A Strategic Path Forward
The Board of Directors of Ukrainian Selfreliance Federal Credit Union (UKRFCU) has explored ways to enhance services and ensure long-term sustainability. This merger would combine 145 years of experience, expand access to financial services, and increase community investment. SRNYFCU will be the continuing charter, however the merged credit union will announce a new name in the second half of 2025. Furthermore, the merged credit union will operate two regional centers in New York City and in suburban Philadelphia to ensure responsiveness to members’ financial needs.
Our regulator, the National Credit Union Administration (NCUA), granted approval to pursue this merger on May 22, 2025. A membership meeting to approve the merger with SRNYFCU was held on August 12, 2025, with a completed merger targeted by September 30, 2025.
Two of the Nation’s Largest Ukrainian American Credit Unions Are Merging
UKRFCU and SRNYFCU—two of the largest credit unions serving the Ukrainian American community—have agreed to merge in 2025, pending regulatory approval and a member vote.
The combined credit union will have $1.9 billion in assets, serve over 31,000 members, and maintain all existing branches across PA, NY, NJ, and MD. The merger brings together two institutions with over 145 years of shared history and a common mission to strengthen financial services for Ukrainian Americans.
Bohdan Kurczak, CEO of SRNYFCU, will retire following the merger, with Anatoli Murha, current CEO of UKRFCU, stepping into the role. All staff will be retained, ensuring continuity for members.
“This merger allows us to expand services, invest in our communities, and better meet our members’ financial needs,” said Kurczak and Murha in a joint statement.
FAQs
The decision to merge stems from a shared vision to strengthen and expand the value we provide to our members. With a combined legacy of 145 years, both institutions bring unique strengths that, together, create a more powerful and resilient credit union.
By merging, we’ll gain greater scale—enabling us to offer broader access to financial products and services, enhance community investment, and operate more efficiently. The combined credit union will be better equipped to meet the evolving needs of our members while remaining grounded in our shared mission and values.
By joining together, UKRFCU and SRNYFCU will continue to uphold their shared, members-first philosophy while gaining the strength and scale to better serve members today and in the years ahead. The merger will enable the combined credit union to offer more competitive rates, expanded products and services, improved convenience and account access, and reduced operating costs through increased efficiency.
Additionally, the merged credit union will also achieve economies of scale which will permit it to better compete in the increasingly competitive financial services industry.
Together, we’re building a stronger future—rooted in trust, guided by shared values, and focused on serving you better every day.
The merger will take place in two key phases: Legal Merger and Operational Merger.
- Legal Merger – UKRFCU and SRNYFCU will legally merge into a single, unified credit union entity. This step enables us to make decisions that benefit our entire membership. The legal merger is scheduled for on or before October 1, 2025.
- Operational Merger – Following the legal merger, we’ll begin aligning all operational aspects—including accounts, loans, products, and services. This operational integration is expected to be completed in 2026.
Rest assured, there will be no immediate changes to your accounts, products, or services. Any changes that do occur will be clearly communicated to you well in advance, so you’ll always know what to expect. Our priority is to ensure a seamless transition with minimal disruption to your everyday banking experience. We are committed to keeping you informed every step of the way.
Self Reliance New York Federal Credit Union (SRNYFCU) was established in 1951 by a group of volunteers dedicated to the cooperative philosophy of “people helping people”. Under the sponsorship of the New York Branch of the Selfreliance Association of American Ukrainians, it is currently the oldest and largest Ukrainian Credit Union in the world with over 15,000 members and assets exceeding a billion dollars.
SRNYFCU exists for its members’ benefit, constantly striving to:
- Foster the ideals of cooperation and promote the financial well being and security of its members and through them the Ukrainian American community;
- Promote thrift, provide credit and quality financial products and services to meet members’ demands, in a professional, confidential and courteous manner;
- Safeguard its members’ assets by investing funds in a safe and sound manner that will strengthen its capital growth formation while providing a strong base for growth
No, all branches will remain open.
Yes, absolutely! New members are welcome to continue to join UKRFCU at any time before, and after, the merger.
Member accounts, loans, and online banking services will remain unchanged in the short term. Over time, members may see enhancements, but all transitions will be communicated clearly, with support available to assist with any changes. Loan terms, rates and payment schedule will remain as per your loan agreement.
No immediate changes will occur. Members can continue to use their current branches, online banking, and branch network as usual.
Yes, your deposit accounts will remain insured at the same level as before. The National Credit Union Administration (NCUA) insures all deposits up to $250,000 per account. For more information regarding insurance coverage, please visit the Share Insurance Estimator at www.mycreditunion.gov.
During the merger, UKRFCU will continue to be committed to the highest standards of keeping the privacy and security of members’ data, which is also relevant to SRNYFCU.
We are collaborating with a branding agency to develop a new name and brand identity for the credit union. Maintaining a strong connection to Ukrainian heritage remains a key priority throughout this process.