Frequently Asked Questions

The Polish National Credit Union Members

There will be no changes to staffing, products, services, or level of member care. Members can bank using the same account numbers, checks, debit cards and login information. An additional location will now be available to you at 232 N. Main Street in East Longmeadow, MA.

Our name will remain the same. Premier Source Federal Credit Union (PSFCU) will become The Polish National Credit Union.

The Headquarters/ Main Office will remain at 46 Main Street in Chicopee, MA.

Yes. Both PNCU and PSFCU Board of Directors support the merger, as well as the executive management teams. All parties agree that the joining of PSFCU and PNCU will result in more growth opportunities for both credit unions. It is worth noting, regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration, Massachusetts Credit Union Share Insurance Corporation and approval from the membership of both credit unions is required to move forward.

The merger is expected to be completed in the spring of 2022 pending regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration, Massachusetts Credit Union Share Insurance Corporation and approval from the memberships of both credit unions.

PSFCU (formerly Kelko Credit Union) was founded in 1941 by the employees of Kellogg Envelope Company who expressed a need for better banking products and wanted to have a voice in management. Later, PSFCU acquired Twin Meadows Federal Credit Union, Spalding Employees Credit Union, Embeco Credit Union (Hasbro Games), and most recently, Wemelco (WMECO). PSFCU is a not-for-profit, member-owned financial institution that exists to serve the financial needs of its’ members. Currently, there are 13 employees with PSFCU and all employees will become employees of PNCU.

This is a win-win for all parties involved for several reasons. PNCU is able to grow its’ geographic presence and access for both members making it easier and more convenient than ever before to bank with us. We are also able to preserve the credit union culture by combining with a congenial partner, like PSFCU.

PSFCU is located at 232 N. Main Street in East Longmeadow, MA. This location will remain open and become another PNCU branch.

PNCU members will benefit by having another location to conduct their banking. Combining the two Credit Unions will put us in an advantageous position and allow us to select the best systems and processes to benefit the credit union and our members going forward.

James Kelly will continue to be the CEO of PNCU and PSFCU CEO, Bonnie Raymond will assume a senior management position.

PNCU will vacate one board seat to allow one PSFCU Board Member to join the PNCU Board of Directors. There will be no other changes to the PNCU Board of Directors.

Regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration, Massachusetts Credit Union Share Insurance Corporation and approval from the memberships of both credit unions is required.

Premier Source Federal Credit Union Members

Yes. Premier Source Federal Credit Union (PSFCU) will become The Polish National Credit Union (PNCU).

The Headquarters/ Main Office will be in Chicopee, MA at 46 Main Street.

Yes. Both PNCU and PSFCU Board of Directors support the merger, as well as the executive management teams. All parties agree that the joining of PSFCU and PNCU will result in more growth opportunities for both credit unions.

The merger is expected to be completed in the spring of 2022 pending regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration, Massachusetts Credit Union Share Insurance Corporation and approval from the memberships of both credit unions.

PNCU was founded in 1921 by a group of fifteen Polish immigrants with an initial investment of $325, who wanted to provide a systematic method of savings and low-cost loans to residents of the local community. In 1985, the Credit Union acquired Granby Credit Union followed by Buxton Employees Credit Union in 1989. Shortly after, PNCU moved their main office from Exchange Street to Main Street in Chicopee. In January 2006, PNCU acquired Westfield River Federal Credit Union and built a new full-service branch in Southampton, MA. Just a few years later, in November 2010, another full-service branch was opened in Hampden, MA. In 2012, the Credit Union acquired ValleyStone Credit Union and in 2016, acquired Chicopee Municipal Employees Credit Union. Today, PNCU stands strong and proud as a full-service community credit union with a complete line of personal and business banking products, investment services and insurance products. PNCU has 7 branches located in Chicopee, Granby, Westfield, Southampton, Hampden and Wilbraham, MA. PNCU also has a Loan Center at 94 Main St. in Westfield, MA and an insurance agency (PNCU Insurance Services, LLC.) at 270 Westfield Rd. in Holyoke, MA.

This is a win-win for all parties involved for several reasons. PSFCU is able to grow its’ geographic presence and access for both members making it easier and more convenient to bank than ever before. We are also able to preserve the credit union culture by combining with a congenial partner, like PNCU.

The main reason for this merger is to enhance the products and services we are able to provide our members. PNCU is able to provide our members with an expanded line of products such as business banking products, investment services and insurance products. As a $70 million credit union, we do not have the financial strength to remain competitive. Together, we will be a $770 million dollar credit union and can offer new products, services and technologies to our members.

PSFCU is proud of their many years of service as an independent credit union. However, it has not been easy to remain an independent credit union in today’s environment. PSFCU faces the same regulatory burden and increasing expenses as larger financial institutions without the capital to support the demands. Knowing the road ahead won’t be easy, PSFCU has decided to merge while we are in a position of strength.

PNCU has 7 branch locations:

46 Main Street in Chicopee, MA

923 Front Street in Chicopee, MA

2002 Boston Road in Wilbraham, MA

32 College Highway in Southampton, MA

1 Parkside Avenue in Westfield, MA

25 E. Longmeadow Road in Wilbraham, MA

34 West State Street in Granby, MA

ATM located at 244 Exchange Street in Chicopee, MA

PNCU also has a school branch located inside Chicopee Comprehensive High School where they run an internship program, plus a Loan Center at 94 Main St. in Westfield, MA and an insurance agency (PNCU Insurance Services, LLC.) at 270 Westfield Rd. in Holyoke, MA.

PSFCU members will benefit by having more locations to conduct their banking. Combining the two Credit Unions will put us in an advantageous position and allow us select the best systems and processes to benefit the credit union and our members going forward.

James Kelly will continue to be the CEO of PNCU and PSFCU CEO, Bonnie Raymond will assume a senior management position.

PNCU will vacate one board seat to allow one PSFCU Board Member to join the PNCU Board of Directors. There will be no other changes to the PNCU Board of Directors.

Regulatory approval from the Massachusetts Division of Banks, National Credit Union Administration, Massachusetts Credit Union Share Insurance Corporation and approval from the memberships of both credit unions is required.

Yes, all PSFCU members will become a PNCU member automatically.

All PSFCU employees will become employees of PNCU.

No. Shares and deposits will continued to be covered by the National Credit Union Share Insurance Fund (NCUA) and Massachusetts Credit Union Share Insurance Corporation (MSIC).

No. All certificate rates, interest rates and terms and conditions will remain the same until maturity. Withdrawal penalties and interest compounding methods will also remain the same until maturity on your PSFCU product.

Every effort will be made to maintain your current account numbers. If any changes are necessary, all members will receive a separate notice with details before the change occurs.

Yes. Your personal checks and PSFCU debit cards will still work. Eventually, you will receive new, contactless PNCU debit MasterCard™, but all members will receive a separate notice with details before the change occurs.

Relationships Built to Last

For more information about accounts and services, find a branch nearest youuse our Contact Form, or call us at (413) 592-9495.

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