On Sunday, March 25, 2012, the Philadelphia-based Ukrainian Selfreliance Federal Credit Union (USFCU) held its annual meeting at the Ukrainian Educational and Cultural Center in Jenkintown, PA in the presence of 151 members and 15 organizational representatives.
USFCU Chairman Marusia Kolodij welcomed everyone then took a moment to pay respects to those members who passed away during the previous year. Mrs. Kolodij then introduced the remaining members of the Board of Directors along with the Management of USFCU. Mrs. Kolodij reported that 2011 proved to be a year of opportunity, progress, and challenges. As stated in her report, “We continued to generate substantial surpluses even as returns on investments and loan rates dropped to new levels. USFCU is able to proudly say that we still offer the highest interest rates on savings accounts and CDs while also offering the lowest rates on loans. “
Following her report, Mrs. Kolodij introduced USFCU’s CEO, Halyna O. Keller, who provided a summary of activities in the Loan, Finance, and Operations departments through the departmental managers along with a report about the youth marketing initiative known as Students Savers and the community relations project HromadaPhila.org – an online community calendar and business directory serving the Ukrainian Community of Philadelphia. In summary, Mrs. Keller stated, “Last year we witnessed the beginnings of a stabilizing interest rate environment and recovering real estate market. Both contributed to the growth of our loan portfolio as well as growth of our member deposits.”
USFCU experienced positive growth from 2010 to 2011. Assets increased by 9.5% to $255,000,000.00 with member deposits increasing by $21,814,300.00 to a year-end total of $227,523,000.00 representing a 10.5% increase. In 2011, USFCU’s loan department issued 275 loans for a total of $37,549,529.90. Membership continues to increase reaching 9,053 in 2011. USFCU’s net income for 2011 was $1,177,622.00 with a capital off 11%, which exceeds the federally mandated requirement.
Mrs. Keller had the following to add, “Many individuals contributed to our positive results of 2011. Mentioning them collectively, I salute our faithful, devoted employees and dedicated management staff. I would like to express my sincere gratitude to the Board of Directors and Supervisory Committee for their constant guidance and support. The most important group deserving recognition and appreciation is our membership. The trust and confidence they have in the Credit Union is the primary reason for our ongoing financial success.”
Confirming the sound operation of the credit union was Basil Kuzio, Chairman of USFCU’s Supervisory Committee. Mr. Kuzio explained how the Supervisory Committee is tasked with ensuring that the credit union conducts its operations in a safe and sound manner.
After the Supervisory Committee report, Mrs. Olga Kostiv of USFCU’s nominating committee presented three candidates to the Board of Directors – Oxana Holubowsky, Ihor Sydorak, and Serhiy Hrubiy. All three candidates were voted in unanimously. Mr. Sydorak and Mrs. Holubowska were re-elected to the Board while Mr. Hrubiy will begin his first term on the Board of Directors.
The membership of USFCU was then introduced with the formation of The Ukrainian Community Foundation of Philadelphia. Mrs. Kolodij explained the initiatives of the Foundation and then invited the Chairman of the Foundation, Mr. Roman Petyk, to explain further.
In his detailed remarks, Mr. Petyk was quoted with the following, “Creation of the Ukrainian Community Foundation of Philadelphia is a manifestation of the Credit Union’s commitment to ensuring a secure and reliable source of funds for our local community organizations. The Foundation’s exclusive mission will be one of engagement with and support for the community.”
Mr. Petyk went on further to say, “Today, through the hard work and prudent leadership of our predecessors, and the strong character of our members, the credit union stands on a sound financial footing. We know that the credit union wants the community to benefit from that financial strength and with the continued support of Ukrainian Selfreliance Federal Credit Union, we hope to create an endowment through which these community service goals can be realized.” Following the announcement about the Foundation, various community leaders gave congratulatory and supportive remarks to the credit union for its progressive thinking and continued support of community endeavors.
The annual meeting culminated with a special recognition of one of its long-serving leaders. Mr. Ihor Chyzowych announced his retirement from the USFCU Board of Directors earlier this year. In his 22 years of service to USFCU, Mr. Chyzowych served as CEO and a member of the Board of Directors. Mrs. Kolodij presented Mr. Chyzowych with a Lifetime Service Award in appreciation for his many years of dedicated service to USFCU and the Ukrainian Community of Philadelphia.
Following the annual meeting, the Board of Directors held their organizational meeting to elect the leadership positions. The 2012 Board of Directors includes: Marusia Kolodij, Chairman; Roman Petyk, Vice Chairman; Oxana Holubowsky, Secretary; Ihor Jaryj, Treasurer; Christine Shwed, Ihor Sydorak, and Serhiy Hrubiy, Directors.
Photos by Andrew Zwarych