Two of the nation’s largest credit unions that serve the Ukrainian American community announced plans to merge.

The $1.4 billion-asset Self Reliance New York Federal Credit Union and the $535 million-asset Ukrainian Selfreliance Federal Credit Union plan to combine sometime next year.

The resulting institution will have more than 31,285 members and operate 11 branches in Maryland, New Jersey, New York and Pennsylvania. 

In a press release Thursday, the companies said the driving factor in the merger was the recognition that each credit union has strengths to complement the other. 

The scalability created from the merger will offer members expanded access to personal finance opportunities and more investment into their respective communities, the companies said. 

“Our missions have long been the same,” said Bohdan Kurczak, president and CEO of New York City-based Self Reliance. “And both of our boards believe the synergy that can come from partnering together as one credit union will maximize the value of the credit union to the Ukrainian American community.”

Self Reliance New York FCU will be the continuing charter, but the merged credit union will operate two regional centers in New York City and in suburban Philadelphia.

Ukrainian Selfreliance FCU is based in Feasterville Trevose, Pennsylvania – outside of Philadelphia – and serves more than 16,000 members.

Upon Kurczak’s planned retirement in 2025, Anatoli Murha, CEO of Ukrainian Selfreliance FCU, will assume the president and CEO role for the new credit union.

“This unique opportunity offers us the ability to invest more into our members, and our employees’ inclusive of new career opportunities, and our communities on a scale that will secure the future of the Ukrainian American community,” Murha said in the release. 

Both credit unions have struggled with earnings of late.

Self Reliance New York FCU earned roughly $127,000 in the first half of 2024 after earning $4 million a year earlier, according to call report data from the National Credit Union Administration.

For Ukrainian Selfreliance FCU, earnings were down 87% after the second quarter to $138,000.

“Better meeting our members’ financial needs with the strongest and most responsive credit union possible is the impetus for the merger. Uniting the talent and expertise from both organizations will make for a smooth transition.”

 – Bohdan Kurczak
President and CEO
Self Reliance New York Federal Credit Union