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Polish and Slavic FCU establishes midwest presence
NEW YORK (2/16/10)--The Polish & Slavic FCU (PSFCU) in Brooklyn, N.Y., established its presence in the midwest by moving into the Chicago area. On Jan. 30, it opened its first two branches in the city's suburbs of Mt. Prospect and Norridge. The Chicago expansion is PSFCU’s most recent move in its development program. Of the credit union’s 14 total branches, more than one-third (five) have opened in the past three years (MarketWire Feb. 12). The new branches will serve the nearly 300,000 residents of Polish and Slavic descent living in the North-Central part of the metropolis, and it is expected that many of the 150,000 Polish-Americans from the southern Chicago area also will take advantage of the credit union’s services. “Given the state of concern surrounding many financial institutions today, it is refreshing and reassuring to see the smart and profitable growth of this dynamic credit union,” said Michael Fryzel, board member of the National Credit Union Administration, who was the guest of honor for the dual ribbon-cutting ceremonies. “I am confident that PSFCU will be as successful here as it is on the East Coast.” The $1.233 billion-asset credit union has historically serviced members throughout the metropolitan New York region with 12 branches in New York and New Jersey. Also, the largest U.S. ethnic credit union makes its services available to members nationwide through its online banking operations. “Serving the Polish and Slavic community is what we’re all about,” said Ira Brief, PSFCU interim CEO. “Therefore, it’s only natural that we finally open for business in the great Polish-American cauldron of Chicago.” Members of the PSFCU board of directors, a representative from the Polish Consulate, local politicians, ethnic media and various Polish organizations attended the ribbon-cutting. The actual grand opening ceremony took place in the Mt. Prospect branch, while the ribbon-cutting moment from Norridge was beamed in via a video connection. “It took us more than a decade to cross the Hudson with our first branch in New Jersey, but over the past few years we have shown proof that our model works and that we are highly attractive to would-be members not only in Illinois, but other states as well,” said Krystyna Myssura, the vice chairwoman of the PFSCU board of directors. “What we've accomplished on the East Coast will certainly be replicated here in the heart of the Midwest.”
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