The Polish Polam Credit Federal Union in South California (until 1995)

Abstract

The economic life in South California developed in the 1960s and the Polish community there (numbering about 300.000 people) aspired to grow rich. These two facts made them to establish in Los Angeles on June 19, 1969, a substitute for a Polish bank, namely the Polam Credit Federal Union, shortly called Polam. Their founders were Henryk and Lila Westfalewicz with eight other people. The institution is a section of All-American Credit Union and works strictly according to the federal regulations. Each year it is under control of the federal authorities which insure the accounts of the Polam for up to 100.000 dollars. Until November 30, 1973, the Polish Federal Union had been the only Polish financial institution on the West Shore of the United States. It was only on that day that another institution of that name was called to existence - in San Francisco for Sought California. Only people of Polish origin, and those belonging to the Congress of American Polonia, can be members of the Federal Union. The main purpose of the Polam is to encourage the Polish people to save money and to obtain credit and loan. Since 1977 up to the present moment the manager is Krzysztof Hiller. During the economic boom of the 1980s the financial and operational activity gathered momentum, and in the beginning of the 1990s it brought the effects of depression down to a minimum. The office was modernized and gained a professional character. It was computerized, new bank accounts were introduced: savings account, checking account, deposit account, retirement account (the so-called IRA accounts) and credit card (Visa Card) which makes it possible to do shopping without money in millions shops of the world. Before that, in 1987, in order to satisfy the client another division of Polam was opened for Orange administrative unit, and in 1991 there was a second Division in San Diego. Both branches were dissolved. In the meantime, from August 1993 to April 1995, Krzysztof Hiller set up a network of Polam outlets (Credit Union Service Centers) which amounted to 23. They were all united electronically with the Main Office. Those centers popularized Polam and gained new members. The credit card program multiplied its members even more, and it gained recognition from Polonia. It had one of the lowest interest rate on the American market. The supervising organ of the Union was a Board of Directors with a Board of Supervisors. The office staff, with the general manager at its head, were to carry out directives from the board and financial operations. Mainly Polish is spoken in Polam. Until 1997 the number of Polam increased to over 3000, and the total number of deposits extended 25 million dollars. Manager Hiller obtained many awards and diplomas from the federal government and Polish government in exile. Polam's financial situation is very good and it is not only a loan-giver and also a rich sponsor. Polonia gains high interests in Polam on their deposits and pays relatively low interests on loans.