Polish & Slavic Federal Credit Union now has $2 billion in assets.
The Brooklyn-based institution said on Tuesday that it took 15 years to double its asset size from $1 billion. In contrast, it took 28 years to reach the $1 billion threshold. The credit union hit $2 billion in assets in May.
PSFCU also said it expects to have more than 100,000 primary members by this fall, up from about 97,700 at the end of the first quarter.
PSFCU noted that it is the nation’s “largest ethnic credit union” and one of the largest Polish financial institutions outside Poland.
Bogdan Chmielewski, president and CEO of PSFCU, said in a statement that the credit union began more than four decades ago “when a handful of Polish immigrants sat at a small table inside a meeting hall in the Greenpoint section of Brooklyn” and now has “flourished into a multibillion dollar financial institution that has helped generations of Polish-Americans achieve their dreams.”
PSFCU posted net income of about $2.8 million in the first quarter, a 45.6% drop from the same period last year. However, the 2019 figure included total noninterest expense of $13.5 million, up from $11.7 million in the first quarter of 2018. Total employee compensation climbed 14%, to $7.3 million, over that time period.
