The Polish & Slavic Federal Credit Union (PSFCU), the biggest ethnic credit union in the U.S., has allocated $2.5 million as a special dividend payout to help its clients in these tough economic times.

Dividends will be paid to individuals and businesses who have been members of the Union since December 31, 2009. They will receive a one-time payout equal to 0.25 percent of their average balances on their accounts for the year ended December 31, 2009. The special dividend will be automatically deposited into members' savings accounts on May 3.

"We have once again demonstrated the benefit of membership in a well-managed, member-driven credit union," said Tomasz Bortnik, Ph.D., chairman of the board of directors. "There's never been a more appropriate time for us to share our success with our members.  This special dividend sends a clear signal to all members that we place a tremendous importance on contributing to their financial well-being."

This is the first time in the history of PSFCU that dividends will be paid. The payouts are possible, to a great extent, thanks to last October's board of directors' elections when members chose candidates who advocated for sharing profits. Their elections campaign program stated: "The Union should share its success with its members."

"With our strong financial position we can afford to help our members in these extremely difficult times," said Agnieszka Poslednik, chief operating officer.

"We've long stressed that the PSFCU is something more than a bank, and the special dividend proves the point very well," said Tomasz Bortnik. "We continue to grow, continue to innovate and continue to think of our members first.  We're excited about the future and look forward to continued success."

The Polish & Slavic Federal Credit Union currently has 15 branches in New York, New Jersey and Chicago, as well as an operation center in Fairfield, NJ. The Union has over $1.31 billion in assets and serves almost 70,000 members.