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Polish and Slavic FCU offers 2.5M special dividend
NEW YORK (4/27/10)--Polish & Slavic FCU (PSFCU), the largest U.S. ethnic credit union, announced April 15 it earmarked $2.5 million for a special dividend to assist members in tough economic times. The PSFCU board of directors declared the special dividend will be paid out May 3--a historic date for Poles, commemorating the anniversary of the Polish Constitution of 1791--one of the most progressive constitutions in the world at that time, said the credit union. To qualify for the dividend, the individual or business must be a member of PSFCU as of both Dec. 31 and May 3, 2010. Members will receive a lump sum equal to 0.25% of their total average share balances for the year ended Dec. 31. The special dividend will be automatically deposited into members’ regular share accounts at the close of business May 3. “We have once again demonstrated the benefit of membership in a well-managed, member-driven credit union,” said Tomasz Bortnik, chairman of the PSFCU board. “There’s never been a more appropriate time for us to share our success with our members. This special dividend sends a clear signal to all members that we place a tremendous importance on contributing to their financial well-being.” This marks the first time in its 34-year history that PSFCU has paid a special dividend. The election of a new board last October, during which members chose candidates who championed the dividend, was the primary impetus for the payout. The winning directors ran on the promise to “share the wealth” of the credit union with its members. “We are in a strong financial position that we can afford to help our members in these extremely difficult times,” said Agnieszka Poslednik, PSFCU chief operating officer. “We have a net-worth-to-asset ratio of 10.46% and $1.31 billion in assets.”
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