BROOKLYN, N.Y.––After taking 28 years to hit its $1 billion in assets, Polish & Slavic Federal Credit Union has taken fewer than 15 to hit the $2 billion in assets threshold. PSFCU said it is not only the nation’s largest ethnic credit union, it is also one of the largest Polish financial institutions outside Poland.
“What started out 42 years ago when a handful of Polish immigrants sat at a small table inside a meeting hall in the Greenpoint section of Brooklyn, has flourished into a multi-billion dollar financial institution that has helped generations of Polish-Americans achieve their dreams,” said Bogdan Chmielewski, CEO/president of PSFCU. “Eleven years after our founding, we expanded to New Jersey when we opened our second branch. Today, we have 19 branches in four states while servicing more than 135,000 people. All of this would never have happened without the loyalty and trust of our members.”
The credit union said it is also growing its membership, expecting to have more than 100,000 primary members by the fall, while its net profit exceeded $15 million in FY 2018, the highest annual amount in its history