[Congressional Record (Bound Edition), Volume 146 (2000), Part 14]
[Extensions of Remarks]
[Pages 21220-21221]
[From the U.S. Government Publishing Office, www.gpo.gov]



         TRIBUTE TO THE SELF RELIANCE (NJ) FEDERAL CREDIT UNION

                                 ______
                                 

                        HON. BILL PASCRELL, JR.

                             of new jersey

                    in the house of representatives

                       Thursday, October 5, 2000

  Mr. PASCRELL. Mr. Speaker, I would like to call to your attention the 
deeds of a remarkable organization, the Self Reliance (NJ) Federal 
Credit Union of Passaic, New Jersey. This outstanding money lending 
organization celebrates its 40th Anniversary on Sunday, October 29, 
2000. It is a company with a long history of caring, generosity and 
commitment to others. Its years of service and leadership deserve to be 
honored.
  The Self Reliance (NJ) Federal Credit Union was recognized for its 
many years of leadership in Passaic, which I have been honored to 
represent in Congress since 1997, and so it is only fitting that these 
words are immortalized in the annals of this greatest of all freely 
elected bodies.
  The Self Reliance (Passaic, NJ) Federal Credit Union opened its doors 
in January of 1960 with seven members in a small office. The office was 
located in the Ukrainian National Home on Hope Avenue in Passaic. 
Members include members of the Self-reliance'' Association of Ukrainian 
Americans, employees of the Union and relatives of employees. Founded 
on the principle of ``People Helping People,'' the credit union 
provides financial services that help its members enhance their quality 
of life.
  On February 28, 1960, 51 members elected the credit union's first 
Board of Directors and Supervisory Committee. A loan policy was 
established. In January of 1961, the first annual meeting of members 
took place. Over the first year the credit union's membership increased 
to 191 and total loans were $23,000. The following year there were 241 
members and total loans increased to $44,000. From 1966 through 1970, 
the credit union gained approximately 40 members per year to a total of 
582, with $424,000 in loans.
  In 1989, the Board of Directors purchased a building on Allwood Road 
in Clifton, New Jersey. The site was completely renovated. In August 
1991, the credit union relocated its main office to Clifton, and 
expanded the hours of operation at the branch office in Passaic. In 
April 1993, the organization changed its name to Self Reliance (NJ) 
Federal Credit Union.
  In November 1995, the union established an additional facility in 
Whippany, New Jersey.

[[Page 21221]]

The same year the union introduced VISA Credit Cards, Home Equity 
Loans, international electronic fund transfers and IRS Certificates of 
Deposit to its list of services. During 1996, VISA Check (Debit) Cards 
were introduced giving members ATM machine access.
  In July 1997, the group merged with Self Reliance (Elizabeth, NJ) 
Federal Credit Union increasing the number of branch offices to four. 
By 1998, with financial growth of 15%, the credit union became the 
largest Ukrainian financial institution in the State of New Jersey.
  Today the union boasts nearly $60 million in assets and over 4,300 
members. To mark the occasion of its 40th anniversary in the year 2000 
a disco was held on October 27, a Zebava (cultural) dance was held on 
October 28, and a banquet was held on October 29.
  Mr. Speaker, I ask that you join our colleagues, the members and 
supporters of this special credit union and me in recognizing the 
outstanding and invaluable service to the community of the Self 
Reliance (NJ) Federal Credit Union.

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