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, N.J. The 32-year-old CU has 70,000 members and now has 11 branches.
The credit union has suffered in recent years from board infighting, litigation and difficulty finding steady leadership but has gradually been turning the corner. The branch expansion represents some of the fruit of the increased stability.
"This is just the beginning of what promises to be a truly eventful year for our credit union," said CEO Bogdan Chmielewski at the branch opening on March 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 proactive 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."
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The new branch marks the fifth New Jersey location for the PSFCU. Located in downtown Garfield, the 5,000-square-foot office features six teller stations, a business services department, a conference room, a lunch room and spacious member service representative work areas.
At the grand opening, PSFCU announced that it would be opening new branches in Maspeth (Queens) this summer, and in Trenton, N.J., by year-end. PSFCU will also debut its e-branch in late April and a mobile branch a month later. Over the credit union's first 30 years,it opened a total of 10 branches; by the end of this year, it will have increased its operations by 30%.
Chmielewski and members of the CU's board cut the symbolic ribbon, assisted by Garfield Mayor Frank Calandriello and Paul Gentile, CEO of the New Jersey Credit Union League.
"We welcome the Polish & Slavic Credit Union," said Calandriello. "In the history of this town there was a lot of sweat and a lot of backbone from the Polish and Slavic community that helped make Garfield the great city that it is. I wish this credit union much success."
"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."
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