our credit union - psfcu · on a 10-day study visit to poland. there they will meet the president...

Vol. 4 | No. 2 (38) | Year 2017February 2017

Our Credit Union

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MONTHLY NEWSLETTER OF THE POLISH & SLAVIC FEDERAL CREDIT UNION

More than $133,000 was collected for threechildren’s hospices in Poland and for Polish-American children in need in metropolitanNew York and Chicago. The annual editionof the “Children’s Holiday Smile” charitydrive has ended, organized for the third timeby the Polish & Slavic Federal Credit Unionand New York’s Children’s Smile Foundation.

During the drive which lasted from No -vember 25, 2016 to January 14, 2017, PSFCUmembers raised a total of $133,204, makingdonations at the seventeen branches of thePolish-American financial institution as well

as online. $45,769 of that amount will go tothe children’s hospice in Rzeszow, the “HelpThem” children’s hospice in Bialystok willget $41,995, and the “Alma Spei” children’shospice in Krakow, reco mmen ded by PolishFirst Lady Agata Korn hauser-Duda, willreceive $32,697. PSFCU members donated$12,742 to the account of the Children’sSmile Foundation, which supports very sickPolish-American children. “I am gladbecause, as every year, our Credit Unionmembers in New York, New Jersey and

PSFCU In Numbersinformation as of December 31, 2016

Assets

$1,777,601,583Loans

$978,888,150Net Worth

$169,540,831Number of Members

89,269

PSFCU Supports Sick Children

Dear Members,

In January of this year,we completed thethird edition of ourjoint fundraiser withthe Children’s SmileFoundation for chil -dren’s hospices inPoland. Thanks to your generosity, this yearwe raised over $133,000. I would like tothank all our Members who made a donationto the campaign, thus showing your com -passion and concern for sick and under -privileged children. The fundraiser alsodemonstrates that Polish-Americans arevery interested in the issues and challengesfacing our fellow countrymen in Poland.

The beginning of the year is also the timewhen we traditionally launch the secondpart of our Credit Union’s Scho larshipProgram. Through the end of Fe bruary, wewill be accepting scholarship applicationsfrom our young members studying atcolleges and universities. This year, weare also initiating a new program conductedin partnership with General Electric Polandunder the auspices of the President ofPoland Andrzej Duda. In the joint initiative,a group of 10 students from our CreditUnion, and 10 students chosen by GeneralElectric will visit Poland in late May. Inaddition to a meeting with President Dudaand Polish government representatives,the students will have the opportunity tovisit reputable companies and majorbusiness centers in Poland, combined withsightseeing in Warsaw and Krakow.

I am also pleased to inform you that our

PSFCU Board of Directors has approved therecord amount of $380,000 for this year’sScholarship Program. I therefore encourageall students who have been me mbers of ourCredit Union for at least one year to applyfor a scholarship.

The first quarter of each year is time forcompleting tax returns. At this time, ourCre dit Union is once again offering apromotional interest rate on IRA accounts.Contributions to IRA accounts can reduceyour current tax liabilities, but more impor -tantly, they constitute an investment towardyour future retirement. As financial advisersrecommend, you should start saving inIRA accounts as early as possible, in orderfor the funds to be of substantial assistance

in the future. From February 1 through the end of Ap -

ril, PSFCU is running yet another pro motion,waiving the $350 mortgage appli - cationfee. It is an attractive promotion for anyonethinking about buying a home orrefinancing an existing mortgage.

I invite you to visit our branches, ourwebsite and our social media platforms,where you can find all the information oncurrent pro motions, as well as keep up withwhat is happening at our Credit Union.

Sincerely,

Bogdan ChmielewskiPSFCU President/CEO

Children’s Smile Foundation CEO with PSFCU Board of Directors, Supervisory Committee Members and PSFCU CEO

NASZA_UNIA_newsletter_Feb_2017_ENG_FINAL_EN 2/1/2017 5:19 PM

Our Credit Union | February 2017 | 1.855.PSFCU.4U (1.855.773.2848) | www.psfcu.com

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Chicagoland showed that they know howto share with those who are in need. In thecourse of three years we have been su -ccessful in raising almost $400,000 for theneeds of seriously ill children in Polandand the United States,” said PSFCU BoardSecretary Marzena Wierzbowska, summingup the fundraiser. What is important is thatall of the funds will be donated to theinsti tutions being supported, becausePSFCU does not charge any fees for thecollection and transfer of the money toPoland. “The ‘Children’s Holiday Smile’drive has clearly shown that the PSFCU isnot only a thriving financial institution, butalso a leader in the Polish community,” saidPSFCU CEO Bogdan Chmielewski.

Founded in 1976 in Greenpoint NY, thePolish & Slavic Federal Credit Union is thelargest Polish financial institution outsideof Poland. PSFCU has seventeen branchesin New York, New Jersey and metropolitanChicago, and 89,200 member co-owners.The “Children’s Holiday Smile” is an annu -

al charity drive organized by PSFCU incooperation with the Children’s SmileFoundation. The fund raiser has providedpast support for child ren’s hospices in

Rzeszow and Bialystok, the “Gaius” hospicein Lodz, the Rev. Jozef Tischner hospicein Krakow, and the Blessed Michal Sopockohospice in Vilnius.

PSFCU Supports...... continued from page 1

March 1, 2017, is the deadline for youngmembers of the Polish & Slavic FederalCredit Union continuing their highereducation to apply for a scholarship fromour Credit Union. They can also apply toparticipate in a new program under theauspices of President of Poland AndrzejDuda: a 10-day study tour of Poland.

Student ScholarshipsWho can apply for a scholarship? You

need to have been a member of the CreditUnion for at least one year, have aminimum grade point average (GPA) of3.0, and be enrolled at an accredited schoolin academic year 2016/17. The ScholarshipCommittee will evaluate not only goodacademic performance but also activeinvolvement in the Polish community,such as in a Polish parish or Polish clubat your school. “This year we’ve made asignificant change: previous undergraduatewinners of PSFCU scholarship can applyfor a scholarship for master’s degree ordoctoral (graduate) programs. We decidedthat all students continuing their educationdeserve additional in centive and reward,”said Ryszard Bak, Chairman of the PSFCUBoard of Directors Scholarship Committee.

Details are available at any of our Cre -dit Union’s seventeen branches or atwww.psfcu.com, where you can also down -

load an application. Fill out your appli -cation, attach the required documents andwrite two essays of up to 300 words inEnglish. Send your completed packet to:PSFCU Scholarship Committee, 9 Law Drive,Fairfield, NJ 07004. Note: the applicationsubmission deadline is March 1, 2017.

Study Tour of PolandThis year, also for the first time, young and

gifted members of our Credit Union will beable to apply for a Scholarship Programorganized in partnership with GeneralElectric, under the auspices of President ofPoland Andrzej Duda. Ten stu dents selectedby the Scho larship Committee and tenstudents chosen by General Electric will goon a 10-day study visit to Poland. There theywill meet the President of Poland as well aspolitical and business leaders, and visitleading Polish companies. “This will be a spe -cial trip to Poland. This is our way of pro -moting knowledge about Poland among youngAmericans, often with Polish roots, and makethem real “Polish Ambassadors” in the UnitedStates,” said PSFCU Director Ryszard Bak.

College and university students whoare members of our Credit Union and UScitizens or permanent residents may apply.You will need to complete an applicationand write an essay in English. Details areavailable at www.psfcu.com. Application

deadline is March 1, 2017.As every year, our Credit Union Scho -

larship Program has several components.The first one is the program for high-schoolseniors, recruitment for which was completedin January, 2017. The second component isthe program for college and universitystudents. In addition, there is the ‘PSFCURising Star’ program for young members ofour Credit Union who can demonstrateextraordinary achievements in the fields of‘science, sports, music, art, leadership orspecial talent, documented at the national orinternational level’. The fourth element is theprogram endorsed by the President of Poland.This year our Credit Union has allocated therecord amount of $380,000 to the PSFCUScholarship Program. The program issupervised by the PSFCU Board of DirectorsScholarship Committee: Ryszard Bak(Chairman), Iwona Podolak, MarzenaWierzbowska, Bozena Kajewska-Pielarz andPawel Maciag.

Details on the PSFCU Scholarship Pro -gram are available on PSFCU website atwww.psfcu.com (the ‘About Us’ tab,‘Scholarship Pro grams’ folder), where youcan also download the required forms. Formore information, please send an e-mail [email protected] or call Ms. KingaGutowski, Training Specialist, at 973-808-3240, ext. 6247.

PSFCU Scholarship Program in Progress!

PSFCU Norridge Branch employees during the ‘’Children’s Holiday Smile’’ charity event



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Dreaming of your own home? Take advantageof the attractive mortgage offer at the Polish& Slavic Federal Credit Union. The promotionat our Credit Union lasts through the end ofApril: we are waiving the mortgage appli -cation fee.

Don’t chase after rising interest rates. If youclose the loan, we won’t charge the mortgageapplication fee of $350. The promotion isvalid from February 1 through April 30,2017 and applies to loans for 1-4 familyresidential homes inhabited by the owner.*

Applications for the purchase or re -financing of a house, condominium orvacation home can be submitted in personat all 17 branches of the Polish & SlavicFederal Credit Union. You can also applyonline with the assurance that an employeeof our Credit Union will contact you within24 business hours. For more informationabout our mortgages, see the “MortgageCenter” tab at our website www.psfcu.com

Loans in Five StatesIf you’d like to own your own residence,

our Credit Union can help you make yourdreams come true. The PSFCU offers loanswith as little as a 3% down payment.* ThePSFCU offer is available in the states whereour Credit Union operates its branches (NewYork, New Jersey and Illinois), as well as inFlorida and Pen nsylvania. We are competitivein comparison with other financial institutionsoffering loans for the purchase of real estate.

Buying your own home or apartment is oneof the most difficult decisions to make andits consequences affect the whole family,often for many years to come. The decisionrequires consideration of many factors, ofwhich buyers are often not fully aware. OurCredit Union is more than a bank: we takean individual approach to everyone, tryingto un derstand your needs and the abilityto re pay the loan. We believe, that a well-educated mem ber of our Credit Union will

make the right decision about taking outa real-estate loan, and will more likely torepay it on time.

Polish & Slavic Federal Credit Unionmortgages are a simple way to own your ownhome. Don’t delay, apply today: you can save$350 on the application fee.*Borrowers must meet standard eligibility requirements, subject to income

verification. 3% minimum down payment applies to owner-occupied single

family homes. Loans with down payment of less than 20% of the home

value require private mortgage insurance. Monly payment of a fixed rate

mortgage at 3.50% APR (Annual Percentage Rate) taken for a period of

120 months is $12.00 per each $1,000.00 borrowed.

No Mortgage Application Fee

PSFCU Dues Reminder

Promotion is valid from February 1 through April 30, 2017 and applies to 1-4 - family owner-occupied residential home mortgages. Borrowers must meet standard eligibility requirements, subject toincome verification. Loans with down payment of less than 20% of the home value require private mortgage insurance. Offer applies exclusively to PSFCU members. Other restrictions may also apply.

DON’T GET CAUGHT BY RISING INTEREST RATES

Now you will additionally save .on waived mortgage application fee.

$350Apply for a PSFCU mortgage loan

Members who belong to one of the SponsoringOrganizations will have their An nual $10.00membership dues debited from their savings,checking, or Money Market account on Fe -bruary 16, 2017. Please have funds availablein one of these accounts. Thank you.



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As every year, Polish Supplementary Schoolseniors on the East Coast enjoyed them -selves at the traditional prom. And as usual,the Polish & Slavic Federal Credit U nionfunded monetary awards for the students.

On January 28, 2017, 230 students from24 schools in New York, New Jersey, Con -necticut and Pennsylvania, had fun lateinto the night at the Royal Manor banquethall in Garfield, NJ. Each of them receiveda gift from our Credit Union, a certificatefor fifty dollars. As every year, the promwas organized by the Polish Su pplementarySchool Council of America (PSSC), one ofthe ten or ganizations spon soring thePSFCU. “When you crossed the doorstepof your Polish school 11 to 12 years ago,none of you be lieved that school would end

or that you would be having fun at yoursenior prom,” said PSSC Chairwoman Dr.Dorota Andraka to the graduates. Shethanked their parents for the effort ofsending their children to school, and urged

the future college students to “continuelearning the Polish language and maintaincontact with it, wherever you can.”

Ms. Andraka also thanked the Polish &Slavic Federal Credit Union for donatingthe cash certificates and asked therecipients to remain active members ofour Credit Union, which so generouslysupports the Polish Supplementary Schoolsand conducts the Scholarship Programevery year. “You represent the Polishcommunity, which will be of greatimportance in the future. I sincerely askthat you continue learning Polish,” saidMalgorzata Gradzki, Chair woman of thePSFCU Board of Directors, congratulatingeveryone present on their graduation fromthe Polish ethnic high school program.

That same day, the Polish & SlavicFederal Credit Union also sponsored aprom for Polish Supplementary Schoolseniors in metropolitan Chicago, organizedby the Polish Teachers Association inAmerica, attended by nearly 500 students.

Our Credit Union at the Prom

**APY-Annual Percentage Yield as of 01/02/2017. Promotion is valid for term shares opened between January 2 and April 18, 2017. Funds required to open the term shareaccount must be deposited to a new or existing IRA account during the promotional period. Minimum balance of $500.00 is required to open a term share account, up to themaximum amount of contribution determined by the IRS for years 2016 and 2017. Early withdrawal penalties may apply. Additional information may be obtained at PSFCU branchesor by calling our Member Services Center at 1.855.PSFCU.4U (1.855.773.2848). Consult your tax advisor before making any decision related to an IRA account. Additional informationabout other term shares offered by PSFCU is available at www.psfcu.com. Offer for PSFCU members only. Membership restrictions apply. Other restrictions apply.

2.25% APY* FOR 5 YEARS

Fulfill your New Year resolutionand take care of your financial future

TAKE ADVANTAGE OF THEPROMOTIONAL IRA TERM SHARE

ON 2016 AND 2017 CONTRIBUTIONS

Commemorative photo of teachers, parents and guests invited to the prom

Malgorzata Gradzki, Chairwoman of the PSFCU Board of Directors giving her speech during the prom ceremony


our credit union - psfcu · on a 10-day study visit to poland. there they will meet the president...

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