NEW YORK—Two of the nation’s largest credit unions serving the Ukrainian American community—$1.4-billion Self Reliance New York FCU and $535-million Ukrainian Selfreliance FCU, based in Philadelphia—plan to merge, the organizations announced.
The merger will be completed in 2025, pending regulatory approval from NCUA and a positive member vote, the CUs stated.
The combined credit union will serve more than 31,285 members and operate all current branches of the two credit unions in the states of Maryland, New Jersey, New York, and Pennsylvania. Subject to regulatory approval, the members of UKRFCU will vote on the proposed merger in the first half of 2025, the CUs stated.
According to the credit unions, the “driving factor” in merging two institutions with a combined 145 years of history was the recognition that each credit union has strengths to complement each other.
Greater Scale
“The scalability created from the merger will offer members expanded access to personal finance opportunities and more investment into the communities that the combined credit union will serve,” the organizations said.
New York’s Self Reliance will be the continuing charter. However, the merged credit union will operate two regional centers in New York City and in suburban Philadelphia to ensure responsiveness to members financial needs, the organizations said.
The CUs plan to launch a new name in 2025.
“Our missions have long been the same,” said Bohdan Kurczak, president and CEO of Self Reliance New York FCU, “and both of our boards believe the synergy that can come from partnering together as one credit union will maximize the value of the credit union to the Ukrainian American community.”
“This unique opportunity offers us the ability to invest more into our members, and our employees’ inclusive of new career opportunities, and our communities on a scale that will secure the future of the Ukrainian American community,” Anatoli Murha, CEO of the $535 million Ukrainian Selfreliance, stated, “That investment will deliver enhanced service, new products with faster delivery and a greater menu of solutions that will help Ukrainian Americans further solidify their financial well-being.”
Mura To Lead New CU
Upon Kurczak’s planned retirement in 2025, after 23 years with SRNYFCU, Murha will assume the president and CEO position for the new credit union, the organizations said.
Murha has been with UKRFCU since 2011. The CEOs emphasized the staff of both credit unions would be retained, and that members will continue to see the familiar credit union representatives in their neighborhood branch.