Schaumburg Business Association

Polish & Slavic Federal Credit Union

  • Banks
1112 S. Roselle Road
Schaumburg, IL 60193
(847) 895-5972
(855) 773-2848
(847) 895-4948 (fax)
Hours:
Monday - Friday 9AM - 7PM
Saturday 9AM - 3PM
  • About

    A credit union is owned by all its members. Credit union members, all of whom have equal voting rights, elect the Board of Directors which oversees its daily operations and sets its strategic goals for the future. A bank, on the other hand, is owned by its shareholders. The Polish & Slavic Federal Credit Union was established in 1976 by the founders of the Polish & Slavic Center led by Rev. Longin Tolczyk. The founders wanted to help immigrants who, upon arrival in New York City, wanted to buy houses in Greenpoint but were turned down by the banks. Banks were unwilling to extend credit for purchases or renovations of real estate properties to people who did not yet have an established credit history, especially since these properties were located in an area that was run-down at the time. On December 27, 1976 federal authorities of the National Credit Union Administration registered the “Industrial and Commercial Federal Credit Union”. The Credit Union charter was signed by Rev. Emil Altmajer, Marek Luniewski, Jan Raczkowski, Rev. Longin Tolczyk, Jozef Waltos, Jerzy Wolinski and Halina Zolnierowicz.
    Two and a half years later, the name of the Credit Union was changed to “Polish & Slavic Federal Credit Union”. The first PSFCU office was located at 940 Manhattan Avenue, adjacent to the canteen of the Polish & Slavic Center. In 1981, PSFCU purchased a building at 140 Greenpoint Avenue, which served as its headquarters.