The greatness of a community is most accurately measured by the compassionate actions of its members.
Coretta Scott King
The former Erie School Employees Federal Credit Union was chartered in June of 1936, at the height of the Great Depression, by a group of 10 educators who met at the Ford Hotel in downtown Erie. The credit union began with 46 members, $241 in deposits and one loan for $50 and has grown to become the largest credit union in Northwestern Pennsylvania.
The mission of Erie Federal Credit Union is to responsibly deliver financial solutions that meet the needs of our community.
The vision of Erie Federal Credit Union is to be the #1 most trusted financial resource in the region.
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
Tracey Cettin, Chief Human Resources Officer
Brian J. Waugaman, CEO
First and foremost, we want to thank you for being a member of Erie Federal Credit Union. Our staff and volunteers truly value the confidence you have placed in each of us as stewards of your credit union. In addition, thank you to our Board and Supervisory Committee volunteers for your continued leadership and oversight of overall credit union operations. As representatives of our memberships’ best-interests, your service is rightfully respected and acknowledged.
As a member-focused, purpose-driven, community-based financial institution, and for more than 88 years, we have held true to one simple yet powerful promise... to put YOU first. As we approach 90 years of service, we recommit to a promise made in 1936 when a group of ten educators met at the Ford Hotel in Erie, PA to prioritize member needs through every season of their lives.
Despite an increasingly complex global economy, Erie Federal Credit Union remains financially strong and was successful in delivering yet another year of growth and purpose in 2024. Erie Federal Credit Union’s capital position remains steady at 9.73% of assets. This remains well above the ‘well-capitalized’ threshold of 7.00% established by the National Credit Union Administration (NCUA).*
• Membership grew by 2,610 to a total of 78,620
• Assets grew by 3.31% or $25 million, increasing total assets to $805 million
• Deposits grew by 3.48% or $25 million, total deposits to $757 million
• Loans decreased slightly to $488 million
Key reasons behind lower overall lending volumes can be attributed to elevated interest rates for most of 2024 in the Fed’s effort to tame inflation making borrowing more expensive for both consumers and businesses. Many consumers pulled back on spending and new borrowing in the face of economic uncertainty, inflation fatigue, and rising debt payments. Mortgage rates hovered at multi-year highs of often over 7%. This, coupled with low inventory and still-elevated home prices, created a lock-up in the housing market significantly cooling homebuying and refinance activity. Businesses also delayed or scaled back on borrowing due to higher capital costs, thereby impacting commercial lending.
Erie Federal Credit Union was successful in achieving many milestones throughout the year. In the spring of 2024, total assets surpassed $800 million, but more important than this number is what it represents, the now more than 79,000 members who have chosen Erie FCU as their trusted financial partner.
Erie FCU remains a Community Development Financial Institution. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions with the aim of increasing the impacts we make within our community and the businesses we serve.
Supporting CDFI certification, 100% of Erie FCU’s eligible employees have completed necessary coursework becoming Community Development Certified Financial Counselors through the HERO “Helping Everyone Reach Opportunities” program. The HERO curriculum provides training, testing, and certification while educating staff to better recognize and serve consumers in financial distress.
Three full-time positions were added in 2024 bringing Erie FCU’s total workforce to 221.
We remain committed to the professional development of our workforce, who are paramount in delivering a professional, knowledgeable, 5-star experience to all visitors of our credit union. In addition to required ongoing regulatory, product, and service training, credit union staff positively engaged in Cultural Competence training presented by credit union partner, OpenedEyes. OpenedEyes aims to promote cross-cultural understanding and acceptance through facilitated discussions and workshops to increase hope, enhance educational and environmental awareness, and improve community connections.
Erie FCU was proud to once again provide Volunteer Income Tax Assistance (VITA) to qualifying members. VITA is a no-fee program that helps anyone with low to moderate income file their federal, state, and local taxes for free. This free service is available to members only. Internal staff VITA volunteers successfully processed 1,465 tax returns for our members.
To end the year, a total of $20,000 was donated to ten local food charities to assist in community food needs as part of our annual “Feed the Need” initiative:
Bethany Outreach • Community of Caring Food Pantry • Edinboro Food Pantry • Emmaus Ministries • Home House of Erie • Martin Luther King Center Food Bank • Meals on Wheels • Salvation Army Second Harvest Food Bank of NWPA • St. Martin Center, Inc.
Beyond the numbers, what truly defines the impact Erie FCU is making are the personal stories of how we deliver customized, convenient service and empower members to achieve financial
Continued next page.
REPORT OF THE CEO, continued from page 3.
well-being. I hope you enjoy a few of these inspiring stories as you page through this report.
Erie FCU received much recognition throughout the year, and we extend our sincere appreciation to both members and the community for the ongoing support, trust, and awareness of our credit union’s purpose. These achievements continue to confirm our commitment to doing the right things in support of our members and local businesses while promoting our city and region. Please be sure to review the Community Impact Report section presented within to discover all the additional ways Erie Federal Credit Union is making a difference within the community.
In conclusion, I am happy to report that your credit union remains financially sound and well-positioned for continued growth and service expansion well into the future. At the heart of everything we do
is our unwavering commitment to you, our members. Your support isn’t just appreciated—it’s the very reason we exist. Our collective strength relies on continued support from our members, dedicated staff and volunteers, and community partners. We cannot make the difference we do without you.
Looking ahead to the coming year, we remain focused on key priorities aimed at strengthening Erie Federal Credit Union as a whole and further integrating secured service delivery channels.
May the year ahead bring you safety, strength, and much success.
“Remember the past with gratitude. Live the present with enthusiasm. Look forward to the future with confidence.” —St. John Paul II
In-Branch Services
Teller Transactions: 595,034
Shared Branching Teller Transactions: 7,284
Prime Savings opened: 2,912
Total Shares opened: 6,673
Total Online Transactions: 894,182
Funds Transfers: 837,015
Mobile Deposit: 35,481
External Transfers: 21,686
Our Member Support Center answered 156,849 calls!
The Erie FCU Board of Directors consists of seven directors who each serve a three-year term. The duties of a director include setting operational policies for personnel; reviewing investments; and ensuring guidelines for asset-liability management and federal regulatory compliance. A director must also be committed to the Credit Union Philosophy, understand Federal NCUA Regulations, and make competent policy decisions. Members in good standing who are interested in learning more about how the credit union operates, may request to serve in the Associate Volunteer Program (AVP). For more information about the AVP Program: www.eriefcu.org/why-us/aboutus/associate-volunteer-program
Nominated by Committee for re-election to the Board: James Lazan and Dennis Howard. The nominees will serve a 3-year term.
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, a top 10 public accounting firm, completed an annual audit of our financial statements and verified the accuracy of members’ accounts for the year ending March 31, 2024. They confirmed the financial statements fairly present Erie FCU’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 like ours. They conduct periodic examinations of a federal credit union’s records and operations. Erie FCU’s last exam performed by NCUA was as of September 30, 2024.
The Supervisory Committee is pleased to report these positive results. We will continue to work diligently in 2025 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 the internal audit department for all the help they provide to our committee.
The Board sets the general direction of the credit union while keeping our members’ best interests first and foremost. This board is made up of fellow members who volunteer their time to the organization.
On behalf of the Board of Directors and entire Erie FCU team, we proudly present the 2024 Annual Report
Before my Board Chair report, a brief word about the Annual Meeting. The Annual Meeting continues to be a wonderful occasion for management and your elected officials to report to you, our owners. You have the opportunity to learn more about the credit union’s financial position, products and services, current business issues, and future goals. Also, you will be able to meet some of the people, professionals and volunteers, who run your credit union.
Laurie Becker, Board Chair
Community Impact Report. Our strategic planning sessions also focused on our community and how to better serve it! With a talented facilitator, we have worked hard to chart a course for measured growth, emphasizing innovation and outreach. These strategic initiatives are designed to enhance the value we deliver to our members and solidify our position as a trusted financial partner.
It has been an honor to serve as Chairman of the Board of Directors this past year, and I want to thank my fellow Board members for their work and advocacy in 2024. I would also like to thank those who have served on committees for our credit union. At Erie FCU, we face 2025 and beyond with the utmost confidence. Our balance sheet is solid, our products are competitive, and we continue to invest in user-friendly technology.
As we enter our credit union’s 89th year, it is with great pride that I am able to report that the state of Erie Federal Credit Union is strong! Your credit union had another successful, albeit challenging, year in 2024, with a strong focus on expanding our reach and enhancing the financial well-being of our members and the communities we serve. This commitment to the communities is illustrated by the participation in 2024 of our employees in many charitable and financial literacy events. You can read more about these events and outreach in our
Please know that we put the well-being of our members at the forefront of everything we do—striving to offer superior products and maximum savings every day, in every way, to every member of our credit union family. Now more than ever, it’s worth a savers’ time to compare rates across a range of terms. After all, we aren’t just a premier financial institution and largest credit union in Northwest PA. We’re a devoted financial partner committed to serving you with unmatched dedication, integrity and care. We are proud of the work our TEAM has done to grow our assets to over $805 million, as of December 31, 2024, while keeping our 78,000 -plus members a priority.
Founded in 1936, we’re proud to be owned by our members and to focus on people rather than profits. In fact, our not-forprofit status is one of our most significant attributes and leads to profound implications for our members. While banks are obligated to make the profit considerations of stockholders their primary concern, we’re free to make decisions based solely on
We want to help people get on a path to success and achieve financial peace of mind.
44 outreach events promoting financial literacy to the Erie Community:
• Financial Literacy: For Careers Development - Reached 1,162.
• Financial Literacy: Senior Citizen Literacy and Awareness - Reached 1,293.
• Financial Literacy: Youth Events and Programming - Reached 1,335 (160 hours total – includes events and credit counseling).
• Member Support Services - 56 in person credit counseling sessions in 2024. We also continued to offer members free counseling and guidance through our financial education partner, BALANCE (online at BALANCE.org), which can help members realize their fiscal goals with budget counseling, debt management, and loan extensions.
• Erie FCU and four other local financial institutions teamed up (3-year commitment) to support the community school model at Lincoln Elementary School – Read more in the Annual Report.
• 123 Youth accounts opened.
• Sallie Mae® Student Loans: Our student lending partner Sallie Mae received 187 applications and granted over $730,000 of student loans. These higher education loans are designed for the needs of undergraduate and graduate students.
and Services
• 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 by our Member Business Lending Team in 2024: Nearly $9 million moving our combined business lending portfolio to close to $80 million.
• 162 Business accounts opened in 2024.
Our followers on Facebook, X, LinkedIn and Instagram increased, allowing us to expand our community online. Through these platforms, we promoted events, outreach, webinars and videos to help our followers increase their financial education.
HERO Certified Financial Counseling training program - 206/212 employees are now certified.
• The HERO curriculum contains nine courses, testing staff knowledge after each section. After all are complete, staff receive a certification. HERO trains teams to work directly with consumers/members to prevent financial catastrophes by catching distress early and preventing losses to borrowers.
• NAMI (National Alliance for the Mentally Ill) - 29 Erie FCU employees earned certifications for 3 years as Mental Health First Aiders.
• Opened Eyes - 100% of employees were trained in culturally conscious conversations learning about diversity awareness, creating cultural unity, and developing a positive self-identity.
• Wellness - A number of employees joined the Erie County Step it up challenge and staff purposefully stepped over 100 million steps in a few weeks as a group!
• Erie Otters Sponsorship - 607 tickets purchased using membership benefit (BOGO).
• Erie Seawolves Sponsorship - 361 meal vouchers were redeemed on “Family Fun Day”.
• Erie Playhouse Sponsorship - Members enjoyed two BOGO nights for NEWSIES and Beauty and the Beast.
• Haunted Hayride discounts at Sparrow Pond Family Campground.
• expERIEnce Children’s MuseumErie FCU paid for 108 youth to visit expERIEnce Children’s Museum.
• Hagen History Victorian HolidaysMembers were offered discounts to the Mansion over the Christmas holiday.
• Hagan History Center’s Great Key Hunt, in partnership with Erie FCU, was brought back after many years.
• Team Erie FCU once again manned the phones to benefit the annual WQLN Auction.
• Member Shred Day – In 2024, Team Erie FCU shredded over 9,000 pounds of paper.
Member Appreciation – To show our appreciation for members, for a week in August, we honored our valued members with fun activities along with sweet treats at the branches and a special week of activities.
• 2,314.25 total hours (almost 97 days!) volunteered by Erie FCU employees in the community.
- 199 employees volunteered at least 1 hour of their time (93% of our staff).
- 151 employees volunteered 5 hours or more (70% of our staff).
We achieved. We grew. At Erie FCU, our mission includes serving the financial needs of our members and a commitment to promote strong and vibrant communities. We do this by supporting community organizations, participating in and hosting events, donating funds to worthy causes and so much more. We are excited to share our 2024 to show our members, employees and partners what we accomplished together.
• Erie FCU donated to many organizations totaling over $50,000.
• Erie FCU, the ANNA Shelter and Because You Care continued the “Adopt Local” campaign in 2024 to find homes for as many pets as possible. $885 was paid to cover the cost of adoption fees.
Honored to be recognized for doing what’s best for our members and community. In 2024:
• Erie FCU was voted “Erie’s Choice in Credit Unions” for the 12th year in a row and for the 5th consecutive year walked away with “Erie’s Choice in Mortgage Lender” and “Erie’s Choice in Financial Advisory Group” with Erie Advisors located at the credit union. Erie FCU was also a finalist as “Erie’s Best Place to Work 100+ Employees”.
• Erie FCU was voted “Erie’s Best Bank” by the Erie Reader for the 11th straight year.
• Regionally, Erie FCU snagged top honors at the CrossState Credit Union Association’s Evoke Marketing Conference which honors the year’s best in marketing from credit unions across Pennsylvania and New Jersey. Erie FCU won in the “Extra, Extra” category for best newsletter.
• Nationally, Erie FCU was recognized with two awards at the Marketing Association of Credit Unions - MAC Awards held in Hollywood, California. Erie FCU won a silver award in the category of “Best Newsletter” and bronze award in the Broadcast Video category for our Better Checking Options marketing video campaign.
Food Insecurity: Season of Giving – Our community faces some of the highest levels of hunger with upwards to 30% of Erie County residents experiencing food insecurity. To combat this growing community issue and for the 5th year in a row, Erie FCU offered its “Give Hope – Feed the Need” campaign in support of local hunger awareness and food assistance.
Through this initiative, $20,000 was distributed to 10 Erie area organizations.
• Volunteer Income Tax Assistance (VITA) – 1,465 returns prepared by staff which validates the need for this kind of assistance
- VITA offers free income tax preparation services to families with low to moderate incomes.
- 2024 Refunds: $2,096,534.
• Homebuying Assistance - Erie FCU submitted approximately 45 First Front Door (FFD) homebuyers grant program reservations (funded 16) as well as 16 Keys to Equity Fund Programs reservations (funded 10). A record setting total of 61 potential grants for First Time Homebuyers in our community!
- These program can assist first time homebuyers with their down payment and closing costs.
Personalized Mortgage Consultations: 1,062.
Mortgage Loans closed: 77 - $10,071,591 in loans.
First Time Homebuyers (FTHB): Buying your first home is a milestone to celebrate. In 2024, we helped 60 First Time Homebuyers.
FreshStart Loans: There were 26 Fresh Start loans written in 2024 for $17,840.94. A FreshStart Loan is for qualifying members who have little to no credit history but would like to build/re-build one.
• Consumer loans - 3,781 approved for $20,628,525.38.
• Credit Card - 956 new cards approved for $3,197,033.
- 2024 Credit Card Balance Transfer Promotion - $1,090,497.72.
• 3,415 auto loans were financed through local dealers.
• 42 - First time auto buyers.
We are proud to continue to offer our members affordable auto, home and life insurance options through the TruStage® Insurance Agency.
In 2024, we embraced our role as an advocate for members and the credit union movement. Erie FCU actively participates in outreach to decision makers who advance credit unions. We ensure the best practices and voices of our members are heard through our Government Relations efforts. We also joined CUNA/America’s Credit Unions in opposing Congressional efforts to endanger credit card security and consumer privacy by allowing new, untested interchanges to handle credit card transactions.
Our loyal employees see every day as an opportunity to help members. In a branch, over the phone or online, our employees are key to connecting you with the right services at the right time.
221 TOTAL EMPLOYEES at Erie FCU (as of 12/31/24)
what’s best for YOU. What’s more, the very foundation of our credit union rests on tenets specifically created with your best interests in mind:
• We genuinely care about our members’ unique financial needs and goals.
REPORT OF THE BOARD OF DIRECTORS (continued from page 5). We hope you’ll embrace the benefits of your credit union membership by utilizing the many top-notch products and services we have available. Rest assured your well-being always comes first at Erie FCU, and everything we offer is provided with one simple goal – to support your financial success. I invite you to review the entire report for additional details on the great work your credit union is doing.
• We work to earn our members’ trust.
• We respect our members’ time and needs.
• We are committed to providing service and solutions that exceed expectations.
Finally, we would like to thank you, our members, for your trust and support. We know you have choices when it comes to your finances, and are grateful you chose us to help you build your lives. So spread the word about Erie FCU today! Your friends and family will thank you for it!
A new Corporate Partner Coalition was unveiled in September of 2024 at a press event held at Lincoln Elementary, a United Way community school. Five leading financial institutions joined together to form this partnership to support the students through the Community School Model. The partners are Erie Federal Credit Union, PNC Bank, ERIEBANK, Marquette Savings Bank, and Northwest Bank.
This collaboration brings together a group of dedicated institutions, working collaboratively to support the community school initiative. Their combined effort marks a significant investment in the future of Lincoln Elementary’s students. The United Way of Erie County refocused its mission about 10 years ago to “crush poverty in our community”. A critical component of this strategy has been to improve the educational outcomes at schools across the County through the concept of a “Community School”, a model launched in 2016-17. To date, seventeen schools across Erie County have been designated as a community school, one in which a four-pronged approach is instituted to drive the desired outcomes.
“Lincoln’spartnershipwithErieFCUhasbroughtsomuchjoyandsupporttoourschool community.Withtheirhelpwewereabletolaunchourholidaysupportprogram,providing studentsinneedwithholidaygifts.Eachstudentenrolledintheprogramreceivedanitem ofclothing,agiftoftheirchoice,andabook.Ourfamiliesexpressedtheirdeepestgratitude forthissupportandsharedthejoyitbroughttotheirfamilies!IamsogratefultoErieFCUfor theirsupportinmakingthisprogrampossible”.
—LizNies,CommunitySchoolDirector
“As the CEO of Erie Federal Credit Union, I am honored to express our enthusiastic support for the Lincoln Elementary School and Corporate Partner Coalition” stated Brian Waugaman. “Through partnership, this collaboration brings together the combined resources of a dedicated group of institutions, and aligns perfectly with our credit union’s commitment to fostering strong, vibrant communities by addressing the holistic needs of students and their families.”
The United Way Community Schools Coalition transforms schools into community hubs, providing not only essential educational programs but also vital social services, health resources, and basic needs support. By removing barriers to success, the initiative ensures that every child has the opportunity to thrive academically and personally.
“From our legacy start as the Erie School Employees Federal Credit Union, we believe that investing in our youth is investing in our future” said Waugaman. “Through our partnership with United Way and as a member of the Lincoln Elementary School & Corporate Partner Coalition, Erie Federal Credit Union is dedicated to creating an environment where every student can succeed, and every family can flourish. Together, we are building a brighter, more equitable future for all.”
Future Focused Academy AtErieFCU,itisourgreatprivilegetoworkwithbusinesses whocometousforfinancialservices.Wearepleasedtosharethistestimonial.
“Erie Federal Credit Union has played a pivotal role in the success of my new business. From the start, the branch staff provided exceptional assistance in setting up my business banking account and connecting me with the directors of business services and community outreach. These connections have been invaluable in linking me with other business leaders and organizations. A standout moment this year was the incredible field trip they organized for my program, Future Focused, coordinated by Katey Cross, the Director of Community Outreach. The event included a tour of the branch and corporate offices, showcasing the diverse career opportunities within their organization. It concluded with a presentation by various staff members and leaders, including the CEO, Brian Waugaman, who shared their career journeys and what they love about working at the credit union. The Erie Federal Credit Union truly exemplifies what it means to support the community.” Danielle Randall, Founder
ErieFederalCreditUnionhasmademy Business Banking needs such a breeze.I have been a member of Erie FCU since I was akidwithasavingsaccount.Ithen gotmyfirstcheckingaccount,followedbymyfirstcreditcard.SowhenIwaslookingforaBanktodomy businessbankingwith,Iknewtheywouldbemyfirstchoice.Theyhavehelpedmealongthewayand alwaysreachedouttomakesuretheyaremeetingmyneeds.Theyhavehelpedmybusinessbanking needsrunsmoothlyoverthepastseveralyears!ThankyouErieFCU! P.S. We were SO excited when theyopeneduptheFairviewBranch. Sarah Meyer, Owner of Simply the Best Pet Grooming
Credit Unions – while similar to banks in terms of their product offerings, were created for the sole purpose of community members helping and supporting one another. The world’s first credit union was established in 19th century Europe to provide resources to those who lacked access to financial services. That community-centric ethos remains today, and it is why Erie FCU exists. We’re here to serve you, our members, and our overarching goal is ensuring that we’re well-capitalized so that your money is not only safe and secure but that our earnings are returned to you in the form of savings and dividend-earning accounts.
Credit unions are not-for-profit financial cooperatives. Earnings are paid back to members in the form of higher savings rates and lower loan rates.
Credit unions are member owned. Each depositor is an owner of the credit union. Members vote for and get elected to the credit union board.
Credit union board members reflect the diversity of the membership and serve voluntarily
Credit unions generally have fewer fees and better interest rates.
Credit unions are local and serve the interests of their membership. Affiliation, members who live, work, worship or attend school in Erie or Crawford County, PA.
Credit unions share resources with other credit unions, such as shared branching, and ATM networks, to offer greater convenience to members.
Banks are for-profit corporations. Declared earnings are paid to stockholders only.
Banks are stockholder owned. Customers do not vote or have a say in how the bank is operated. Stockholders may or may not be customers of the bank.
Bank stockholders are paid and do not necessarily reflect their customer base.
Banks usually have more and higher fees and less competitive interest rates, especially for savings and investment accounts.
Banks are open to the general public and can serve anyone
Banks compete with each other and do not share resources
Year Ending December 31, 2024
Fred Tonty, CFO
2024 was another year marked by continued geopolitical tensions and market and economic volatility. Due to inflation, the Federal Reserve began to lower interest rates in the latter half of the year, cutting rates by 50 basis points in September, followed by a 25 basis point cut in both November and December. These cuts were focused on supporting economic growth while attempting to manage the persistent effects of high consumer goods prices. The labor market, while troubled, remained somewhat resilient with unemployment rates staying at lower levels. Despite these headwinds, Erie FCU, in the simplest of terms, remained financially strong. Due to our vigilance in managing our liquidity and expenses, we are well positioned to continue to meet the needs of nearly 80,000 members this year and in coming years.
Your credit union’s growth in 2024 was at a measured, controlled which brings about soundness. This soundness is due to the strength of our leadership, staff, and your trust in us. Going forward, we will continue finding opportunities to invest resources in the products and services needed by you, our members and local businesses.
Supporting homeownership is a key cornerstone of our mission. Go Zandra!
“My experience with Zandra Shaffer as my loan counselor was exactly what I needed during one of the most difficult times in my life. I had just placed my husband in a nursing home. Finding my way through the world of finances on my own was absolutely terrifying. I was clueless as to how to secure a loan or even go about making simple decisions as to what ideas were realistic and what were potentially catastrophic. Zandra was patient (as we dealt with some early disappointments), encouraging and incredibly knowledgeable about the process. Now that I am happily in my new dream home, I especially appreciate Zandra’s perseverance. Even when I was ready to throw the towel in, she was there to encourage me. I feel like I have a whole new life lying ahead of me thanks to my experience with Erie FCU.” — K. Parsh
Erie FCU continued to expand its membership base in Erie and Crawford counties and remained top of market in both loan and deposit rates. While loan growth was somewhat flat, deposits grew 3.49%, assets increased 3.32%, and capital remained strong. In regard to capital, net worth is the primary measure of a credit union’s financial strength. It provides a reserve against unforeseen or unusual losses and also may be used to invest in efforts that further serve the needs of our membership and the communities we serve. As a percent of total assets, Erie FCU’s net worth, despite increased loan loss reserves and higher deposit costs, ended the year at 9.73%. Net income was over budget by 50%. If you would like to review more specific financial details from 2024, please refer to the Financial Performance section of this Annual Report
As we look ahead into 2025, we anticipate our capital, liquidity, and loan quality to remain at very strong levels. Our balance sheet is well
“I don’t think I can ever thank you enough for everything you did for me. From helping me when I didn’t understand anything and you took your time and explained everything detail by detail and not once I felt like I was being a bother. Always very punctual and reliable. Always very nice. With all your support, it gave me the strength I needed at that time. Thank you Zandra and Erie FCU for making my first time home buyers experience the best.”
D. Davila
110 9 East 38th Street • 1005 Greengarden Road 2436 Buffalo Road • 518 State Street • 5500 Zuck Road 7141 West Ridge Road (Fairview, PA ) • 1825 Downs Drive (Walmart Supercenter) 101 Washington Towne Blvd. (Edinboro, PA ) • 3503 Peach Street (814) 825-2436 • www.eriefcu.org
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