History of Greenpoint’s Polish and Slavic Federal Credit Union
You may have noticed a Polish and Slavic Federal Credit Union (140 Greenpoint Avenue and 100 McGuinness Blvd) booth this weekend at our Winter Candyland Holiday Market. That’s because the PSFCU is a major supporter of the Greenpoint community as a whole, celebrating over 40 years in the neighborhood!
The PSFCU owes it community-oriented nature to the way it’s structured. Unlike banks, credit unions are member owned, which means a credit union is “an integral part of the community it serves; profits earned by a credit union serve all its members and the local community they represent, including various community organizations (schools, churches, scouting and student organizations, etc.).” This year’s donations included Greenpoint organizations like the Slavic Arts Ensemble, and The Polonia NY Soccer Club
The PSFCU has been serving Greenpoint since 1976, aiding immigrants new to the neighborhood who were turned away from traditional banks when they applied for home loans. What we know today as PSFCU was established as the “Industrial and Commercial Federal Credit Union” by the founders of Greenpoint’s Polish and Slavic Center (177 Kent St. and 176 Java Street).
The enterprise grew quickly, aiding so many people in the community to make a home here. Two and a half years after opening, the union began operating as the Polish and Slavic Federal Credit Union, out of 940 Manhattan Avenue. In 1981, the PSFCU opened its headquarters at 140 Greenpoint Avenue. Today, the headquarters stands at 100 McGuiness Blvd, and there are branches throughout Brooklyn, Queens, Staten Island, New Jersey, Pennsylvania and Illinois. Altogether, the PSFCU serves over 90,000 members, with assets totaling over $1.8 billion, which makes it the largest ethnic credit union in the United States.
The PSFCU is truly by and for the Polish and Slavic community here in Greenpoint, and throughout the country. The Credit Union is supported by 10 Polish and Slavic community member organizations. To be a member of the credit union, you must be affiliated with the community as a member of any of the 10 organizations: the Polish & Slavic Center (Brooklyn, NY), Polish Cultural Foundation (Clark, NJ), Polonia of Long Island, Inc. (Copiague, NY), the Polish Supplementary School Council of America (Brooklyn, NY), the General Pulaski Memorial Parade Committee (Brooklyn, NY), Alliance of Polish Clubs in the United States (Chicago, IL) or the Polish Highlanders Alliance of North America (Chicago, IL), Kosciuszko Foundation (New York, NY), The Copernicus Foundation (Chicago, IL), The Polish Army Veterans Association of America (New York, NY).
You can find more information about membership with the Polish and Slavic Federal Credit Union here.