The $1.4 billion Polish and Slavic Federal Credit Union, headquartered in New York, is continuing its expansion into the greater Chicago area.
The credit union has broken ground on its third branch in the Chicago area, home to many immigrants from Poland and other Eastern European countries.
"They have their roots in the New York and New Jersey area, where they are a $1.4 billion credit union, and have done fantastic things in all the communities in which they are located," said Michael Fryzel, former chairman and current board member of the National Credit Union Administration, who was the guest of honor at the ground-breaking ceremony. "They opened up two branches in the Chicago area last year and in that short period of time they added over 2,500 members and over $40 million in deposits, and that is just fantastic." he said. "This credit union knows how to help people, knows how to serve their communities, knows how to provide what credit unions are all about. That exemplifies PSFCU."
In addition to opening the two new Chicagoland branches last year, PSFCU began expanding its geographic reach two years earlier with openings in Garfield, NJ, Maspeth, NY, and Trenton, NJ.
"We will continue to adhere to our strategy of serving Polonia everywhere," said Irena Marchaj, the treasurer of the PSFCU board of directors. "We will go where we are needed, and where we can work together with these communities to achieve financial success. This strategy led us to Chicago last year, and it will continue to lead us to those areas where ethnic Poles and Polish-Americans demand our services."