Polish & Slavic Credit Union Celebrates Five-Year Anniversary In Illinois, As It Hits 12,000-Member Mark

BROOKLYN, N.Y., Feb. 5, 2015 /PRNewswire/ -- The nation's largest ethnic credit union, the Polish & Slavic Federal Credit Union (PSFCU), celebrated its five years of operation in Illinois this past week, and announced plans to open its fourth Chicago area branch in Schaumburg later this summer.

The Schaumburg location will mark the Brooklyn-based credit union's fourth Illinois location.  PSFCU debuted in the Chicago area in 2010 with branches in Norridge and Mount Prospect. One year later it opened a gleaming new branch in Bridgeview, just south of Chicago.

PSFCU officials celebrated the Illinois anniversary during a ceremony at its Norridge branch.  The credit union pointed to its rapid growth in membership as a strong indication of its success in the Chicago area.  Since opening its doors in January 2010, the credit union has attracted an impressive 12,000 members.  Combined, the three branches have in excess of $117 million in deposits, and have extended loans of more than $114 million.

"The results clearly indicate that the decision to expand our credit union's operation to Chicago was not only correct, but also a great success," said PSFCU Chief Executive Officer Bogdan Chmielewski.  "We always felt we would find a home in Chicago, and with the ground-breaking set for our new Schaumburg branch this summer, we're looking to deepen our roots in the area."

The strong and affluent Polish community in Illinois provides a desirable opportunity for the Polish & Slavic Federal Credit Union, and promises continued growth.

Among those honored guests for the recent celebration in Norridge was Michael Fryzel, former chairman of the National Credit Union Administration.  Mr. Fryzel had become so impressed with PSFCU and its operations over the years that several months ago he became a member, and consolidated all his existing credit union accounts into a PSFCU account.  He even went so far as to consolidate the accounts of his six grandchildren into PSFCU accounts.

"That is a type of faith I have in this credit union. I have watched them through years, I have seen them growing and have seen what are they capable of doing. And now PSFCU is opening the fourth branch in Illinois, which in my opinion will be very successful," Mr. Fryzel said.

The National Credit Union Administration is the regulator for all federally chartered credit unions and insurer of almost all state chartered credit unions in the country.  Mr. Fryzel, NCUA's former chairman,is currently an attorney and financial services consultant with offices in Chicago. He is the only Polish-American to serve as the Illinois Director of Financial Institutions, and Chairman of the National Credit Union Administration.

The Polish & Slavic Federal Credit Union was established in the Greenpoint section of Brooklyn, New York, in 1976. Since then, it has expanded to 15 branches in three states: New York, New Jersey and Illinois. With almost 82,000 members and more than $1.6 billion in assets, PSFCU is the largest ethnic federal credit union in the United States today.

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SOURCE Polish & Slavic Federal Credit Union