CHICAGO’S "BULLS": PSFCU ATTRACTS 8,600 MEMBERS AND $100 MILLION IN DEPOSITS WITHIN THREE YEARS OF ENTERING CITY
Nation’s Largest Ethnic Credit Union Hits Windy City Milestone 34 Months After Opening Its First Two Suburban Branches
Chicago, IL (November 29, 2012) – Less than three years after expanding to Chicago, the Polish & Slavic Federal Credit Union announced today that its three branches in the Windy City have attracted more than $100 million in deposits and nearly 9,000 new members, far exceeding expectations for the nation’s largest ethnic credit union.
The Brooklyn-based credit union had long confined its branch operations to the New York metropolitan area until it opened two Chicago area outposts in January 2010. It followed suit a year later with its third branch in the heavily Polish community of Bridgeview, just outside Chicago’s southern border.
In addition to the rapid increase in membership and the record amount of deposits, the Chicago branches have issued more than $72 million in personal and mortgage loans.
"Opening new branches in Illinois was a natural step forward in the growth of our Credit Union. With the changing dynamics of the Polish population in the US, we needed to start expanding to new markets and Chicago was an obvious choice," said Marzena Wierzbowska, chairperson of the PSFCU board of directors.
In helping to attract more than 8,600 members in less than 36 months, the PSFCU introduced three modern branches in the communities of Mt. Prospect, Norridge, and Bridgeview; it quickly became a visible presence in various Polish cultural events and parades; it organized and financed numerous children’s programs; and instituted a scholarship program for high-school and college students.
"The efforts by Polish & Slavic Federal Credit Union to serve the growing needs of the Polish American community in the Chicago area have been nothing less than outstanding," said Michael Fryzel, former NCUA chairman and current board member. "Having reached $100 million in deposits in less than three years at their three Chicago branches is a clear indication of their vision and analysis of the need for credit union services for thousands of individuals. When I attended the opening of their first Chicago branch I knew that the credit union would be successful. They have proven their abilities beyond my expectations and I expect continued growth and success as a result of their efforts and commitment."
Of the credit union’s 15 branches, all but the three Chicago locations are located in New York or New Jersey.
The credit union, with more than $1.5 billion in assets, expected success for its three Chicago branches, given the area’s strong Polish population, but it did not foresee such impressive results in such a short period of time.
"I'm very proud and thankful of having such a good team on board and I'm also excited for the future. We still have more work to do and I'm confident that this is only the beginning of our success," said Zbigniew Rogalski, vice president and head of the Midwest district for the PSFCU. "It really is astonishing what we’ve accomplished in such a short period of time. It’s a testament to our people and our organization."
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