The Story That Started with $359: Selfreliance Federal Credit Union Celebrates 75 Years of Success

Imagine a financial institution that, at the start of its operations, didn't have computers or its own office, not even a simple iron safe. The treasurer literally carried the first savings of depositors in his own pocket as he returned home in the evening. It sounds like the beginning of an adventure novel, but this is the real story of how one of the most successful financial projects of the Ukrainian diaspora began in 1951 – the Selfreliance Federal Credit Union (Credit Union "Selfreliance").

On June 20, 2026, this renowned financial institution officially turned the page on its 75-year history. The celebration of this significant date turned into a true festival of unity: about 200 distinguished guests visited the Ukrainian National Museum. On this day, the entire large Ukrainian family gathered in one place: representatives of the clergy, directors of Ukrainian studies schools, leaders of energetic youth organizations, and key figures of the Ukrainian-American community. Today, looking back three-quarters of a century, it becomes clear: this is not just an anniversary of a successful financial institution. It is a living chronicle of several generations of Ukrainians who believed in the power of unity, responsibility, and mutual assistance. It is a story of how the great American dream came true by relying on one's own strength.

Great hopes and zero in the pocket

To understand the phenomenon of "Selfreliance's" success, it is worth mentally returning to the late 1940s. After the end of World War II, a large wave of Ukrainian emigration began arriving in the United States. These were thousands of people who were forced to leave their native land. Many of them had gone through long years of uncertainty in displaced persons camps in Germany and Austria.

Former professors, prominent doctors, talented engineers, teachers, craftsmen, and farmers disembarked at train stations and ports in New York, Chicago, Detroit, and other American cities. They carried with them minimal luggage but a colossal intellectual and spiritual potential. However, in the new country, their status meant nothing – here everything had to be started from scratch.

The American financial system met the newcomers coolly. Without a credit history, without high-level language skills, and without collateral, it was practically impossible to get a loan from an American bank. Ukrainians could not borrow money even to buy a modest first car to get to work at factories, let alone buy a home.

It was at this critical moment that the understanding emerged: if we do not help ourselves, no one will help us. In 1947, activists created the "Selfreliance" Society – a unique network of mutual assistance. Volunteers found the first apartments for immigrants, helped with employment, and provided free legal consultations.

But charity was not enough. The community wanted not just to survive but to develop. An instrument was needed that would allow Ukrainian families to accumulate capital, invest in their own business, and build a long-term financial future.

Ten brave souls and the first $359

In the spring of 1951, the idea of creating their own financial institution moved into the legal realm. On May 12, 1951, ten Ukrainian cooperative activists with pre-war Galicia experience signed the organizational certificate of the new institution. The state gave the "green light" quite quickly: on June 20, the Federal Bureau of Credit Unions officially approved the documents, and on July 2, the first founding meeting took place.

The scale of the start today brings a good smile:

Only 48 people attended the first meeting.

The initial capital collected from the first contributions amounted to only $359.

There was not enough money for the most necessary things – even for renting a full-fledged office and buying a safe. That's when the story was born about the treasurer who carried the union's money in his pocket because leaving it in an unadapted room was dangerous. But these people had another capital that is not subject to inflation – trust.

During the first two years of "Selfreliance's" operation, none of its employees received a salary. The institution developed thanks to the enthusiasm, dedication, and deep faith of its founders in the power of cooperation and mutual assistance. This spirit of service to the community became one of the main factors of its future success.

The English word "Selfreliance" became not just the sign of a financial institution. For immigrants, it turned into a password. Entering "Selfreliance" meant entering a space where there was no language barrier, where your problems were understood without unnecessary explanations, and where you would definitely be helped, believing in your potential.

Tempered by crises: when the whole world is stormy

Over its 75 years of operation, "Samopomich" has repeatedly been tested for strength by global economic cataclysms. The credit union not only survived all crises but emerged from them even stronger, proving that the cooperative model is much more resilient than classical aggressive capitalism.

When America was engulfed by record inflation in the 1970s, "Samopomich" managed to preserve the savings of its depositors. The economic upheavals of the early 2000s and the devastating global financial crisis of 2008, which wiped out dozens of large American banks, did not shake the stability of the Ukrainian credit union.

The main secret was that in times of crisis, "Selfreliance" did not close its doors to people but went to meet them:

Support program in the 2000s: during another wave of economic instability, the credit union's management made an unprecedented decision – to create a special assistance fund amounting to $200,000. These funds were intended for those union members who lost their jobs or found themselves in difficulty due to the crisis. More than 200 Ukrainian families were able to stay afloat and preserve their businesses thanks to these payments.

COVID-19 pandemic: when the world came to a standstill due to quarantine, "Selfreliance" demonstrated remarkable efficiency. The institution became an active participant in the government's "Paycheck Protection Program," and the credit union's employees literally worked day and night processing applications, helping small Ukrainian businesses, parishes, schools, and community organizations receive subsidies in time to pay salaries and preserve jobs.

The foundation of Ukrainian identity

It would be a mistake to perceive "Selfreliance" only through the prism of numbers, interest rates, and balances. The credit union became the main economic sponsor of Ukrainian life overseas. Without this support, the diaspora would have found it much harder to preserve its language and culture in the American "melting pot."

A special mission of "Selfreliance" has always been investing in youth. For 75 years, the institution has annually allocated significant budgets to fund Ukrainian youth organizations. Thanks to this, children's camps function, large-scale festivals, sports tournaments, art exhibitions, and concerts are held. The credit union nurtures new generations of successful Americans who know and are proud of their Ukrainian roots.

A new century – new scales

Today, in 2026, the Credit Union "Selfreliance" is a modern, powerful financial institution. The path traveled from that first room with a capital of $359 is impressive:

The number of active union members is almost 50,000.

A network of 16 branches has been deployed in 6 different states of the USA.

The institution offers advanced digital technologies and services.

The volume of member deposits reaches one billion dollars.

The world around has changed dramatically. Paper savings books have been replaced by blockchain technologies, online transfers, and artificial intelligence. However, when you enter any branch of "Samopomich," you feel the same unique atmosphere that the founding fathers laid down back in 1951: a coziness where the client is not just an ordinary number in a database but a full-fledged member of a large family.

The anniversary celebrations on the occasion of the 75th anniversary became a great opportunity to bow in respect to those pioneers who were at the origins. At the same time, it is a confident look into the future.

"Selfreliance" will continue to be a reliable financial support for Ukrainians in the USA. The history of this amazing institution proves a simple but fundamental truth: when people unite around common values and sincere trust, any bold dream becomes a reality capable of changing the course of history.

Take a peek into history: an exhibition worth visiting

The anniversary celebration is not limited to one day. Especially for its 75th anniversary, "Selfreliance" has prepared a unique exhibition at the Ukrainian National Museum.

This is a living, visual journey through time that vividly shows the entire interesting path of the institution. The exhibition is open to everyone until July 5, 2026. The organizers sincerely invite every community member, old friends, and new guests to visit and touch this inspiring story.

Where and when guests are expected:

Address: Ukrainian National Museum, 2249 W Superior St, Chicago, IL 60612.

Museum hours:

Monday and Tuesday: closed.

Wednesday to Sunday: from 11:00 to 16:00.

A pleasant surprise: everyone who visits the exhibition will receive a commemorative gift from the anniversary celebrants – an exclusive umbrella from "Samopomich" (while supplies last).

75 years ago, it all began with great faith in one's own strength. Today, this story belongs to each of us. Come to become a part of it: by using "Samopomich's" services, you not only save on loan interest and bank fees but also support the development of the Ukrainian community in America.

Photo: Roman Parubochyi