We Stand for our Community 2022 Impact report

You are a member-owner. As an owner of this credit union, when you succeed so do we! You should know how your investment at Erie FCU is affecting the community you live in. Here is the impact of this work:

Moments in Home Ownership

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.

Mortgage Consultations - Our mortgage experts provided free mortgage consultations to 245 members in 2022.

Home Ownership - 90 homes were financed for $11,773,381; 18% of mortgage purchase loans funded in 2022 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) - $394,950 was financed to 5 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, 14 members benefited in receiving a total of $70,000

Moments of Member Savings

Savings: Growing, Keeping and Paying

• 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 2022, Erie Federal Credit Union has increased its total non-brokered deposits with an overall deposit growth of $18.15M or 2.77% through December. A strong track record of growth is an indicator of consumer confidence and the credit union’s ability to strengthen its balance sheet.

• Overall dividends in relation to industry averages – Erie FCU’s Dividend +Plus checking rate is 2.02% 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 1.10% APY versus the national average of .25% APY.

Moments in Partnership

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 ongoing pandemic. We had 126 volunteers provide 232 hours to organizations and events in 2022. Some of this time was spent delivering warm winter clothing to homeless shelters, donating movie tickets along with other fun ticket opportunities to youth groups 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 into Lake Erie (in November) to raise money for and in support our local Special Olympics. 27 nonprofit and organizations were the recipients of the generosity of #TeamAOK.

Shred Events - In 2022, members brought their personal documents to be securely destroyed. Twenty five (25) bins and 7,500 plus pounds of shredding was collected. Members donated PB & J during Shred Day to add to the month-long collection in July which yielded over 500 lbs. of PB&J that was donated to the Second Harvest Food Bank of NW, PA.

VITA Free Taxes – Erie FCU ,through the Volunteer Income Tax Assistance (VITA) program, volunteered 1,641 staff support hours returning $2.1 million back to the Erie Community and deserving tax payers and saving filers $312,858

Moments in Auto Lending

First-Time Auto Buyers - $238,617.13 was financed to 21 first-time auto buyers

Auto Refinance Program - Erie FCU gave borrowers a 1% rate discount on their qualifying rate. In 2022, $10,095,338.61 was financed at an average rate of 4.56%. The 1% rebate of $100,953.39 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. $113,877,092.11 in auto loans were financed at local dealerships.

Moments in Business Banking

Business Lending - At Erie FCU, our business lending experts used 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: $17,403,152.78

• Participation loans: $13,390,927.21

Business Checking - To help you take your business where it needs to go, we created three new business checking accounts. Our checking accounts are easy to use, easy to access, and cost less than bank business checking accounts.

Moments in our Community

Strong Employee Workforce - Erie FCU is a growing financial institution supporting 195 local employees that remains focused on providing excellent member service inspired by the credit union movements founding values.

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 $35,000 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 - In October, Erie FCU members and staff collected socks, gloves, hats, scarves during a month long “Socktober” drive and donated to 3 local shelters that provide to those in need.

• Shining Stars - Erie FCU members and staff purchased 100 Stars to provide 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 gifts provided by other local businesses and organizations to 645 local families

• Thanking Our Veterans - Erie FCU employees provided 480 hand written cards to be passed out to residents of the Erie VA Medical Center

• Helping Find “FUR” EVER Homes - Erie FCU paid for a “Surprise Adoption” each month in 2022 at the ANNA Shelter.

• Victorian Holidays at the Watson Curtze Mansion (Erie County Historical Society) Erie FCU sponsored this annual event which enabled visitors free admission – Over four days, there were over 2110 visitors!

Moments of Wealth Management

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

• Free Financial Seminars/Webinars - 62 Financial seminars were offered throughout 2022 attracting 346 attendees. Topics covered retirement, Medicare, social security, home buying, estate planning, student loans and more.

• Financial Literacy Outreach - Financial literacy is the key to individual financial success and helps our entire community thrive. Our team reached out to 175 preschool and elementary students in 6 classes to share the importance of saving money and provided financial literacy presentations to 100 high school students and 168 adults on similar topics. Adult literacy sessions were also conducted for a variety of participants including those employed by the credit union’s Business Affinity Partners.

• With certified financial coaches on staff, Erie FCU helped 82 borrowers receive financial education tailored to their individual situations in 2022.

Moments of Recognition (2022 Trophy Case)

Here are some of our awards, accolades and public recognitions earned in 2022:

• 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 10th year in a row, Erie’s Choice in Mortgage Lender for the 3rd 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 for Best Annual Report

• Erie FCU was recognized by the Erie Reader as “Erie’s Best Bank” for the 9th consecutive year!

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

A

to Member Support

Erie FCU’s Member Support Center team provided convenient and friendly service in 2022, while responding to nearly 202,000 incoming phone calls

Impacts in Diversity, Equity and Inclusion

Diversity, equity and inclusion (DEI) are put into practice at Erie FCU to ensure we create a welcoming environment where members, employees and our community can flourish. Mistreatment of anyone will not be tolerated at Erie FCU.

For YOU, not for profit - When you need a loan, you don’t want to pay back double the amount in interest. That’s why credit unions with their lower fees are the better choice. In last year alone, NJ and PA credit unions saved members $397.1 million just in lower loan rates.

Retirement, Investment, Insurance and Education Planning - Complimentary, no obligation consultations were provided to 870 individuals by our Erie Advisors group in 2022, and 78 new clients are now realizing the benefits of the wealth management program.

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(LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates.

If you are concerned about your personal finances, an Erie FCU professional can help, too. Whether you would like to review current loans to see about refinancing at better terms or find out about savings plans that will help you attain your goals, we are here to help.

Credit unions provide financial benefits to members through lower loan rates, higher saving rate, and fewer fees than banking institutions. National studies show that credit union member households, on average, are about $225 a year ahead of other consumers.

Our credit union, your credit union—is strong when our members are strong. Together, we can make port safely even when the economy is in rough seas.

As we look ahead to 2023 and beyond, we are excited about the opportunity to continually improve your experience, bring you additional ways to interact with Erie FCU and provide other service enhancements.

• We are expanding our physical presence with a new branch location in Fairview, PA.

• We will continue to enhance our digital, phone and self-serve channels to allow you to do business with us when it is convenient for you.

• In 2023, we will convert our credit and debit card platforms to a new processor. This change will allow us to improve and optimize your experience and bring contactless, tap-to-pay functionality and advanced fraud detection and prevention capabilities to your Erie FCU cards.

In conclusion, what does all this mean for you? It means you are a member of Erie Federal Credit Union and part of an exceptionally well-run financial institution that lives by its mission to be a trusted partner that meets the needs of our members and the communities we serve.

Dennis D. Howard, Board Chair

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MEMBER satisfaction, YOUR satisfaction is important to us.

Last year, our members were invited to participate in a Member Satisfaction Survey. We were very grateful to everyone who took the time to complete the survey, and always look forward to reviewing and sharing the results. The survey included questions about service levels, as well as interest in future products and services. The responses helped guide our planning for 2023 and beyond. If you did not get a chance to participate, please know we will again be conducting the survey this Fall! Here are some of the results:

We surpassed our survey goal with a total 1,232 responses!

72.3% of the respondents consider Erie FCU their PFI (Primary Financial Institution)

71% responded that they were EXREMELY likely to recommend Erie FCU to family and friends

40.4% most recently accessed their account by online banking, 22.3% in branch, 16.9% mobile banking app

In the last 3 months, respondents have received information about Erie FCU from: 63% emails, 40.1% website, 25.7% in branch, 26.1% newsletter

71.8% of the respondents rated Erie FCU at 5 stars

Top 3 ranked financial workshop topics:

1. Protection from scams/theft,

2. Investing for retirement/ estate planning

3. Budgeting

Here we GROW again!

How fitting it was to celebrate our 70,000th member milestone during Member Appreciation Week! The 70,000th member was Jeremy S. who banks at our Buffalo Road branch!

Jeremy received a $270 Visa Gift card along with an Erie FCU swag bag. We also made a $270 donation on Jeremy’s behalf to the Erie Animal Network, his charity of choice.

When asked why he chose Erie FCU, Jeremy said, “Because I have many friends that are members and every one of them have nothing but good things to say. I am looking forward to banking with Erie FCU!”

Thank you for joining the Erie FCU family Jeremy! And, a HUGE thank you to all of our amazing members who helped make this incredible milestone possible.