BROOKLYN, N.Y. — The $1 billion Polish and Slavic Federal Credit Union appeared to take another step away from its recent past of board infighting and litigation when it opened a new branch in Garfield, New Jersey.

The 32 year old CU has 70,000 members and now has 11 branches. The CU said the new branch in New Jersey would be its 11th, divided between Brooklyn and New Jersey.

“This is just the beginning of what promises to be a truly eventful year for our credit union,” said Bogdan Chmielewski, CEO of PSFCU, at the branch opening on Mar. 20. “Whereas others are trying to overcome foreclosure troubles and other financial woes, we are determined to expand. We're excited about our growth potential and we bet on a pro-active approach to expanding our footprint. PSFCU's committed to meeting the needs and wants of our loyal membership, and we want to be where they are, provided there is a good prospect of financial success.”

The opening was also attended by local officials and Paul Gentile, CEO of the New Jersey Credit Union League.

“Credit unions play a very important role in the economy today. They are not here to make a lot of money in terms of charging high fees; they are here to serve the members. So it's really a privilege to see this credit union grow,” commented Gentile. “In my role, I travel extensively, and I can tell you that this is one of the most sophisticated, modern credit unions that you'll see in the country.”

Instant Insights /

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