March 17, 2023

To read more about the annual meeting or view other topics like The Chairman’s Report, Nova UA FCU’s 2022 financial position, and statement of income and expenses for 2022, click here.


Nova UA Federal Credit Union 63rd Annual Meeting

The Nova UA Federal Credit Union held its 63rd annual meeting on March 10, 2023, at the St. Nicholas School auditorium, 212 President Street, Passaic, NJ.


Prior to the start of the meeting, prayers were offered by Fr. Andriy Dudkevych and

Fr. Oleksii Holchuk.  A moment of silence was observed in memory of our 2022 Deceased Members.

  • Minutes from the prior annual meeting were read and approved.
  • Reports were presented by the Chairman, Treasurer (Financial), CEO and Supervisory Committee.
  • Board members Nicholas Kosciolek and Walter Woinov were re-elected for the next term.


In 2022, Nova UA FCU continued to meet the financial needs of our members and achieved strong financial results.  Despite the challenging economic environment driven by the Federal Reserve’s numerous rate increases to combat inflation, our credit union remains in an extremely strong capitalized position, well positioned for growth and advancement.  Our financial results are available on our website.  Key results include net earnings of $987,709 and loan growth of 11.5% with the total amount of loans increasing to more than $90 million.

Wolodymyr Mohuchy, a member, commended the Credit Union for the support provided to Holy Ascension Church in their effort to raise funds and send humanitarian aid to Ukraine.

  • The meeting was closed with the singing of the American and Ukrainian anthems.

After the meeting, the Board convened to define the Board roles and responsibilities for the current year.  Based on Chairman Dr. Michael Lewko’s recommendation, the Board unanimously approved the following positions:

Chairman:               George Oliarnyk

Vice Chairman:       Dr. Michael Lewko

Treasurer:               Nicholas Kosciolek

Secretary:               Pawlo Figol

Member:                 Walter Voinov

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