Erie FCU - 2021 Annual Report

EXECUTIVE LEADERSHIP TEAM Brian Waugaman, Chief Executive Officer Brian Warzynak, Chief Information Officer Chris Cortes, Chief Operations Officer Denise Kaczmarek, Chief Lending Officer Fred Tonty, Chief Financial Officer Thomas Brennan, Chief Marketing Officer 2

Our Mission Statement

The mission of Erie Federal Credit Union is to responsibly deliver financial solutions that meet the needs of our community.

Our Vision Statement

The vision of Erie Federal Credit Union is to be the #1 most trusted financial resource in the region.

REPORT OF THE CEO Erie Federal Credit Union began modestly with 46 members, $241 in deposits and a single loan for fifty dollars when originally chartered on June 16, 1936. From these humble beginnings, we have grown to become the largest credit union in northwestern Pennsylvania, with over $725 million in assets and dedicated to serving members and businesses in both Erie and Crawford counties. This past year, Erie Federal Credit Union celebrated our 85th anniversary and we are only getting better with age.

Assets grew 8.19%, or $55 million, increasing total assets to $725.4 million.

• Deposits grew 8.83%, or $53 million, increasing total deposits to $656.2 million.

• Loans grew 4.69%, or $16.9 million, increasing total loans to $378.4 million with the bulk concentrated within auto, mortgage and business portfolios.

• Capital increased ten basis points from 9.46% to 9.56% of assets.

This remains well above the ‘well-capitalized’ threshold of 7.00% established by the National Credit Union Administration (NCUA).

Our member-first approach to financial services continues gaining momentum within the communities we serve. Because of strong member and community support, Erie FCU is nearly 69,000 members STRONG. The uncertainty and adversity realized over the past 26 months has allowed us all the opportunity to reflect and look beyond ourselves; to rediscover those things that provide purpose and meaning.

As an organization, we were no different. Front-line teams continued dedicated and individual service to the membership throughout this dynamic period, while internal teams worked to implement many workflow and operational changes aimed at positively impacting the overall member experience and product/service delivery.

requested texting capabilities have also been integrated to provide secure notification and enhanced communication with members.

As a not-for-profit financial cooperative, we believe that investing and reinvesting in our community is the right thing to do. Our 2021 Member and Community Impact Report brings increased awareness to the dedicated efforts we have undertaken to aid local partners and provide pathways to success.

• United Way of Erie County Erie FREE Taxes Volunteer Income Tax Assistance (VITA) Program – Staff volunteers continue their longtime support of this program and processed 1,091 qualified member tax returns returning $1.9 million back to deserving tax payers and the Erie Community while saving filers $240,890.

• “Give Hope - Feed the Need” Campaign – A donation in the amount of $30,000 was announced to support ten local food agencies. Each received $3,000 to be used for programs affiliated with supplying meals, nourishment and warm companionship to families and individuals this past winter.

We extend our appreciation to our members and the community for your continued support, trust, and awareness to our purpose.

Because of our continued commitment to the communities we serve, Erie FCU was once again voted: • “Erie’s Choice in Credit Unions” by readers of the Erie Times-News for the ninth consecutive year in a row.

• Erie’s “Best Bank” for the eighth consecutive year by readers of the Erie Reader.

• Additional honors included “Erie’s Choice in Mortgage Lender”, and our Erie Advisors group was awarded “Erie’s Choice in Financial Advisory Group.”

For instance, Erie Federal Credit Union understands most businesses need a checking account, but not every business needs the same type of account or service offerings. Based on member feedback, we introduced three enhanced business checking products to meet the needs of both new and growing organizations. Ongoing plans will introduce additional product, service and online tool offerings to ensure local business success.

Additionally, we invested in a new online member account opening portal that empowers members to open accounts in less than four minutes. Existing members benefit from the convenience of opening additional deposit products without the need to visit a branch office. More convenience means more time to do the things you want to do.

It is always nice to connect with a friendly, knowledgeable and human voice when you need support and direction.

This is why we increased staffing in our local support center and continue to offer free mortgage consultations. Member

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REPORT OF THE CEO, continued from page 2

Erie Federal Credit Union ended the year by welcoming our newest members from the Erie Times Federal Credit Union. A successful merger was completed on January 1, 2022. Erie Times FCU was organized in 1935 and was the oldest federal credit union in the area.

On behalf of our Board and staff, we commend the Erie Times FCU Board and staff for their leadership and dedication to the credit union movement for over 86 years.

I am very proud of and respect the accomplishments of our valued team of staff and volunteers. We continue making significant advancements and we’re excited to announce the much-anticipated construction of our new Fairview branch location scheduled for completion in late 2022.

In conclusion, Erie FCU strongly believes in helping our community succeed financially. We remain committed to doing the right things to support our members and local businesses while promoting our city and region. As a valued member you are the purpose behind all we do; the reason for our continued growth and success. Our continued success relies on the collective support of our members, our dedicated staff and volunteers, and our many industry partners.

Thank you! We cannot make the difference we do without you.

We are here for our community. We are here for you.

Best wishes for a safe and positive year.

Celebrating The Future

We’re building a new location to serve you better!

Our Fairview branch is scheduled to open in late 2022.

“The purpose of life is not to win. The purpose of life is to grow and to share.”

— Harold Samuel Kushner

Celebrating Excellence SUPERVISORY COMMITTEE REPORT Rick Macer, Chairman

Erie Federal Credit Union’s Supervisory Committee consists of volunteers who are appointed by the Board of Directors in accordance with the Federal Credit Union Act. This Committee is responsible for ensuring that credit union policies, procedures and internal controls are adequately designed to protect the Credit Union and its members’ assets against fraud and conflict of interest.

The Committee oversees and reviews the work of the internal audit department and ensures the financial condition of the credit union is accurately represented in their financial statements through a review by an independent audit firm.

CliftonLarsonAllen LLP completed an annual audit of our financial statements and verified the accuracy of members’ accounts for the year ending March 31, 2021. CLA confirmed that the financial statements fairly present the Credit Union’s financial position and conform to generally accepted accounting principles.

The National Credit Union Administration (NCUA) is an independent federal agency that regulates federal credit unions. They conduct periodic examinations of federal credit union’s records and 4

operations. Erie FCU’s last exam performed by NCUA was as of September 30, 2020.

The Supervisory Committee is pleased to report these positive results.

We will continue to work diligently in 2022 to ensure the Credit Union remains a safe and sound institution. We are grateful for the opportunity to serve you!

In closing, I would like to thank Mary Swaney & Stephanie Fitzgerald of the internal audit department for all the help they have provided our committee.

SUPERVISORY COMMITTEE MEMBERS Richard Macer, Chair

David Donnell

Ruth Waidley

Mary Swaney, Internal Audit Manager

Election of Directors: The Nominating Committee nominated James Lazan and Dennis Howard for re-election to the Board of Directors.

There were no nominations by petition received. Therefore, the nominees will be Elected by Acclamation at the Annual Meeting and serve a 3-year term.

BOARD OF DIRECTORS

Norb Kaczmarek

Richard Macer

Daniel Nawrocki

James Lazan

Laurie Becker

Dennis Howard

Celebrating Resilience

Dr. Pablo Reyes

Examples of these objectives or “moments of impact” are detailed in the 2021 Community & Impact Report later in this publication.

REPORT OF THE BOARD OF DIRECTORS

ERIE FCU CONTINUES TO GROW.

Dennis Howard, Board Chair

In an industry rife with mergers and acquisitions, Erie FCU prospers by operating in the best interest of our members. Besides the aforementioned merger with the Erie Times Federal Credit Union, we also grew our employee ranks, added many new innovations and technology, and also added a new Board member in Dr. Pablo Reyes. Pablo had previously served on the credit union Supervisory Committee.

On behalf of the Board of Directors, it is my pleasure to report that 2021 has been another exceptional year of growth and stability for our credit union. Today, Erie FCU has assets over $725 million with nearly 69,000 members, but our success didn’t happen overnight. From its humble beginnings as the Erie School Employees Federal Credit Union, Erie FCU has grown to become the largest credit union in Northwest PA. In spite of continued COVID-related challenges that have impacted our local economy and beyond, our leadership team and staff did not waver from their commitment to creating a stronger community, while creating long-term value for our loyal member-owners. As we continue to expand, as evidenced by our year-end merger with the Erie Times Federal Credit Union and the announcement of a new branch office in Fairview, PA, we remain committed to providing the very best value, convenience and 5-star service to you.

2021 was an important year for Erie FCU. As you’ll learn in the CFO Report, the Credit Union continues to be financially sound. We are proud of our successes, and we believe they are made possible by the commitment to member service and satisfaction exhibited by our team. We are dedicated to being your first choice in banking, and the feedback we receive from you in response to Member Satisfaction Surveys indicates that we’re making the mark, with nearly 75 percent of our members ranking us with 5-stars out of 5 in overall satisfaction!

Along with the credit union’s Strategic Plan, we continue to be guided by three critical outreach objectives, Financial education/literacy, Competitive products and services, and Random Acts of Kindness.

LOCALLY RUN. FEDERALLY INSURED. Erie FCU is committed to helping you protect your hard-earned money. All deposits are federally insured up to $250,000 or more per member by the NCUSIF (National Credit Union Share Insurance Fund). So, you can rest assured, knowing your deposits are local, safe and secure.

It’s no stretch to state that strong leadership is necessary to ensure that goals are achieved and maintained. Our CEO, Brian Waugaman, leads a talented team who collectively ensure the organization is fulfilling its strategic objectives. Also, your elected volunteer leadership on the Board of Directors and the Supervisory Committee are dedicated to making sure the credit union continues to head in the right direction and remains well managed.

In conclusion, 2021 has been another challenging year, albeit a very successful year, but more challenges undoubtedly will await us and our membership. When they arise, be assured that we’ll be here to support you today, tomorrow and for the next 85 years.

We continually thank and celebrate you, our members, for your ongoing business and trust.

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For more than 80 years, Erie Federal Credit Union has been a trusted member of our community.

Our story is really your story. Our story is everyone’s story. It’s a story of good times and bad. It’s the story of people. People from Erie. People we really know well. Our Moms, Dads, Aunts, Uncles and the next-door neighbors. These were the kind of people who worked hard, raised great kids and built a town we all call home.

When we tell our story, the Erie Federal Credit Union story, we began at the beginning of the summer of 1936 right at the end of the Great Depression. The weather was warm. The Presque Isle beaches were packed. The lifeguards were on summer break from Villa and Cathedral College. We stayed cool and looked even cooler, cruising State in a brand new Plymouth Coupe Convertible on sale for just over $800.00 at Champion Auto.

Bing Crosby‘s ‘Pennies From Heaven,’ was the most requested song on Erie radio station, WRAK. 30 of Bing’s pennies would’ve gotten you out of the heat and into the very cool Warner Theater. With 40 number one hits, Frank Sinatra and Tommy Dorsey were the most listened to band on local radio. When they brought their show to Erie, they had dinner at The Ritz Restaurant at 16th and Walnut. Moving pictures took us places we never dreamed of with Shirley Temple on the silver screen, sharing a double bill with Flash Gordon that summer. Bobbysoxer‘s like Ann B. Davis, Alice from the “Brady Bunch”, at nearby Strong Vincent were swooning to ‘Polka dots and Moonbeams.’ Ann’s teachers saved at the Erie School Employees Federal Credit Union, a member run credit union which would grow to become the Erie Federal Credit Union.

Charlie Barbara was Mayor of Erie, the East wing of the courthouse was new and every year, local fisherman would land 1 million pounds of the blues on the public dock. In Washington, the Federal Credit Union

Celebrating 85 years of service by giving back to our

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Act had sailed through Congress and back home, Erie school district employees formed the Erie School Employees Federal Credit Union total assets, $241. The first office was located on the second floor of the public library at 6th and French streets.

Year in and year out, our members would turn to us for their financial needs. Then, we decided it was time to think bigger. Flash forward to 1982, where the Credit Union experienced its first merger with Halle FCU and began bringing in Select Employer Groups (SEG’s). In 2007, the Credit Union was approved to expand its Community Charter to include Crawford County.

A NEW CHAPTER Erie FCU has sure come a long way since 1936. Our steady growth created a need, a dream if you will, for additional staff and space in order to meet the evolving needs of our membership. This dream was realized in June 2017 by Erie FCU’s move to its state-of-the-

community

Giving back to the communities we serve remained a priority of Erie FCU in 2021!

Erie FCU has always been about people, not profit. As all of us started to adjust to the new normal, our #Team AOK efforts started to grow and we became more involved.

We did this by participating in many public service events, donating money, resources and investing in an array of educational programs. We’re incredibly proud of the many ways our credit union and #Team AOK gave of their their time to volunteer, serve, and advocate for our communities.

art corporate headquarters and full service branch location at the former Glenwood Elementary School. This building being a former elementary school spoke not only to our history, but also looked forward to our future of being a bigger part of such a great community.

Today, the Erie School Employees Federal Credit Union is the Erie Federal Credit Union. And, although there’s been many changes in the last 85 years, one thing has stayed the same; saving our members money. Erie FCU has grown to be the largest credit union in Northwest PA with nearly 69,000 members strong and $725 million in assets.

With 9 locations in Erie County and a progressive and growing online branch, it is our aim to provide convenient financial solutions catered to each members’ journey to financial success.

Whether you’re buying a new home, a vehicle, or you just need to consolidate your debt, we are here for you — Erie Federal Credit Union.

WHAT OUR MEMBERS HAVE TO SAY... (from our 2021 Member Satisfaction Survey)

“Erie FCU offers what I call ‘White Glove Service’ to ALL of their shareholders.

It doesn’t matter how much, or how little the member has invested with Erie FCU. The staff members are polite, well trained, knowledgeable, and friendly. Well Done Erie FCU, Well Done!”

“Best Credit Union in Erie, and better than banks!”

“I just wanted to let you know that every time I call member services everybody couldn’t be any nicer. In the world today most people want to complain, but I want to let you know they are top notch!”

“Everyone there was very professional and very friendly. Always took care of my business in a timely fashion as well. Very happy new member!”

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Celebrating Our Impact

At Erie Federal Credit Union, we are dedicated to making our communities a better place to live, work, and raise a family. As a not-for-profit financial cooperative, we believe that investing and reinvesting in our community is the right thing to do. It is our hope we are providing pathways to success. To share our progress, we prepared a 2021 Member & Community Impact Report. This impact report is intended to help you better understand what Erie FCU has done in this past year to help our members improve their lives. We also wanted to briefly highlight how we are making a difference to ensure that we remain a place where members know they can bank better, with the hope of living better.

We thank you for your trust and look forward to making 2022 another great year of building a positive future together.

Moments in Home Ownership

Moments in Partnership

CELEBRATING “SOLD” TOGETHER - We believe that in order to support a more vibrant community, we should work towards ensuring that more of our neighbors have access to affordable home ownership.

Team Acts of Kindness (#TeamAOK) - Since the inception of Erie FCU’s #TeamAOK, our volunteers have tallied thousands of hours of volunteerism. True to the spirit of “People Helping People”, #TeamAOK continued to reach out and volunteer, in spite of the pandemic, but only when we were able to do so while supporting the health and safety of both staff and those organizations in need. We had 146 volunteers provide 486 hours to organizations and events in 2021. Some of this time was spent delivering warm winter clothing to homeless shelters, preparing food and other items for local nonprofits looking to provide 200 Easter meals to those in need and surprising local food pantries with monetary donations so they could “Feed the Need!” Other events included raising money by walking for the American Heart Association and #TeamAOK’s “Frozen Assets” who jumped in Lake Erie (in November) to raise money for and support our local Special Olympics. 29 nonprofit and/or organizations were the recipients of the generosity of #TeamAOK.

Mortgage Consultations - Our mortgage experts provided free mortgage consultations to 478 members in 2021.

Home Ownership - 124 homes were financed for $13,463,835; 43% of mortgage purchase loans funded in 2021 were made to low/moderate income borrowers based on First Front Door (FFD) and First-Time Home Buyers (FTHB) results.

First-Time Home Buyers (FTHB) - $1,424,700 was financed to 21 first-time home buyers.

First Front Door (FFD) - Erie FCU offers a first-time home-buyer grant program funded by FHL Bank Pittsburgh, PA where qualified home buyers can receive a 3-to-1 matching contribution. Through the FFD Program, 32 members benefited in receiving a total of $159,806.13.

Moments of Member Savings Savings: Growing, Keeping and Paying • Erie FCU earned an A+ Health Rating from depositaccounts.com • The credit union’s strong track record of growth is excellent and is an indicator of consumer confidence and the organization’s ability to strengthen its balance sheet.

• In 2021, Erie Federal Credit Union has increased its total non-brokered deposits with an overall deposit growth of $53.3M or 8.83% through December.

• Overall dividends in relation to industry averages – Erie FCU’s Dividend+ checking rate is 2.00% versus the national average for a high yield checking account of 1.43%.

• Erie FCU’s Business Plus Checking paid up to 0.35% APY versus the national average of 0.10% APY. • Erie FCU’s Money Market paid up to 0.35% APY versus the national average of .13% APY. 8

Glass Recycling and Shred Events - In 2021, glass recycling was added as a member benefit during our Member Appreciation Week. This was in addition to our July “Shred” event, where members brought their personal documents to be securely destroyed. Twenty five (25) bins and 7,500 plus pounds of shredding was collected.

Members and employees also donated 695 pounds of PB&J to the Second Harvest Food Bank of NW PA during Shred Day. VITA Free Taxes – Erie FCU through the Volunteer Income Tax Assistance (VITA) program volunteered 1,561 staff support hours returning $1.9 million back to the Erie Community and deserving tax payers and saving filers $240,890.

Moments in Auto Lending First-Time Auto Buyers - $449,614.55 was financed to 44 first-time auto buyers.

Auto Refinance Program - Erie FCU gave borrowers a 1% rate discount on their qualifying rate. In 2021, $8,992,645.62 was financed at an average rate of 4.57%.

The 1% rebate of $89,926.46 will be paid out to borrowers after they make 12 consecutive on time payments.

Indirect Auto Lending - Members may finance their vehicle with Erie FCU right at the dealership. $53,396,741.39 in auto loans were financed at local dealerships.

Moments in Business Lending

• Thanking Our Veterans - Erie FCU Employees provided 143 hand written cards to be passed out to residents of the Erie VA Medical Center.

Business Lending - At Erie FCU, our business lending experts use their experience in the community to design loans and lines of credit supporting the need for local business growth and expansion.

• Loans provided in-house: $12,803,258 • Participation loans: $11,056,121

• Helping Find “FUR” EVER Homes - Erie FCU paid for a “Surprise Adoption” each month in 2021 at the ANNA Shelter.

supporting 180 local employees that remains focused on providing excellent member service inspired by the credit union movements founding values.

• With certified financial coaches on staff, Erie FCU helps borrowers receive financial education tailored to their individual situations.

Financial Wellness - Expanding our financial wellness capabilities to our members.

• Free Financial Seminars/Webinars 76 Financial seminars were offered throughout PPP Loan Program - The Paycheck Protection Program was created to help small 2021 attracting 459 attendees. Topics covered businesses pay employees and other expenses during the COVID-19 pandemic. retirement, Medicare, social security, home buying, estate planning and more.

• In 2020 Erie FCU provided $2,378,304 in PPP funding and helped save over 532 jobs.

• Financial Literacy Outreach - Financial literacy is • In 2021, Erie FCU provided $1,790,115 PPP funding and helped save the key to individual financial success and helps our over 422 jobs. entire community thrive. Our team reached out to students in 8 elementary classes to share the importance of saving money and provided virtual presentations to 55 college students on similar topics, but also included information on student Moments in our Community loans. Adult literacy sessions were also conducted for a variety of participants including those employed by the credit union’s Business Affinity Partners.

Strong Employee Workforce - Erie FCU is a growing financial institution

Erie Forward Investor – Erie FCU has committed to a 5-year investment of $75,000 - Erie Forward’s fundamental philosophies and recommendations include strategies that will be deployed by the Erie Regional Chamber & Growth Partnership to advance Erie’s region-wide goals, economic cooperation, diversity, collaboration and competitiveness for the region.

Charitable Giving - Erie FCU is proud to provide community support through grants and sponsorships to certified 501(c)(3) organizations and other groups based in communities in which the credit union has a physical location or a large concentration of members. Erie FCU donated over $60,000 and countless volunteer hours to local charitable organizations.

• Food Security Initiative – Erie FCU donated $30,000 in Support of Local Hunger Awareness and Food Assistance with the “Give Hope - Feed the Need” campaign distributing $3,000 each to ten (10) Erie area organizations.

• Socktober - Collected Socks, gloves, hats, scarves during a month long “Socktober” drive - Donated to 3 local shelters that provide to locals in need.

• Shining Stars - Erie FCU members and staff purchased 94 gifts for children at a local Daycare whose parents were not able to provide gifts at Christmas.

Erie FCU also helped in the distribution of 1,387 gifts provided by other local businesses and organizations to 300 local families.

Moments of Recognition (2021 Trophy Case) Here are some of our awards, accolades and public recognitions earned in 2021: • Erie FCU was a 3-time winner once again at the Erie Times News – Erie’s Choice Awards. Erie FCU was voted “Erie’s Choice in Credit Unions” for the 9th year in a row, Erie’s Choice in Mortgage Lender for the 2nd straight year and Erie Advisors, located at the credit union, was again recognized as Erie’s Choice in Financial Advisory Group.

• CrossState Credit Union Association awarded Erie FCU with 4 MIC awards for Marketing excellence including the event’s Top Honor, the “Show Stopper” Award for best marketing campaign of the year. Erie FCU also won for Best Annual Report, Excellence in Digital Marketing and Best Strategic Marketing Campaign.

• Erie FCU was recognized by the Erie Reader as “Erie’s Best Bank” for the 8th consecutive year!

• Erie FCU also received two Niagara Awards from the Public Relations Society of America, Northwestern Pennsylvania Chapter. We were recognized with a gold award for Marketing and a silver award for Publications (print or digital).

Moments of Wealth Management Retirement, Investment, Insurance and Education Planning - Complimentary, no obligation consultations were provided to 924 individuals by our Erie Advisors group in 2021, and 110 new clients are now realizing the benefits of the wealth management program. *Erie Advisors are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.

FR-4326566.1-0222-0324.

We thank you for the privilege to serve you and our community, and for your continued patronage and support of Erie Federal Credit Union. It is our sincere hope that you will share the excellent benefits of membership with your family, friends and co-workers. Our goal is Providing Pathways to Success!

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Celebrating Growth FINANCIAL OVERVIEW Year Ending December 31, 2021

2021

Assets Member Loans

$

Allowance for Loan Losses

378,351,949

2020 $

361,394,309

($4,128,672)

(3,465,402)

Cash 15,098,590 24,870,798 Investments

286,613,290

237,477,393

Building/Equipment 20,359,552 21,122,711 All Other Assets Total Assets

29,116,643

29,069,240

$ 725,411,352

$

670,469,049

$

$

602,909,345

Liabilities Member Savings

656,175,414

Reserves 5,365,745 5,365,745 Unrealized Loss/Gain for AFS CMOs

(1,038,209)

3,322,937

Undivided Earnings

63,957,113

58,079,421

Other Liabilities

951,289

Total Liabilities

791,601

$ 725,411,352

$

670,469,049

$

$

18,211,405

3,594,030

4,032,080

Earnings Loan Interest

Income from Investments Fee & Other Income Total Earnings

19,402,380

8,389,965

6,892,744

$

31,386,375

$

29,136,229

Interest Expense

$

(7,529)

$

(12)

Dividends

$

(3,364,966)

$

(4,424,806)

$

(3,372,495)

$

(4,424,818)

$

10,515,357

$

9,415,049

Total Interest Expense

Operating Expense Compensation, Taxes, Training

Occupancy & Operation

5,301,725

4,868,061

Promotion & Education

628,015

477,449

Loan Processing

3,416,810

3,238,446

Outside Operation Service

726,644

637,876

Member Insurance

30,292

26,790

Federal Supervision

136,747

145,130

Other Expenses

1,380,597

2,097,133

Total Operating Expenses

Net Income 10

$

22,136,187

$ 5,877,693

$

20,905,934

$ 3,805,477

MESSAGE FROM THE CHIEF FINANCIAL OFFICER

We are committed and proud to serve you.

2021 was another outstanding year for Erie Federal Credit Union, despite the ongoing pandemic and thanks to our members, income topped $5.8 million, loans grew $17 million and deposits increased $53 million. Assets increased over $54 million as Erie FCU continues to expand its membership base in Erie and Crawford counties.

Erie FCU continues to remain top of market in loan and deposit rates. Along with the significant asset growth, capital remained very strong at 9.56% —well above NCUA’s adequately capitalized threshold of Fred Tonty, CFO 7%. Erie FCU remains a Well Capitalized credit union—which is the highest rating given by the National Credit Union Administration (NCUA). Erie FCU’s mission continues to be to “responsibly serve its membership”— which is clearly evident as loan and deposit growth was exceptional in 2021. We continue to expand our products and services to meet the needs of our community $800m through strategic initiatives and technology to serve our members more 5-YEAR ASSET GROWTH efficiently. With that said, the credit union participated once again in $700m year two of the Payment Protection Plan Act lending program designed to keep employees on a company’s payroll. Erie FCU was proud to have $600m had the opportunity to support our local community by offering these critical loans for eligible businesses through the PPP. $500m Continued growth and financial strength are expected to continue in 2022 as our Board of Directors, Management team and all our staff work hard to provide the financial services Erie FCU members need.

Lastly, none of our growth, value and expanded product offerings could have happened without your membership and continued trust in our growing cooperative credit union. Together, we are building and maintaining a strong source of financial security and peace of mind for you and the generations to come.

$400m $300m $200m 2017

2018

2019

2020

2021

Small is BIG Business Services As a small business owner, you help strengthen our economy and our community.

At Erie FCU Business Services, that’s our mission, too. We want to help you succeed by providing competitive and convenient banking tools that businesses need.

Like most small business owners/companies, we started out small too. On June 9, 1936, a group of ten educators met at the Ford Hotel in downtown Erie, PA to discuss the possibility of forming Erie School Employees Federal Credit Union.

The credit union began with 46 members, $241 in deposits and one loan for $50!

Now we’re northwest PA’s largest credit union. We understand from that experience, each business has unique banking needs and that “one size (does not) fit all.”

That’s why in 2021, we created three new business checking products that were designed to meet you where you are currently and then evolve with you as your business grows.

“Erie FCU has been a blessing to my business. I have spent years searching for a bank that would actually give me attention, time, support and I have never found this until now. I have not only received calls and emails monthly asking if there is anything they could do for me or anything more that they could help with — which is phenomenal in and of itself, but they actually do help and support me when I do call. I didn’t know I needed things I needed until they showed me all the services and programs that they offered. So, I thankfully have been able to grow and build my business throughout this year, really with the help of Erie FCU.”

— Gisele L., Business Member, Owner of the Tipsy Bean

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1109 East 38th Street • 1005 Greengarden Road 2436 Buffalo Road • 518 State Street • 5500 Zuck Road 1220 West 32nd Street • 1825 Downs Drive 101 Washington Towne Blvd. (Edinboro, PA) • 3503 Peach Street

(814) 825-2436

•

www.eriefcu.org