SRNYFCU and UKRFCU Boards of Directors.
Credit/SRNYFCU
Credit unions based in New York and Pennsylvania that serve Ukrainian American communities announced plans to merge in 2025 – a move that would create a nearly $2 billion financial cooperative.
On Thursday, officials with the New York-based Self Reliance New York Federal Credit Union ($1.3 billion in assets, 14,903 members) and the Feasterville-Trevose, Pa.-based Ukrainian Selfreliance Federal Credit Union ($535 million in assets, 16,382 members) announced plans to merge the two credit unions in a deal that would close sometime next year, pending a positive membership vote and regulatory approval.
According to officials at both credit unions, the reason for merging was recognizing each financial cooperative has complementary strengths and "scalability created from the merger will offer members expanded access to personal finance opportunities and more investment into the communities that the combined credit union will serve."
Self Reliance New York FCU (SRNYFCU) will retain its name post-merger, but if approved by membership and regulators, the merged credit union will announce a new name in 2025. According to the credit unions, both boards of directors have signed off on the proposed merger.
"Our missions have long been the same, and both of our boards believe the synergy that can come from partnering together as one credit union will maximize the value of the credit union to the Ukrainian American community," Bohdan Kurczak, president/CEO of SRNYFCU, said.
In a prepared statement, the CEO of Ukrainian Selfreliance FCU, Anatoli Murha, said, "This unique opportunity offers us the ability to invest more into our members, and our employees' inclusive of new career opportunities, and our communities on a scale that will secure the future of the Ukrainian American community. That investment will deliver enhanced service, new products with faster delivery and a greater menu of solutions that will help Ukrainian Americans further solidify their financial well-being."
According to Thursday's announcement, Kurczak plans to retire in 2025 and Murha will take over as president/CEO of the new credit union.
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
