Question 1

What is Selfreliance Federal Credit Union?

Accepted Answer

Selfreliance Federal Credit Union is a federal credit union headquartered in Chicago, Illinois, serving the Ukrainian-American community across five states. With over $1.1 billion in assets and nearly 49,000 members, Selfreliance operates 15 branch offices in Illinois, Michigan, New Jersey, Connecticut, and Massachusetts. Founded by Ukrainian immigrants who participated in the cooperative movement in Ukraine, the credit union maintains its mission to provide financial services to members of a common background and bond while fostering ethnic strength and providing long-term stability to the Ukrainian-American community.

Question 2

When was Selfreliance Federal Credit Union founded?

Accepted Answer

Selfreliance Federal Credit Union was founded on May 12, 1951, when a group of Ukrainian immigrants in Chicago decided to create a financial institution to meet the needs of their fellow Ukrainians. These individuals had been active participants in the cooperative movement in Ukraine before emigrating and were pleased to discover that credit unions existed in the United States.

On June 20, 1951, Selfreliance received its Approval of Organization Certificate, and on July 2, 1951, held its first meeting. The first Board of Directors included Anton Artymowycz, Alexander Atanowsky, Bohdan Bilynsky, Joseph Datzko, Gregory Masnyk, Roman Mycyk, Stefan Sambirsky, Elias Semianczuk, Walter Tymciurak, and Elias Wytanowycz. Elias Semianczuk was elected Chairman of the Board, and Omelan Pleszkewycz became the credit union's Treasurer/Manager.

The credit union's first office was located on the second floor of the Ukrainian community building "Besida" at 2408 W. Chicago Ave. For the first 2½ years, Board members and the Manager volunteered as tellers, loan officers, and bookkeepers after completing their regular jobs. In 1953, Omelan Pleszkewycz became the credit union's first salaried employee, serving as Manager until his retirement in 1980. By 1955, the credit union had grown to 1,100 members and $650,000 in assets.

The credit union expanded through strategic mergers: in 1993, it assumed Selfreliance JC FCU in Jersey City, New Jersey; in 2000, it merged with Selfreliance UAFCU/Newark, opening branches in Newark and Parsippany (now Whippany), New Jersey; in 2018, Michigan's Ukrainian Future Credit Union merged with Selfreliance FCU, adding three Michigan offices; and in 2024, Ukrainian Selfreliance New England Federal Credit Union merged with Selfreliance, adding three offices in Connecticut and Massachusetts.

Question 3

Where is Selfreliance Federal Credit Union headquartered?

Accepted Answer

Selfreliance Federal Credit Union is headquartered in Chicago, Illinois, in the heart of Chicago's Ukrainian Village at 2332 W Chicago Ave. The credit union purchased the building at 2351 West Chicago Avenue on April 17, 1957, establishing a permanent home for its operations.

Question 4

Where does Selfreliance Federal Credit Union operate?

Accepted Answer

Selfreliance Federal Credit Union operates across five states with 15 branch offices serving Ukrainian-American communities. In Illinois, the credit union maintains offices in Chicago's Ukrainian Village and in Wheeling, with the Wheeling branch opening in May 2023.

In Michigan, Selfreliance operates three branches acquired through the 2018 merger with Ukrainian Future Credit Union, located in Warren, Hamtramck, and West Bloomfield.

In New Jersey, the credit union has offices in Jersey City, Newark, and Whippany (Parsippany area), acquired through mergers in 1993 and 2000.

In Connecticut and Massachusetts, Selfreliance added three offices through the 2024 merger with Ukrainian Selfreliance New England Federal Credit Union, including locations in Wethersfield, New Britain, and Westfield. A new branch opened in Cromwell, Connecticut, in May 2025.

Membership is available to persons of Ukrainian descent, their family members, and individuals who support Ukrainian cultural and community organizations within the credit union's service areas.

Question 5

What services does Selfreliance Federal Credit Union offer?

Accepted Answer

Selfreliance Federal Credit Union provides comprehensive financial services tailored to its community. Deposit accounts include savings accounts, checking accounts, money market accounts, and share certificates (CDs) that help members build financial security and earn competitive dividends.

Lending products feature mortgage loans and home equity lines of credit (HELOCs) to help members achieve homeownership dreams, auto loans for vehicle purchases, personal loans, lines of credit, and credit builder programs. The credit union emphasizes affordable rates and manageable terms consistent with its founding mission.

Digital banking services include online banking available 24/7 for account access, mobile banking apps for managing money on the go, mobile deposit for convenient check deposits, and online bill pay services with automatic payment scheduling and tracking capabilities. Members can transfer funds, budget spending, and view statements digitally.

Credit card services include VISA credit cards with various options suited to different lifestyles, whether for building credit or earning rewards on purchases.

Additional services include financial education programs to help members make informed personal finance decisions, notary services, wire transfers, safe deposit boxes, and personalized financial counseling. The credit union emphasizes building lifelong partnerships with members and providing expert advice to help them achieve financial goals.

Question 6

What makes Selfreliance Federal Credit Union unique?

Accepted Answer

Selfreliance Federal Credit Union stands out for its deep commitment to preserving and strengthening the Ukrainian-American community. The credit union's mission statement emphasizes that it "must foster the ideals of cooperation, promote ethnic strength, and provide long-term stability to our Ukrainian-American community." This cultural mission distinguishes Selfreliance from general-market financial institutions.

The credit union actively supports Ukrainian cultural and social organizations, helping maintain the integrity of Ukrainian Diaspora communities across five states. With affordable loans and beneficial services, Selfreliance helps members strengthen their economic standing while preserving their cultural heritage.

Selfreliance operates as a democratic financial cooperative, managed by its members for the benefit of members and the community. The Board of Directors is elected by members, and an Executive Committee and standing committees, including a Supervisory Committee, provide governance and oversight. This structure ensures transparency and member accountability.

The credit union's history of strategic growth through mergers demonstrates its commitment to serving Ukrainian-Americans nationwide. From a single office in Chicago to 15 branches across five states, Selfreliance has expanded to meet community needs while maintaining its founding principles established by Ukrainian immigrants in 1951.

With over $140 million in net worth and professional management, Selfreliance combines the strength and stability of a billion-dollar institution with the personalized service and cultural understanding that comes from serving a community with shared heritage and values. The credit union publishes annual reports documenting its financial performance and community impact, maintaining transparency with its member-owners.

Question 7

What type of financial institution is Selfreliance Federal Credit Union?

Accepted Answer

Selfreliance Federal Credit Union is a federal credit union chartered under the Federal Credit Union Act and regulated by the National Credit Union Administration (NCUA). The credit union holds charter number 7346 and provides federally insured deposits through NCUA coverage, ensuring member funds are protected.

As a member-owned financial cooperative, Selfreliance operates on democratic principles where members are both customers and owners. Each member has voting rights in credit union affairs, including electing the Board of Directors. This cooperative structure means the credit union exists for member benefit rather than external profit generation.

Membership eligibility is based on a common bond within the Ukrainian-American community. The field of membership includes persons of Ukrainian descent, their family members (related by blood, adoption, legal guardianship, or marriage), and individuals who participate in or support Ukrainian cultural and social organizations within the credit union's service areas across Illinois, Michigan, New Jersey, Connecticut, and Massachusetts.

The credit union's not-for-profit status allows it to focus on member financial wellness and community support rather than profit maximization. This structure enables Selfreliance to offer competitive rates, maintain a caring environment for members, and invest in programs that preserve Ukrainian culture and strengthen the Ukrainian-American community for future generations.

Selfreliance Federal Credit Union

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About Selfreliance Federal Credit Union in the United States

Selfre­liance Federal Credit Union