REPORT OF THE CEO
ROOTED IN PURPOSE Erie Federal Credit Union’s roots can be traced back to June 1936 when ten local educators recognized the need for a member-owned, cooperative financial institution. These same educators combined their financial resources to establish the Erie School Employees Federal Credit Union by embracing the credit union philosophy of “people helping people”. It has been stated that the fastest way to achieve success is to first help others succeed. Erie FCU is committed to helping build strong communities and making a positive impact where we live and work. Our community outreach initiatives, led by the efforts of staff volunteers as part of Erie FCU’s #TeamAOK, delivered on this promise by supporting various events throughout the year. Erie FCU’s outreach efforts were recognized numerous times for their community service locally, regionally and nationally. We are very proud to have been named “Erie’s Choice in Credit Unions” for the sixth consecutive year according to the Erie TimesNews “Erie’s Choice” awards. Everything we do is in support of meeting our members’ financial needs. As a valued member of Erie FCU, you are the purpose behind all we do, and the reason for our continued growth and success in 2018. We cannot make the difference we do without you.
Bonus Program is just another way to thank our members for over 82 years of loyalty and trust. I am extremely proud of our entire team’s advancement. It was exciting to witness numerous meetings where teams from across the credit union, front-line to back office, were deep in thought and discussion working to develop more efficient ways to conduct our operations and enhance our members overall service experience. There is still much work ahead of us, but we are making extensive strides in cleaning up old and outdated ways of doing things, which will position us well for future growth and development.
OUR PROMISE Moving into 2019, we will continue to operate with your best interests at heart and stay true to our common purpose and core mission of helping members to better their lives and businesses. Erie FCU looks forward to another busy year in 2019. Plans are already underway to further enhance overall operational efficiencies and implement structural changes necessary to support future member service initiatives. 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 your experience and the benefits of membership with your family, friends and co-workers.
YOUR SUCCESS IS OUR SUCCESS Because of our members’ ongoing support and referrals, Erie FCU marked one of our most successful years in our 82 year history. I am proud to report that in 2018 assets grew by 5.72%, a total of $26.7 million, and consumer and business loan growth of 13.78%, or $34.8 million, exceeded expectations. Most importantly, even with substantial growth over the last several years, the credit union’s capital level of 11.48% remains well above the ‘well-capitalized’ threshold of 7.00% set by our federal regulators, the National Credit Union Administration (NCUA). In 2019, Erie FCU will once again distribute a Patronage Bonus back to members in the amount of $600,000, meaning we have been successful in returning over $1.15 million directly to members over the past two years. The Patronage Bonus Program was developed to distribute an equitable bonus from credit union earnings back to members based on their individual account relationship and usage of Erie FCU products and services over the 2018 calendar year. The Patronage
Brian J. Waugaman, CEO
2018 Erie FCU Annual Report