2022 A Year of Growth and Possibilities

2022 proved to be another outstanding year for Erie Federal Credit Union. Thanks to our members, income topped $5.7 million, loans grew an outstanding $88 million and deposits increased $18 million. Assets increased over $53 million as Erie FCU continues to expand its membership base in Erie and Crawford counties. Erie FCU continued to be a trusted financial partner to our more than 72,000 members.

Erie FCU continues to remain top of market in loan and deposit rates. Along with the significant asset growth, capital remained very strong at 9.72% —well above NCUA’s adequately capitalized threshold of 7%. One of, if not the most important measurements of a credit union’s soundness, is its capital ratio. 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 the credit union continues to grow membership, loans and deposits. We continue to expand our products and services to meet the needs of our community through strategic initiatives and technology to serve our members more efficiently.

Continued growth and financial strength are expected to continue in 2023 as our Board of Directors, Management team and all our staff work hard to provide the financial services Erie FCU members need. For example, we will expand our branch footprint and invest in our

Message From The Chief Financial Officer

current facilities. With that said, we were excited to celebrate the groundbreaking for a new branch facility in Fairview, PA, which will be our 9th branch. We’re look forward to becoming an integral part of the Fairview community and western Erie County.

Our focus in 2023 will remain on our products, service, technology, and the expansion of our field of membership all of which will help position Erie FCU for continued future growth. However, none of our growth, value and expanded product offerings could have happened without your 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.

5-YEAR ASSET GROWTH

Article courtesy of Erie Reader

When it comes to voting for Best Bank, Erie agrees that they’d rather not pick a bank at all. With their resounding support for Erie Federal Credit Union, which has been voted Best Bank this year as well as LITERALLY EVERY OTHER YEAR that the awards have been in existence. Erie clearly feels strongly about this credit union and the folks at Erie Federal feel very grateful to have such a loyal member base. Upon receiving their award back in 2017, CEO of Erie Federal Credit Union (FCU) Brian Waugaman commented, “Being fans of the Erie Reader, we are truly humbled and thrilled to be a part of the Best of Erie Awards. There are some excellent financial institutions serving this area, so winning Best Bank/Credit Union means a lot to us. We take our commitment to serving our members, the Erie community, and our employees with care and compassion very seriously. A sincere ‘thank you’ to all who voted Erie FCU for this recognition!” ...