The Polish & Slavic Federal Credit Union was established in 1976 by the founders of the Polish & Slavic Center led by Rev. Longin Tolczyk. The founders wanted to help immigrants who, upon arrival in New York City, wanted to buy houses in Greenpoint but were turned down by the banks. Banks were unwilling to extend credit for purchases or renovations of real estate properties to people who did not yet have an established credit history, especially since these properties were located in an area that was run-down at the time.