Generations of Trust
1951 2026
On May 12, 1951, ten determined individuals gathered in a borrowed room on West Chicago Avenue with just $359 between them.
75 years later, Selfreliance Federal Credit Union is the largest Ukrainian-American credit union in the United States by membership, serving nearly 50,000 members across 6 states, with $1 billion in assets and $2.5 billion in loans issued over our history.
The $359 is the part people remember. What is harder to explain is how a group of immigrants, who arrived with so little, built something that would endure - and continue to grow - three quarters of a century later. The answer is the same today as it was then: Members helping members. Nothing more complicated than that.
Our Founding
Where Our Story Began
After World War II, Ukrainian immigrants arrived in Chicago in waves. They were engineers, teachers, doctors, farmers, and former soldiers who had fled displaced persons camps in Germany and Austria. Many settled in Ukrainian Village on the Near West Side. Summers were humid and unfamiliar, and as some families later recalled, on hot nights they would take a blanket to Humboldt Park because it was cooler outside than in their apartments.
In 1947, the Selfreliance Association was founded to help these new arrivals find work, housing, and a sense of community. But within a few years, it became clear that humanitarian aid alone was not enough. Families needed a place to save money, a place to borrow it, and a place that would welcome them even if they had no American credit history and spoke limited English.
On May 12, 1951, ten cooperative pioneers signed the Organization Certificate of Selfreliance Federal Credit Union. In those early years, most branches operated on Sunday mornings after church services, when the community naturally gathered. Staff hand-delivered financial reports to the main office each week. Nobody was paid — everything relied on their dedication, commitment, and the shared belief that together, they could build something lasting .
Founded
May 12
1951 · Chicago, Illinois
10 founding members signed the Organization Certificate
$359 in initial capital
48 members attended the first general meeting
Charter No. 7346 issued by the Bureau of Federal Credit Unions
First office rented from the Besida Society , 2408 W. Chicago Ave., Chicago, IL
Staff worked entirely without salary for the first two years
SEVENTY-FIVE YEARS
Moments that defined us
The beginning
Ten pioneers establish Federal Credit Union Charter No. 7346 with $359 and a borrowed room at the Besida Society. In the first two years, the fund issued 11 loans . No one received a salary. Everything ran on trust between members.
Voice of Ukraine
Selfreliance launched a daily Ukrainian-language radio program from its own office, running from January 1957 to January 1959 . It was the first credit union in the region to operate its own daily broadcast, keeping the community informed, connected, and financially educated.
When others turned away
Ukrainian entrepreneurs sought financing to build hotels in Wisconsin Dells . American banks declined to lend to newly arrived immigrants. Selfreliance believed in the projects, offered flexible seasonal repayment terms, and provided the financing. Every project succeeded.
Federal deposit protection
Member savings became federally insured up to $100,000 by the NCUA, placing Selfreliance on equal standing with major U.S. banks. As of 2026, that coverage stands at $250,000 .
A new era of banking
Total assets reached $100 million . The Northwest Branch became the first to implement real-time computerized operations, beginning the transition from paper ledgers to modern financial infrastructure.
Standing by members in hardship
During the financial difficulties of the early 2000s, Selfreliance allocated $200,000 to a community relief fund. More than 200 members who experienced medical emergencies, accidents, or the loss of a loved one received non-repayable grants of $500 to $1,000 .
Selfreliance Foundation established
A dedicated charitable organization was created to support Ukrainian churches, schools, museums, youth organizations, and community institutions. From its founding through 2026, the Foundation has directed more than $10 million to the community.
Standing with our community through COVID
During the COVID pandemic, Selfreliance participated in the SBA Paycheck Protection Program (PPP) and helped businesses, community nonprofits, and churches continue to operate, saving hundreds of local jobs. In total, we originated 274 loans totaling $5.8 million, all of which were forgiven under the program. While many large banks were rejecting PPP loan applications from small businesses, community financial institutions like our Credit Union were there to help — showing our core mission and the true meaning of the credit union difference. Selfreliance also offered a skip-a-pay program to members facing hardship, waived nearly $100,000 in fees, and donated thousands of dollars and thousands of masks to churches and community organizations at a time that was critical for all of us.
Standing with Ukraine
Following Russia's full-scale invasion, Selfreliance waived all international wire fees to Ukraine and Poland. More than 20,000 new arrivals under the Uniting for Ukraine program were onboarded, many without prior U.S. credit history. The Selfreliance Foundation raised nearly $900,000 for humanitarian relief.
One billion dollars in assets
A milestone reached by very few community institutions. A merger with New England Selfreliance FCU expanded operations to five states : Illinois, Michigan, New Jersey, Connecticut, and Massachusetts.