PSFCU Marks 50th Anniversary with Record $700,000 Student Investment

BROOKLYN, N.Y. – June 12, 2026 – As it celebrates its 50th anniversary, the Polish & Slavic Federal Credit Union (PSFCU) is marking the milestone not just with reflection, but with a monumental investment in the future. The Brooklyn-based institution, recognized as the largest ethnic credit union in the United States, has awarded a record $700,000 in scholarships to 602 young members across 14 states, a powerful testament to its founding mission of community empowerment.

The announcement comes at a time of significant growth for the credit union, which recently opened its 25th branch, expanding its footprint into Florida. The scholarship awards were celebrated at ceremonies in New Jersey and Chicago, featuring a keynote address from former President of the Republic of Poland, Andrzej Duda, underscoring the institution's deep cultural and financial significance within the global Polish diaspora.

Investing in the 'Elite of the Elite'

At the heart of PSFCU's 50th-anniversary celebration is its long-standing commitment to education. This year's record-breaking $700,000 scholarship fund will support 348 high school graduates embarking on their college journeys and 242 students already pursuing higher education. The program's scale is a point of pride for the credit union's leadership.

"This year is the year of celebrating fifty years of the success of the Polish-American community, because the Polish & Slavic FCU is an embodiment of such a success," said PSFCU President/CEO Bogdan Chmielewski during the New Jersey ceremony. "We want to share this success with you. There is probably no other scholarship program on such a scale as that of the Polish & Slavic Federal Credit Union."

Established in 2001, the PSFCU Scholarship Program has become a cornerstone of the credit union's community outreach. Over its 26-year history, the initiative has disbursed nearly $9 million to over 7,600 students. This consistent, large-scale investment has grown steadily, with the 2026 award total surpassing the $615,000 distributed in 2025 and $600,000 in 2024.

Eligibility for the scholarships, which typically range from $1,000 to $5,000, extends beyond academic merit. Applicants are also evaluated on their active involvement in the Polish-American community, including participation in cultural organizations, parishes, and Polish Saturday Schools. This dual focus ensures the program fosters not only academic achievers but also future leaders dedicated to preserving their cultural heritage. The success of this approach is reflected in the caliber of institutions past recipients have attended, including Harvard, Yale, Stanford, and M.I.T.

The significance of this investment was highlighted by the guest of honor, former Polish President Andrzej Duda. Addressing the young recipients, he called them "the elite of the elite," adding, "only those who have ambitions and a sense of being part of the elite participated in this program. And those who were selected, are the elite of the elite."

A Half-Century of Growth and Community Building

PSFCU's ability to fund such a substantial scholarship program is rooted in a half-century of strategic growth and financial stability. Founded in a small office in New York's Greenpoint neighborhood in 1976, the credit union was created to serve Polish immigrants who faced challenges accessing services from mainstream financial institutions. Today, it stands as a financial powerhouse for the community, with over $2.7 billion in assets and a membership of more than 127,000.

While its claim as the "largest ethnic credit union" is self-asserted, its scale within a defined ethnic community is unparalleled. Its asset size, which surpassed the $2 billion mark in 2019, is a testament to its successful business model. This financial strength, demonstrated by a reported net income of $20.1 million for the 2023 fiscal year, directly enables its extensive philanthropic activities.

The credit union's physical expansion mirrors the demographic shifts of the community it serves. With 25 branches now operating across New York, New Jersey, Illinois, Pennsylvania, Connecticut, and, most recently, Florida, PSFCU has strategically followed its member base. The recent opening of a branch in Florida, a growing destination for Polish-Americans, exemplifies its commitment to serving the community wherever it establishes roots. This expansion strategy, combined with mortgage lending services in states like Indiana, Michigan, and Wisconsin, solidifies its role as a national institution for the Polish-American diaspora.

Bridging Continents Through Education and Diplomacy

Beyond financial services and domestic scholarships, PSFCU actively fosters a tangible connection between young Polish-Americans and their ancestral homeland. A key component of this effort is a summer internship program in Poland, offered to twelve members this year in cooperation with the prestigious Catholic University of Lublin. This initiative provides an immersive experience in Poland's contemporary economic, political, and cultural landscape.

Past iterations of the program have included high-level engagement, such as a presidential internship organized by the Chancellery of the President of Poland. These opportunities offer participants invaluable professional development and a deeper understanding of their heritage, strengthening the transatlantic bond for the next generation.

The presence of former President Duda and former First Lady Agata Kornhauser-Duda at the scholarship ceremonies serves as a powerful symbol of this connection. The participation of a former head of state in a US-based community event is a significant act of cultural diplomacy, affirming the Polish government's recognition of the diaspora's importance. It positions the PSFCU not merely as a financial entity, but as a vital cultural embassy and a pillar of the enduring relationship between Poland and the United States. Through these multifaceted efforts, the credit union ensures its legacy is built not only on financial assets but on the strength, education, and global connectedness of the community it serves.