April 15, 2016

Self Reliance New York holds annual membership meeting

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Self Reliance New York

At the Self Reliance New York annual meeting (from left) are: Natalia Duma, president of the Self Reliance Association’s New York branch; the Very Rev. George Bazylevsky, Ukrainian Orthodox Church; the Very Rev. Bernard Panczuk, OSBM, pastor of St. George Ukrainian Catholic Church; Igor Sybiga, consul general of Ukraine in New York; Ambassador Volodymyr Yelchenko, permanent representative of Ukraine to the United Nations; Bishop Emeritus Basil Losten, Ukrainian Catholic Eparchy of Stamford, Conn.; Bishop Paul Chomnycky, OSBM, Ukrainian Catholic Eparchy of Stamford; Andrew Juzeniw, board secretary; Stefan Kaczaraj (standing at podium), chairman of the board; Bohdan Kurczak (standing), president and chief executive officer; Catherine Popovech, board vice-chairperson; Irena Chaban and Adam Hapij, board members; and Mark Bach, board treasurer.

NEW YORK – Self Reliance New York Federal Credit Union convened its 65th annual membership meeting here on Sunday, March 20, in the auditorium of St. George Academy, with 270 members in attendance.

The chairman of the credit union’s board of directors, Stefan Kaczaraj, opened the meeting by welcoming all members and honored guests., and invited Bishop Paul Chomnycky, Ukrainian Catholic eparch of Stamford, Conn., to bless the gathering.

President and Chief Executive Officer Bohdan Kurczak then took over the running of the meeting. A moment of silence was observed in memory of those who had passed away in 2015. The board’s secretary, Andrij Juzeniw, then read the minutes of the previous annual meeting.

Mr. Kurczak presented the report of the board of directors and management for 2015, noting that Self Reliance New York ended the year with $1.159 billion in assets, which is an increase of $71.4 million (6.6 percent) from 2014. It was, he said, yet another year of record financial results, as assets, deposits, loans, capital net income and membership all surpassed the previous year’s levels.

Outstanding loans totaled $731.3 million (an increase of 4.6 percent from 2014), deposits grew to $964.5 million (an increase of 6.7 percent), and the credit union ended the year with equity capital of $195.2 million (which is 16.8 percent of assets).

Net income for 2015 was $10.6 million (as compared with $9.6 million in 2014). As of December 31, 215, the credit union has 14,941 members. During 2015 Self Reliance returned $18.5 million to its members in the form of dividends.

Mr. Kurczak pointed out that, in terms of assets, Self Reliance New York is the 197th largest credit union in the United States (up from 202nd place in 2014) and is in the top 4 percent of the 6,284 credit unions nationwide. It is the 15th largest credit union in New York state, which boasts 381 credit unions on its territory.

Self Reliance considers itself an integral part of the Ukrainian community, therefore it continues to generously support its members’ initiatives and the Ukrainian community’s financial needs, contributing to religious, cultural, humanitarian and youth organizations, as well as scholarly institutions. In 2015 alone, the credit union made $1.5 million in donations to such entities.

Nominating Committee Chairman Orest Glut (standing at the podium) delivers his report. Seated (from left) are: Ambassador Volodymyr Yelchenko, Bishop Emeritus Basil Losten, Bishop Paul Chomnycky, OSBM, Andrew Juzeniw, Bohdan Kurczak, Stefan Kaczaraj (partially hidden), Catherine Popovech, Irena Chaban, Adam Hapij and Mark Bach, board treasurer.

Nominating Committee Chairman Orest Glut (standing at the podium) delivers his report. Seated (from left) are: Ambassador Volodymyr Yelchenko, Bishop Emeritus Basil Losten, Bishop Paul Chomnycky, OSBM, Andrew Juzeniw, Bohdan Kurczak, Stefan Kaczaraj (partially hidden), Catherine Popovech, Irena Chaban, Adam Hapij and Mark Bach, board treasurer.

Concluding his report, Mr. Kurczak thanked members of the board of directors, management, credit union committees, employees and, especially, members. Those comments were greeting with a hearty and heartfelt round of applause.

Next to report were the chair of the Credit Committee, Orest Kebalo, and the chair of the Supervisory Committee, George Jarymowycz, who proposed a vote of confidence for the board of directors and management. The proposal was adopted with applause.

The credit union’s president then introduced the honored guests and members of the board who were seated in the meeting’s presidium. Greetings to the annual meeting were delivered by Ambassador Volodymyr Yelchenko, permanent representative of Ukraine to the United Nations; and Consul General Igor Sybiga and Consul Denys Semenovych of Ukraine’s Consulate General in New York.

Also addressing the gathering were representatives of several other Ukrainian credit unions, including SUMA (Yonkers) Federal Credit Union, Self Reliance (New Jersey) Federal Credit Union and the Ukrainian National Federal Credit Union, as well as Natalia Duma, head of the New York branch of the Self Reliance Association, and Oleh Lopatynsky on behalf of the Self Reliance Association board. A letter of greetings from the Ukrainian National Credit Union Association was read by Andrew Horbachevsky.

Next on the agenda was the election of two members to the credit union’s board of directors. Nominating Committee Chair Orest Glut recommended the nominations of Mr. Kaczaraj and Adam Hapij, whom those present re-elected to three-year terms of office.

The meeting concluded with proposals and comments from the community. Many representatives of Ukrainian institutions, organizations and artistic ensembles came up to the microphone to express thanks to the credit union for its generous support and offer best wishes for the continued success of Self Reliance New York, whose goal-oriented work during the course of 65 years has made it a true pillar of Ukrainian American community life.

The membership meeting was concluded with a prayer. Afterwards, all attendees enjoyed a special luncheon.

Ambassador Volodymyr Yelchenko delivers his greeting to the annual membership meeting of Self Reliance New York Federal Credit Union. He is flanked by Andrew Juzeniw (left), secretary of the board of directors, and Bohdan Kurczak, president and chief executive officer.

Ambassador Volodymyr Yelchenko delivers his greeting to the annual membership meeting of Self Reliance New York Federal Credit Union. He is flanked by Andrew Juzeniw (left), secretary of the board of directors, and Bohdan Kurczak, president and chief executive officer.

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