April 19, 2019

68th annual meeting of Selfreliance FCU held in Chicago and Whippany

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Selfreliance FCU

Selfreliance Federal Credit Union’s New Jersey Advisory Committee at the annual meeting in Whippany (from left): Michael Szpyhulsky, Michael Koziupa, Irene Agne, Daria Twardowsky-Vincent, Orest Ciapka and Andriy Hrechak.

CHICAGO – The 68th annual meeting of the membership of Selfreliance Federal Credit Union took place Sunday, March 31, at the Credit Union’s Home Office in Chicago. The meeting was simulcast in New Jersey, at the Ukrainian American Cultural Center of New Jersey in Whippany.

In New Jersey, the meeting was called to order by Orest Ciapka of the Selfreliance FCU New Jersey Advisory Board. He introduced the Rev. Stepan Bilyk, pastor of St. John the Baptist Ukrainian Catholic Church in Whippany, who read the invocation. This was followed by a report from the New Jersey Advisory Board by Daria Twardowsky-Vincent; remarks by Michael Koziupa, Whippany branch manager, and Irene Agne, Newark branch manager.

Thereafter, greetings were given to the assembly in New Jersey from the Ukrainian National Federal Credit Union, Ukrainian National Home in Jersey City, Svoboda and The Ukrainian Weekly, Ukrainian Journalists of North America, Organization for Defense of Lemko Western Ukraine in America (National Board and Irvington branch), OLCO International, Organization for Defense of Four Freedoms for Ukraine, Ukrainian Congress Committee of America (Morris County and Irvington branches), Plast Ukrainian Scouting Organization, Ukrainian American Youth Association (Jersey City, Whippany and Irvington branches), Ukrainian Athletic-Educational Association Chornomorska Sitch, Iskra Ukrainian Dance Ensemble and Academy, New Ukrainian School in Newark, St. John the Baptist Ukrainian Catholic Church and the Ukrainian American Cultural Center of New Jersey in Whippany, Immaculate Conception Ukrainian Catholic Church in Hillside and St. John the Baptist Ukrainian Catholic Church in Newark.

Once the cameras were turned on in both locations for the simulcast, Chairman of the Board of Directors Michael R. Kos called for the posting of colors by the Ukrainian American Veterans. Renditions of the national anthems of the United States and Ukraine followed, as well as “God Bless America,” performed by the Ukrainian Bandurist Chorus. A total of 146 members signed in: 96 in Chicago and 50 in New Jersey.

President/CEO Vitaly Kutnyy introduces the budget for 2019.

Chairman Kos officially opened the meeting and asked Bishop Benedict Aleksiychuk to read the invocation. The bishop took advantage of the opportunity to thank Selfreliance FCU for its work and stated that, in his recent letter to parishioners, he encouraged them to become members of the credit union – so that the credit union would be able, in turn, to increase its support of Ukrainian community institutions. 

Mr. Kos introduced the board and committee members in Illinois as well as in New Jersey. Board Secretary Victor Wojtychiw read the minutes of the 67th annual meeting, and reports of the credit union’s elected leaders followed. 

Mr. Kos reported as chairman of the Selfreliance FCU Board. He spoke of the challenges the credit union faced in 2018. First was the retirement of Selfreliance FCU’s long-time CEO Bohdan Watral, and the appointment of incoming President/CEO Vitaly Kutnyy. Second was the merger of Michigan’s Ukrainian Future Credit Union into Selfreliance FCU. Dr. Kos also cited the economic environment in which the credit union operates and applauded the credit union’s management and staff for another profitable year.

Outgoing President/CEO Watral described the credit union’s 2018 achievements. He confirmed that the financial statements for 2018 validate the credit union’s viability and consistent growth. In 2018 net income surpassed $2.4 million and equity now exceeds a record $589 million. The credit union has expanded its operations, now encompassing three states. Mr. Watral confirmed that Selfreliance FCU is among the most stable financial institutions in the United States, maintaining its commitment to provide the highest caliber financial services in a professional, caring environment.

President/CEO Kutnyy stated that in 2019 Selfreliance FCU will focus on enhancing its offerings, providing new products, optimizing the existing services portfolio, investing in employee training programs and expanding into digital marketing. Mr. Kutnyy stated that the credit union is committed to investing in new technology and continuing to deliver products and services that benefit our members. 

Bohdan Wruskyj, Supervisory Committee chairman, stated that this year’s review focused on loan and Other Real Estate Owned (OREO) documentation, and a review of merger accounting entries. 

Outgoing President/CEO Bohdan Watral presents the credit union financial report for 2018.

Irene Wruskyj reported for the Nominating Committee, whose members represent the three primary Ukrainian youth organizations: the Ukrainian American Youth Association, the Ukrainian Democratic Youth Association and Plast Ukrainian Scouting Organization. The Nominating Committee presented a slate of three individuals to serve as directors: Mr. Watral, Roman Yatskovskyy and John Oharenko. These three board members were re-elected unanimously. 

President/CEO Kutnyy then presented the budget for 2019, which was approved as read. As there were no further questions or comments from the floor, Mr. Kos ended the simulcast, saying farewell to members in New Jersey. 

Community greetings followed in Chicago. Representatives from Ukrainian Churches included Bishop Benedict of the Ukrainian Catholic Eparchy, and clergy from St. Nicholas Cathedral, Ss. Volodymyr and Olha Parish, St. Joseph Church in Chicago and Immaculate Conception Church in Palatine. Cultural organizations thanking Selfreliance FCU for its assistance included the Ukrainian National Museum and the Ukrainian Institute of Modern Art. Representatives from the aforementioned Ukrainian youth organizations of Chicago and Palatine, as well as the Ukrainian Youth Camping Organization and the Pobratymy Foundation spoke. Academic institutions addressing the assembly included the Ukrainian Catholic Education Foundation, St. Nicholas Cathedral School and the Vasyl Stus Ukrainian School. Community organizations whose representatives spoke before the assembly included the Organization for the Defense of Four Freedoms for Ukraine and its Women’s Association, as well as the Ukrainian Congress Committee of America in Illinois and the Ukrainian Public Organization Orange Wave.

The Board of Directors of Selfreliance Federal Credit Union for 2019 is composed of: Mr. Kos, chairman; Mr. Watral, treasurer; Oleh Karawan, first vice-chair; Oresta Fedyniak, second vice-chair; Ihor Laszok, third vice-chair; Mr. Wojtychiw, fourth vice-chair and secretary; Christina Kozij, Mr. Oharenko, and Mr. Yatskovskyy, members; and John Pawlyk, honorary member. 

The New Jersey Advisory Board for 2019 comprises: Ms. Twardowsky-Vincent, chairwoman; Mr. Ciapka, vice-chair; Ms. Agne, Secretary; Andrew Hrechak, Olha Ilnicki, Mr. Koziupa, Ihor Laszok and Michael Szpyhulsky, members.

Selfreliance FCU’s Annual Report is available on the credit union’s website, www.selfreliance.com. For current information, readers may follow the credit union on Facebook. 

 

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