Polish & Slavic Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1976 |
| Founder | Rev. Longin Tolczyk and members of the Polish & Slavic Center |
| Headquarters | Brooklyn, New York , United States |
Area served | New York, New Jersey, Illinois, Pennsylvania, Connecticut, Florida, Indiana |
Key people | Bogdan Chmielewski (CEO), Krzysztof Matyszczyk (Board Chair) |
| Products | Checking accounts, Savings accounts, Certificates of deposit, IRAs, Consumer loans, Credit cards, Auto financing, Home equity loans, Mortgages, Student loans, Direct deposit, Home banking |
| Website | www |
Polish & Slavic Federal Credit Union (PSFCU) (in Polish: Polsko-Słowiańska Federalna Unia Kredytowa) is a federally chartered and insured credit union boasting a membership exceeding 123,000 individuals. PSFCU maintains 22 branch locations throughout New York, New Jersey, Illinois, Pennsylvania, Connecticut, Florida, and Indiana. It holds the distinction of being the largest ethnic credit union within the United States.
History
Established in 1976 by Rev. Longin Tolczyk alongside members of the Polish & Slavic Center, PSFCU was created to address the financial needs of immigrants—particularly Polish-Americans—who were underserved by conventional banking institutions. Originally called the Industrial and Commercial Federal Credit Union, it adopted its current name in 1979 to better represent its cultural and community-oriented purpose.
The inaugural office was located at 940 Manhattan Avenue in Greenpoint, Brooklyn. In 1981, the headquarters relocated to 140 Greenpoint Avenue. The credit union’s first branch beyond New York opened in Union, New Jersey, in 1987.
Over subsequent decades, PSFCU experienced significant growth. A branch was established in Clifton, New Jersey, in 2004. By 2007, the credit union expanded into Pennsylvania by installing an ATM at the National Shrine of Our Lady of Czestochowa in Doylestown. Illinois became part of its network in 2010 with branches opening in Norridge, Mount Prospect, Bridgeview, and Schaumburg. Further expansion included branches in Wallington, New Jersey (2015), and a second location in Greenpoint, Brooklyn (2017).
In 2019, PSFCU inaugurated its first full-service branch in Stroudsburg, Pennsylvania. Growth continued with new branches opening in Algonquin, Illinois (2023), Clearwater, Florida (2024), and the introduction of mortgage services in Indiana that same year. As of 2025, PSFCU is actively extending its presence across states with notable Polish-American communities.
Membership
Membership eligibility at PSFCU is available to anyone who affiliates with an approved sponsoring organization such as the Polish & Slavic Center, Polonia of Long Island, Polish Supplementary School Council of America, General Pulaski Memorial Parade Committee, Alliance of Polish Clubs, Polish Highlanders Alliance of North America, Kosciuszko Foundation, Copernicus Foundation, or the Polish Army Veterans Association of America.
The credit union welcomes all individuals regardless of ethnic background. While membership was once restricted to people of Polish or Slavic heritage, it has since broadened to include any interested parties.
As reported in March 2025, PSFCU serves a membership base of 123,466 across seven states in the U.S.
Services
PSFCU offers a comprehensive suite of financial products and services including:
- Checking accounts accompanied by debit card access
- Savings account
- Certificates of deposit
- IRAs
- Various consumer loan options such as:
- Lines of credit
- Credit cards
- Auto financing for vehicles including cars and motorcycles
- Home equity loans along with home equity lines of credit
- Mortgages
- Federally backed student loans
- Direct deposit services
- Home banking capabilities available since 2007
Community Involvement
PSFCU plays a significant role in supporting Polish-American organizations and cultural initiatives. In 2023, the credit union allocated more than $3.5 million to various community-oriented projects, including Polish-language educational programs, cultural celebrations, nonprofit entities, veterans’ associations, and faith-based groups.
As the chief financial backer of New York City’s annual Pulaski Day Parade, PSFCU also consistently provides funding for Polish-language media outlets throughout the United States. In 2024, the credit union sponsored notable events such as Chicago’s May 3rd Constitution Day Parade and New York’s Flag and Polonia Day festivities. Additionally, it supports historical essay competitions like "My Hero from Monte Cassino," which aim to increase young people’s understanding of Poland’s military heritage.
Scholarship Programs
Since launching its scholarship fund in 2007, PSFCU has distributed over $7 million to upwards of 5,000 students at the high school and collegiate levels. Available exclusively to credit union members, this program continues to expand, awarding more than $500,000 in scholarships during 2023 alone.
Governance
The credit union is overseen by a Board of Directors elected from its membership base. As of 2025, the board is chaired by Krzysztof Matyszczyk, founder of Fidelity Tax & Insurance Brokerage Corporation located in Brooklyn.
Daily management is led by Chief Executive Officer Bogdan Chmielewski, who has held the position since 2006. Under his guidance, PSFCU has doubled its asset base, broadened its national footprint, and strengthened its engagement with the Polish-American community.
Honors and Distinctions
PSFCU has been recognized with numerous awards for its dedication to Polish-American causes.
In 2023, during the Alliance of Polish Clubs’ 95th anniversary celebration in Chicago, the credit union was honored with the Medal of Merit for its unwavering support of Polish-American institutions and cultural preservation amid expanding operations in the Chicagoland area.
That same year, CEO Bogdan Chmielewski received the Ignacy Paderewski Medal in recognition of his exceptional service to the Polish-American community and efforts to promote Polish cultural identity internationally.
In 2024, at the five-year anniversary gala of the Polish Youth Association in New York, PSFCU was awarded the Medal for Merits to the Youth for its ongoing commitment to youth education, scholarship programs, and exchange initiatives benefiting members of the Polish diaspora.
External links
- Companies based in Brooklyn
- Banks established in 1976
- Credit unions based in New Jersey
- Credit unions based in New York (state)
- Credit unions based in Illinois
- Credit unions based in Pennsylvania
- Credit unions based in Florida
- Credit unions based in Connecticut
- Credit unions based in Indiana
- Social entrepreneurship in the United States
- Polish-American organizations