CHICAGO – The Selfreliance Federal Credit Union (SFCU) held its 71st Annual Meeting at the organization’s home office in Chicago on February 20. The organization’s assets have reached $800 million and capital is approaching $120 million, the SFCU leadership reporting during the meeting.
SFCU President and CEO Vitaliy Kutnyy said the organization’s financial growth over the past year allowed the credit union to increase its team of employees to 125 individuals who serve its 24,400 members in three states.
Addressing Russia’s unprovoked and premeditated war on Ukraine that began on February 24, Mr. Kutnyy said the SFCU will again need to help immigrants from Ukraine, just as it did when it was first chartered in 1951 to provide banking services in Ukrainian.
“Today the story is repeating [itself],” Mr. Kutnyy said. “And, as a result of the terrible war in our homeland, we will again see an influx of immigrants from Ukraine. The Credit Union will do everything possible to facilitate their adaptation in a foreign country, so they can obtain the necessary banking services in a financial institution which speaks their native language and understands the complexity of their situation.”
He added that the organization’s Information Center stands ready to help Ukrainians start a new life in Chicago.
During the meeting, Chairman of the Board of Directors of the SFCU Oleh Karawan reported that 2021 was, despite all the obstacles, a financially successful year. The organization grew in assets, increased its loan portfolio and was able to help Ukrainian community organizations, churches and cultural institutions to weather the pandemic and resume operations, he said. He also expressed the hope that the year 2022 would bring peace to Ukraine.
Mr. Karawan opened the annual meeting and invited the Ukrainian American Veterans to post colors. Ksenia Levkovych of the Elegy Studio sang the national anthems of the United States and Ukraine, and the assembled members sang the Prayer for Ukraine. The Rev. Serhiy Kovalchuk, pastor of St. Nicholas Cathedral, read the invocation.
Mr. Karawan introduced members of the Board of Directors and Supervisory Committee, and read his greeting to the assembly. He called on Victor Wojtychiw, vice-chair and secretary of the Board of Directors, to read the minutes of the 70th Annual Meeting.
In greeting the assembled SFCU members, Mr. Karawan said that the organization anticipated several weeks earlier having a relatively normal Annual Meeting, what with the easing of COVID-19 pandemic restrictions and the arrival of spring. Then the war began, raining destruction on Ukraine’s historic cities and killing its residents.
Oresta Fedyniak, president of the Selfreliance Foundation, reported on the Ukraine Relief Fund, which was created on February 24 to provide funding to non-governmental organizations working in Ukraine. The Fund has raised $380,000. The Foundation has, so far, donated funds to the Ukrainian Medical Association of North America (UMANA) Foundation, the United Ukrainian American Relief Committee (UUARC) and Revived Soldiers Ukraine.
The leadership of the SFCU noted that the organization’s growth in lending was the result of the good work of its employees, the strategic leadership of the Board of Directors, the effective work of the Supervisory Committee and the dedication of members of the Advisory Board of New Jersey and the Michigan Advisory Committee.
Bohdan Wruskyj, Supervisory Committee chairman, said this year’s organizational review focused on internal audits to ensure reports and statements were prepared on time and that they accurately reflected operations and results.
The review also examined whether the SFCU’s internal controls were effectively maintained and that they protect the Credit Union, its members and personnel; that elected officials and employees of the credit union perform their duties and responsibilities in an ethical and proper manner; and that the plans and policies established by the Board of Directors are properly administered.
Irene Wruskyj reported for the SFCU’s Nominating Committee, whose members represent three Ukrainian youth organizations. The Committee recommended a slate of three individuals to serve as directors: John Oharenko, Bohdan Watral, and Roman Yatskovskyy. These three board members were reelected unanimously.
Bishop Benedict Aleksiychuk of the Ukrainian Catholic Eparchy of Chicago congratulated the Board and management of SFCU on their achievements and its continued support of Ukrainian organizations. He spoke of the Selfreliance family: the Credit Union, Foundation and Association, and he addressed the role each play in the Ukrainian community in the United States.
Anna Cirilli, principal of St. Nicholas Cathedral School, thanked the Credit Union and the Foundation, and introduced four graduating 8th graders who spoke about their experience as students at the school. She also said pupils were praying for Ukraine, and that the school had already welcomed eight new students, all children from Ukraine who have been displaced by the war.
Vice-Consul Yaroslav Pylypenko of the Consulate General of Ukraine in Chicago congratulated the Credit Union on the exemplary service it provides to Credit Union members, and its support of community organizations.
Orysia Burdiak, president of the Ukrainian American Credit Union Association (UACUA), thanked Selfreliance for its participation in the Ukrainian American cooperative movement.
Ihor Diaczun, president of the Illinois Branch of the Ukrainian Congress Committee of America (UCCA), thanked Selfreliance for its sponsorship of a Ukrainian Independence Day parade.
Mr. Wojtychiw read the list of written greetings received by the Credit Union on the occasion of its 71st Annual Meeting. Greetings were offered from the following organizations based in Illinois: UACUA, Consul General of Ukraine in Chicago, St. Nicholas Cathedral School, St. Nicholas Ukrainian Catholic Eparchy of Chicago, St. Nicholas Ukrainian Catholic Church, St. Joseph Ukrainian Catholic Church, Immaculate Conception Ukrainian Catholic Church, Sts. Volodymyr and Olha Ukrainian Catholic Church, Illinois Branch of UCCA, the Ukrainian Dance Ensemble Hromovytsia, Ukrainian School of Dance, Plast Ukrainian Scouting Organization, the Organization of the Four Freedoms of Ukraine-Branch 8, the Ukrainian National Museum, the Ukrainian Catholic University Foundation, Ukrainian American Veterans-Post 32, Ukrainian American Youth Association-Dmytro Vitovsky Branch, the Women’s Association for the Defense of Four Freedoms of Ukraine, and the Women’s Association for the Defense of Four Freedoms of Ukraine-Alla Horska branch.
Greetings were also delivered from various Ukrainian American organizations in New Jersey.
The Rev. Ivan Buryadnyk, pastor of St. Joseph Ukrainian Catholic Church in Chicago, thanked the credit union’s leadership for their diligence. He also described his conversation that morning with Irina Vashchuk-Discipio, president of Revived Soldiers Ukraine, detailing the equipment the organization had purchased in Europe and shipped to Ukraine for the war effort: ambulances and generators for hospitals and clinics. That equipment was purchased in part to aid received from the Selfreliance Foundation’s Ukraine Relief Fund.
The Rev. Yaroslav Mendiuk of Immaculate Conception Ukrainian Catholic Church in Palatine, Ill., thanked Selfreliance for supporting construction of their new church building.
The Rev. Oleh Kryvokulsky of Sts. Volodymyr and Olha Ukrainian Catholic Church in Chicago expressed his gratitude to the Credit Union, and also passed on greetings from Bishop Sviatoslav, who referred to Selfreliance as the “good Samaritan.”
Mr. Karawan concluded the meeting on a positive note, expressing hope that the war in Ukraine would soon be over. “Slava Ukrayini! [Glory to Ukraine],” he said.
The Board of Directors of Selfreliance Federal Credit Union for 2022 is made up of the following individuals: Mr. Karawan, chairman of the Board; Mr. Wojtychiw, vice-chair and secretary; Mr. Watral, vice-chair and treasurer; Ihor Laszok and Ms. Fedyniak, vice-chairs; Christina Kozij, John Oharenko, Joseph Owerko and Roman Yatskovskyy, members; John Pawlyk, honorary member.
For more information about the SFCU, readers can visit the organization’s website, www.selfreliance.com, which has a video and photos of the annual meeting, as well as links to the SFCU annual report and credit union history. Readers are also encouraged to follow the SFCU on Facebook.