The $1.24 billion Polish and Slavic Federal Credit Union has signed site contracts to open four new branches in roughly the next two years, the credit union confirmed.
A spokesman for the credit union said the first two branches would open in the Chicago area late in 2009 or early in 2010. The others would follow later, he said. This will be the farthest expansion of the ethic credit union away from its Brooklyn, New York home ever, though the credit union has previously opened branches in New Jersey and Long Island.
Marion Ponanta, director of marketing for the credit union explained Polish and Slavic has seen its pool of potential new members steadily shrink as the flow of immigrants from Poland has diminished, leading the credit union to seek more members elsewhere.
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Further, Chicago has the largest pool of people who self-identify as having a Polish heritage or a connection to Poland. By some estimates, Ponanta said, this could be as many as one million people.
Not everyone is thrilled with move, however. A few Polish and Slavic member have questioned whether the credit union has the resources to start the branches and whether there might already be an ethnic credit union serving Poles in Chicago. Ponanta countered that the credit union's capital ratio of 11.25% was more than adequate for the expansion.
According to NCUA, as of June of this year, Polish and Slavic made over $6 million, but the CU's estimated corporate stabilization expense was almost $8 million.
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