Polish & Slavic FCU Committed to Staying a Credit Union

We were surprised and disappointed to read in your Aug. 17 issue an article on the Polish & Slavic FCU containing speculation about our institution “demutualizing” based on the opinion of one individual. As we have stated several times in the past, the credit union has no current plans to change its legal structure, which has served our membership very well. The conditions that typically prompt such a conversion simply do not apply to PSFCU. We are a relatively large credit union with no need to dramatically expand. Our capital-to-assets ratio of approximately 12% ranks us as a “well-capitalized” credit union (the highest of five categories) under NCUA guidelines, and we have solid plans to begin offering commercial/business loans later this year. Additionally – and as you are aware – in order to convert our structure, our board would have to consider the matter and vote on it affirmatively, and a majority of our current members would also need to vote in favor of the change. There are many positive developments within our institution and community, and we invite Credit Union Times to cover them. Highlights include the appointment of our dynamic and experienced new CEO Alicja Malecka, as well as the upcoming opening of our new headquarters in Brooklyn, New York, to name a few. PSFCU remains extremely committed to serving the financial needs of its members, and we look forward to the continuation of our long and positive relationship with the community. Myles Edwards, Esq. Chief Compliance Officer & General Counsel Polish & Slavic FCU New York