Philadelphia credit union holds 47th annual meeting (04/25/99)

Philadelphia credit union holds 47th annual meeting

by Roman Stelmach

JENKINTOWN, Pa. - The Ukrainian Selfreliance Federal Credit Union of Philadelphia held its 47th annual meeting on February 28 here at the Ukrainian Educational and Cultural Center.

Ilarij Mazepa, chairman of the board, opened the meeting and then introduced the Rev. Orest Mykhaylyuk, pastor of St. Michael the Archangel Ukrainian Catholic Church, who delivered an inovation.

Mr. Mazepa announced that the board has unanimously agreed to appoint Ivan Kuzemskij and Dr. Wolodymyr Pushkar to the board of directors as honorary members. Mr. Mazepa cited their many years of service and numerous accomplishments at the credit union. Both gentlemen gave brief remarks and were invited to join Mr. Mazepa at the head table.

Mr. Mazepa reported that 1998 was a very good year for the credit union, noting that the credit union's assets reached over $94.6 million and that current indications are that a positive growth rate is continuing into 1999. He reported that the credit union also received good ratings from the credit union's regulators, the National Credit Union Administration.

Mr. Mazepa announced that the credit union will be merging with two other Ukrainian American credit unions: Trident Credit Union (Philadelphia) and the Scranton Fraternal Federal Credit Union. These mergers will strengthen the credit union's position in downtown Philadelphia and expand the credit union's geographical field of membership to the Ukrainian American community of Scranton.

He also announced that at the recent board of directors meeting, the board elected to reduce the number of board members from nine to seven. He explained that it will be easier to accomplish more with a smaller number and that this will position the credit union for a merger with other credit unions in the near future.

Mr. Mazepa then pointed to the many contributions of the credit union to local Ukrainian organizations stating that "a bigger (Ukrainian American) financial institution is good not only for its members but for the Ukrainian (American) community as well." He concluded his report by thanking the members of the board, the various committees, the staff and the members for their continued support and loyalty. He concluded his remarks with the familiar credit union saying: "Here you know us, and we know you!"

Ihor Chyzowych, treasurer and CEO, reported the details of the credit union's financial activity of 1998. According to Mr. Chyzowych, assets grew 7.9 percent to $94.6 million, member deposits grew 9.1 percent to $6.8 million, and loans grew by 19.3 percent to $41.9 million. He noted that the loan department had issued an unprecedented $16.6 million in loans and that member deposits also rose to a record level of $82.1 million.

Mr. Chyzowych attributed these favorable results to extensive promotion within the Ukrainian American community of the greater Philadelphia and surrounding states. He pointed out that the credit union vigorously promoted itself in the Ukrainian Heritage School (Nasha Ridna Shkola), Plast, SUM, the Tryzub Sport Center and other Ukrainian American organizations. Throughout the year, the credit union also informed the membership of various financial services and products via the credit union's newsletters, and advertisements on Ukrainian radio and television programs, as well as in Ukrainian American print media. He attributed the addition of over 400 members to these efforts.

Mr. Chyzowych reported that gross income for 1998 was over $5.9 million. From this sum, the credit union paid out over $3.5 million in dividends to its members, and over $70,000 in insurance premiums on behalf of its members. The total operating expenses for 1998 were $1.5 million. Net capital reached a level of $12.4 million - another positive indicator of the credit union's strength and financial soundness.

Mr. Chyzowych also pointed out that for the first time in the credit union's history, a "Thank-you Picnic" was held for the credit union members at the Tryzub Ukrainian American Sports Club in Horsham, Pa. In addition, the credit union, in cooperation with the Ukrainian National Credit Union Association, hosted a technical conference for Ukrainian American credit union management personnel in Valley Forge, Pa.

Representing the Supervisory Committee, Ivan Danylenko provided a brief report stating that the Supervisory Committee had affirmed the growth of the credit union, conducted a review of the credit union, received the audit report from the outside auditor, and attended the monthly board of directors meetings. The Supervisory Committee recommended the elections of not only professional individuals to the board, but individuals who are skilled in the art of appropriate negotiation in their approach to credit union matters.

Mr. Mazepa then opened the floor to questions and/or discussions of the reports.

Dr. Alexander Lushnycky of the Nominating Committee, stated that the committee recommends Mr. Chyzowych for re-election to the board. Maria Kondrat, whose term expired, received a nomination from the floor. Mr. Chyzowych was re-elected to another three-year term by a vote of 170-110. The annual meeting of the credit union was adjourned and the 288 registered members then enjoyed a delicious meal prepared by the St. Ann Sisterhood of St. Michael the Archangel Ukrainian Catholic Church.

On March 5, as required by the credit union's statute, the newly elected board met to form a new executive within the board of directors. The outcome is as follows: Zorian Dubenko, chairman of the board; Mary Kolodij, vice-chairperson; Mr. Chyzowych, treasurer; Bohdan Chajkowsky, secretary; Dr. Zenon Babiak, Mr. Mazepa and Eugenia Nowakiwsky, members.

Upon being elected as chairman of the board, Mr. Dubenko thanked the board members for their confidence and stated that "the credit union, with the full cooperation of the board, shall sustain the credit union's success into the new millenium."

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