LETTERS TO THE EDITOR (07/11/04)

LETTERS TO THE EDITOR

A response to Mr. Halkowych

Dear Editor:

I am writing this letter to respond to Zenon Halkowych's letter of May 30. As one of the founding members of 1st Security and a longtime employee and former member of the board of directors, I found his letter to be quite amusing. Those people to whom he refers as "false prophets" are longtime members of the Ukrainian community in Chicago who were involved in starting and developing youth organizations, building community centers, organizing fund drives, organizing protest activities, organizing sports teams, organizing political events, organizing cultural events, purchasing the Osela in Baraboo, Wis., and creating the now sold 1st Security Federal Savings Bank.

The bank was created from the investment of 120 Ukrainians and built from the ground up by tireless and non-compensated work from many "false prophets" who wanted to build an institution to help people of Ukrainian descent and to have a financial institution to call our own.

The bank prospered from the community whose members eventually believed in investing and doing business with a Ukrainian-managed savings and loan. More importantly, the bank would foster opportunities for the next generation of Ukrainians and Ukrainian Americans. Sadly, this is not to be.

Julian Kulas promised the members when going public was first being discussed that he would never sell the bank, and people believed him. When an opposing opinion was offered as to the reasons for selling a very profitable and solid bank these "false prophets" were threatened with letters from lawyers and eventually funds being cut off from Ukrainian programming (reminds us of similar tactics elsewhere).

True Ukrainian patriots fought and gave up their lives for Ukrainian independence and freedom of speech. A patriot does not sell out and profit ridiculously from an institution that was not created for the financial enrichment of several individuals and board members, but was created to build a financial base for present and future generations.

Mr. Halkowycz, come to Chicago and listen to the talk on the street, and you will find that a majority of Ukrainians condemn the sale of our financial institution. There are approximately 30,000+ new immigrants and they would appreciate banking at our own institution. These individuals are well-educated and hard-working, and would have appreciated the chance to work and develop 1st Security. (Mr. Kulas and the board of directors were given this chance.) Mr. Kulas said he could not find any employees to run the bank after his retirement and I find his reasoning to be just another excuse for selling out.

Note: During the conversion process a prospectus indicated that financial awards would be given to several individuals who were instrumental in the development and growth of 1st Security. Mr. Kulas gave his word that he would honor their commitment but after the sale of the bank was completed these options were transferred, apparently to MB Financial.

Myron Luszczak
Palatine, Ill.

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