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SELF RELIANCE NEW YORK FEDERAL CREDIT UNION JOINS U.S.-UKRAINE BUSINESS COUNCIL (USUBC)
The oldest and largest Ukrainian Credit Union in the world, established in 1951
U.S.-Ukraine Business Council (USUBC)
Washington, D.C., Monday, August 3, 2011
WASHINGTON, D.C. -- The Self Reliance New York Federal Credit Union, serving the Ukrainian American community for 60 years, has been approved for membership in the U.S.-Ukraine Business Council (USUBC), the USUBC executive committee announced today on behalf of the entire USUBC membership of 165 companies and organizations who have business operations, investments or other development programs in Ukraine.
The Self Reliance (NY) Federal Credit Union is a professionally managed not-for-profit, member-owned cooperative financial institution. The credit union was established in 1951, by a group of volunteers dedicated to the cooperative philosophy of "people helping people", under the sponsorship of the Self Reliance Association of American Ukrainians.
Self Reliance New York is the oldest and largest Ukrainian Credit Union in the world. It has over 14,600 members and assets exceeding 800 million dollars. Member deposits stand at 654 million dollars and loans to members are 542 million dollars. Even in this challenging economic and competitive environment the Credit Union’s results for 2010 not only exceeded their expectations but also attained record levels in assets, deposits, loans, capital and earnings.
WHERE DO THEY STAND
Self Reliance New York Federal Credit Union is ranked among the top 5% of American credit unions in terms of asset size. The consulting firm Callahan & Associates publishes statistics from their annual review of the American credit union industry. As part of the analysis, Callahan identifies “leaders” in various performance categories (usually the top 50 or top 100 performing credit unions in these performance areas). The Self Reliance (NY) Federal Credit Union has again been identified as a leader in many of such performance categories.
The first three categories relate to the credit union’s lending activities. Their average loan balance of $93,239 is ranked 8th among American credit unions. Member business loans of $238,052,826 make their portfolio the 19th largest among all credit unions. Finally, their concentration of real estate loans to total loans of 98.06% ranks them third among U.S. credit unions.
Self Reliance (NY) Federal Credit Union has historically generated high average share balances per member as their member population tends to be “savers”. At $42,287 average shares per member, they rank 10th among all credit unions where the industry average is $8,595.
The last three categories where the credit union has achieved impressive results are in operating efficiencies. The credit union is ranked 28th in the country in terms of efficiency (operating expenses as a percentage of net interest revenue and non-interest revenue). Revenue per employee is $788,631 compared to $219,691 for the industry and assets per employee are $17,732,434 compared to $3,832,591 for all credit unions as a group. Their ranking is 15th and 20th, respectively.
SERVICE TO THE COMMUNITY....DONATING OVER $1.2 MILLION IN 2010
The heart of the greater New York Ukrainian community beats strong and Self Reliance New York Federal Credit Union is proud to be a part of this dynamic community. They are dedicated to the promotion, preservation and enrichment of Ukrainian heritage and culture. This is demonstrated through their generous support of dozens of charitable and community organizations, youth camps, conferences, museums, exhibits and special events. Over $1.2 million was donated to community endeavors during 2010.
SELF RELIANCE (NY) & USUBC
USUBC has been working with Bohdan Kurczak, President & CEO and Bohdan Sawycky, Treasurer & CFO. USUBC has met with them in their offices in NYC and at meetings in Washington, D.C. Bohdan Kurczak will represent the credit union on the USUBC board of directors.
"USUBC is most pleased to have such an important member-owned Ukrainian American financial institution as a new member of USUBC," said Morgan Williams, Director, Government Affairs, Washington Office, for the SigmaBleyzer Private Equity Investment Management Group, who serves as President of the U.S.-Ukraine Business Council (USUBC). The Self Reliance (NY) Federal Credit Union has made an amazing contribution to its members over the years and is a model financial institution for all credit unions around the world," Williams said.
INFORMATION: More information about the Self Reliance (NY) Federal Credit Union can be found at: www.selfrelianceny.org.
USUBC MEMBERSHIP NOW EXCEEDS 165
USUBC now has over one-hundred sixty-five members. Membership in January of 2005 was eight and in January of 2007 was 22. Membership is expected to reach 150 by the end of 2010. The complete list of USUBC members can be found at: http://www.usubc.org/members.php. For a list of the entire U.S.-Ukraine Business Council (USUBC) board of directors go to the following link:
http://www.usubc.org/site/u-s-ukraine-business-council-board-of-directors.
