EDITORIAL: Relying on "Samopomich" (05/13/01)

EDITORIAL

Relying on "Samopomich"

On Sunday, April 29, the Self Reliance New York Federal Credit Union - the first Ukrainian credit union in the United States - celebrated its 50th anniversary in quite appropriate fashion: it celebrated with the community that gave birth to it and the community with which it has had a mutually supportive relationship for those five decades.

This it did in a variety of ways. First, the credit union invited community members to attend a gala concert at The Cooper Union Hall that spotlighted renowned Ukrainian artists. Then, it presented $830,000 in donations to diverse Ukrainian community organizations and institutions, ranging from youth groups to scholarly societies. Most notably, Self Reliance presented $500,000 (yes, that's half a million) to its neighbor, The Ukrainian Museum, which is building a new museum facility in the Ukrainian section of Lower Manhattan.

Why did Self Reliance choose to celebrate this way?

The answer may be found in a speech delivered by Myroslaw Shmigel, chairman of the credit union's board: "Despite its now large assets, the credit union remains true to the worthy ideals of the cooperative movement, that is, to help its members, to help the Ukrainian people. Besides serving its members, Self Reliance New York has served and continues to serve our Churches, schools, scholarly societies, and our community and charitable organizations."

The jubilee event was an occasion also to pay tribute to the founders of the credit union and the many illustrious leaders who had served on its board of directors during the course of five decades. Dr. Bohdan Kekish, president and CEO, told the audience in the concert hall: "We dedicate this jubilee to our pioneers, their vision and their understanding of the need to establish a Ukrainian credit union as the economic-financial base for service and benefits to its members ... as well as their understanding that a financial base was needed to strengthen the Ukrainian émigré community and to buttress the Ukrainian identity at a time when immigrants and their progeny, already as U.S. citizens, were becoming integrated into the political and social life of the country of their settlement."

Dr. Kekish cited the credit union's pioneers for leaving "a rich inheritance, ideas and principles of the cooperative movement for succeeding cadres of the Self Reliance Federal Credit Union." In short, the solid foundation laid in 1951 continues to serve Self Reliance and the Ukrainian community well.

Today, Dr. Kekish underscored, Self Reliance is a leader not only among Ukrainian credit unions, but among all U.S. credits unions in terms of various financial indicators. And that success, he explained, is due to two factors: good management and the members' trust in its credit union.

Confidence in Self Reliance has spread to members of the "Fourth Wave" of immigrants from Ukraine, the latest arrivals in this country. There is no doubt that these individuals are responsible to a large degree for the fact that in the year 2000 alone the credit union's membership grew by 862 members and reached a new record total of 12,117 members. And, Self Reliance New York's assets have surpassed $342 million.

For 50 years Self Reliance has functioned in accordance with its guiding principles, which include providing quality products and services to members at convenient terms, safeguarding its own financial integrity and members' savings, being flexible and attentive to changes in the industry and in the financial market, as well as exploiting new technology in operations and in delivery of products and services to members. At the same time, however, Self Reliance has kept the pledge that is a key provision in its guiding principles: "to maintain close ties with the Ukrainian community."

Speaking on behalf of the credit union's board, Mr. Shmigel noted: "We sincerely believe that the Self Reliance Credit Union in New York has fulfilled its duties to its membership and to the entire Ukrainian community. And we believe that our membership will continue to trust in this institution in the future for many, many long years."

President/CEO Kekish stated: "Today, after a half-century of activity, Self Reliance New York Federal Credit Union is marked by strong financial health ... , which is the basis for a promising future for at least the next 50 years."

To which we respond: "Mnohaya Lita!"

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