About The Heritage Foundation

The Heritage Foundation, as part of First Security Federal Savings Bank, was created in 1996 as a private, non-for-profit, grant-making organization. With an initial infusion of $5 million worth of First Security cash and stock, the foundation took on the mission and objective  of financially supporting Ukrainian educational institutions,  churches, seminaries,  museums, social, cultural and youth organizations in the United States as a means of giving back to the community which built and supported First Security Federal Savings Bank. The overarching goal was to help maintain the viability and vitality of the Ukrainian community in the US, to provide awareness of Ukrainian history and culture, and to highlight the richness of the Ukrainian heritage.

The original board of directors of The Heritage Foundation comprised Julian Kulas, president and CEO of First Security Federal Savings Bank, Paul Nadzikewycz, chariman of the board of directors, and bank director Taras Gawryk

In 2004, First Security Federal Savings Bank, which had been serving the Ukrainian community of Chicago since 1964 and which also included a branch in Philadelphia, PA, announced its  merger with MB Financial Bank. As part of the merger agreement, MB Financial stated that, in order to "emphasize its commitment to First Security's customers and communities," it would donate $1 million to The Heritage Foundation. Following MB Financial's contribution, The Heritage Foundation had a base of $12 million dollars. Today The Heritage Foundation is thriving and continuing its mission to support  Ukrainian institutions.