Less than three years after moving into the Chicago area, the Brooklyn, N.Y.-based Polish & Slavic Federal Credit Union says its expansion has brought in more than $100 million in deposits and 9,000 new members.
The $1.5 billion, 78,000-member credit union, the largest ethnically based credit union in the nation, opened two branches in Chicago in 2010 and another in the heavily Polish Chicago suburb of Bridgeview in 2011.
The credit union also reported that the Illinois branches had generated $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 U.S., we needed to start expanding to new markets and Chicago was an obvious choice,” said Marzena Wierzbowska, chairperson of the PSFCU board of directors.
“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 NCUA Board Member Michael Fryzel.
“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,” said Fryzel, a Chicagoan of Polish descent.
“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,” he said.
Of the credit union’s 15 branches, all but the three Chicago locations are located in New York or New Jersey.