI Section 8 of the Bylaws, it is resolved that the Board declares Mr. Andrew Kaminski's seat vacant temporarily pending the outcome of the court hearing in Kaminski vs. PSFCU et al.  The Board's decision is effective immediately.  If the outcome of the court hearing is adverse to Mr. Kaminski the vacancy becomes permanent.
 
Statement from Alexander Storozynski
Chairman of the Board of the PSFCU
 
Andrew Kaminski has been a distraction to the Credit Union. The board wants to focus on the financial performance of this institution to better serve our members. This is our fiduciary responsibility.
 
On March 6, 2006 the Board of Directors asked Mr. Kaminski to resign. He refused. On Tuesday night, April 11, 2006, the board exercised its authority to release Mr. Kaminski from duties as a director.
 
In addition, account holders of our Credit Union have collected hundreds of signatures demanding a special meeting of the members to remove Mr. Kaminski as a director. Given that we have about 70,000 members, this would have been a costly proposition. We would have to send mail packages to all of our members informing them of such a meeting, find a space to accommodate hundreds, or even thousands who would be eligible to attend such a public trial. We would also have to hire security for this event. The estimated cost for all of this would be about $100,000.
 
Mr. Kaminski has regularly caused disruptions in the orderly operations of the PSFCU throughout his terms on the board since 1996; cost the credit union’s members extensive legal and other costs to remedy the results of his conduct inimical to the credit union and its members; and embarrassed the credit union in the community and in the assessment of the credit union officials by the NCUA. Mr. Kaminski also hurt the credit union’s reputation with his controversial behavior triggering numerous and unnecessary lawsuits.
 
When I was elected to the board in the fall, the credit union had six lawsuits and the board and I have worked to settle four of these suits. We would like to end all of the lawsuits and focus on improving the financial services that we provide for our members.
 
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