Self Reliance New York: service and a social venue for 50 years (05/20/01)

Self Reliance New York: service and a social venue for 50 years

by Deanna Yurchuk

NEW YORK - Have you ever noticed how clients seem to linger while making transactions at Self Reliance New York Federal Credit Union? It's not because the service is slow (on the contrary, there are usually about six tellers at the windows). It's not because of long lines (those go rather quickly). It's because Self-Reliance is not only a credit union, but a social venue as well.

When you walk into the credit union, you will most probably bump into at least a few people you know, or who know your parents, or know your kids, or remember you when you were so young that you yourself can't remember. Or, while waiting on line, you start talking to a perfect stranger, and by the time your turn comes, you start waving to the people behind you to go in front, because you want to finish this conversation with your new friend. Or, you wander in, and then linger, carefully analyzing the paintings on the wall as you listen in on conversations of others in line.

It will be 50 years on May 19 since the original 48 members of the Tovarystvo Samopomich (Self Reliance Association) founded the first credit union in the United States that established the credit union as an essential part of the Ukrainian community. Five decades later, Self Reliance New York still serves its members, ranks high among national credit unions and has a steadily increasing membership, which currently stands at 12,430.

Much has changed at Self-Reliance through the years. The location of the credit union has changed three times, membership has grown about 250 times its original size, and modern technology has made banking much more convenient. However, the dedication to serve the Ukrainian community and to support Ukrainian causes has remained the same since 1951.

Perhaps what makes Self Reliance so unique is the wide variety of individuals within the community it serves. It doesn't matter which parish, youth group or educational institution one belongs to, the need to borrow and save money is universal.

Consequently, over the years, Self Reliance New York has generously given back to the community, donating money to various academic, scientific, cultural and youth organizations, as well as publications such as The Ukrainian Weekly and SVOBODA. In all, Self Reliance has contributed over $4.2 million for educational and community activities and public outreach.

In 1951 the office of the credit union - which was originally located on Seventh Street in New York City - was only open once a week (on Thursdays 6-8). By the end of 1951, the membership savings grew from the initial $314.25 deposited by 37 members - the basis upon which the credit union was founded - to $1800. By 1958 grew to $1 million, and currently Self Reliance holds $264.5 million in membership savings.

Although in the beginning people were mostly attracted to Self-Reliance because it was a Ukrainian institution, today Ukrainians are drawn to it also because of its great rankings vis-a-vis other national credit unions. For example, according to the Financial Handbook of Credit Unions, in the year 2000 Self Reliance New York was fourth out of 11,000 credit unions in the capital-to-assets ratio and fifth in the average share balance.

The employees of Self Reliance realize that the credit union owes its success to the pioneers and dedicated leaders who have worked and continue to work for the welfare of the institution. These leaders are honored daily, as visitors pass by a wall filled with the portraits of the prominent people in Self Reliance history. One such face is that of Bohdan Kekish, the current president and CEO of Self Reliance.

According to Dr. Kekish, when the founding fathers began this credit union they had two purposes in mind. The first was to create a forum in which individuals and the community could help each other, and the other was to revive the Ukrainian credit union movement that was liquidated in Ukraine in 1944 by the Soviet regime. "Today our mission is to serve our clients and to foster communication within the community," Dr. Kekish added.

Dr. Kekish believes that the key to this successful credit union has been its viability. When asked about future plans of the credit union, he explained, "The largest responsibility of Self Reliance today is to continue to adapt to the needs of the people. Fifty years ago we did not have a clear vision for the future, because there were so many unknown factors. Today we have created a dynamic model with a long-range vision."

Trends within the Ukrainian American community seem to be recurring. Just like 50 years ago, when the first immigrants started saving their money and placing it in accounts at Self Reliance, today the newest immigrants, who comprise approximately 10 percent of the credit union's membership, are also entrusting the credit union with their hard-earned money. And they, too, take advantage of this social/financial institution, where they receive sound financial advice, take comfort in the familiar faces and network for jobs among members.

With membership increasing each year, Dr. Kekish is hopeful about the future. "Financial service is here to stay, and we have found our niche: we are ethnically based and offer competitive service to the community," he said.

In the future, Dr. Kekish revealed, Self Reliance plans to adopt the latest technology which will enable members to bank from home. Although more convenient and much faster, there is no doubt that many will still stop by the bank in order to enjoy the Ukrainian atmosphere and the social aspect of the Self Reliance experience.

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