ERIE – Members of Erie Federal Credit Union (Erie FCU) recently received a Patronage Bonus of nearly $550,000 for their Credit Union relationship. The bonus was deposited to more than 51,521 eligible member accounts on January 22 as a token of Erie FCU’s appreciation for their continued loyalty and support.
“I am extremely proud to announce this first-ever Patronage Bonus,” said Brian Waugaman, Erie FCU’s CEO. “Since we are a member-owned financial institution, our members are a huge part of our success and Erie FCU’s Board and Leadership strongly believe that this program is a great way to thank them and share in our success. In 2017, we invested heavily in our new Glenwood facility and technology, while continuing to offer lower loan interest rates and higher deposit rates across the board, but we still wanted to give more.”
The Patronage Bonus Program was developed to distribute an equitable bonus back to members based on their individual account relationship and usage of Erie FCU products and services over the past calendar year. Any active member in good standing on December 31, 2017 was eligible to receive a share of the declared Patronage Bonus.
Waugaman added, “We gave back to both borrowers and savers, so the more products and services a member utilized with us, the larger their share of the bonus at the end of the year. This truly is one of the benefits of being a member with Erie FCU.”
Since its inception in 1936, Erie Federal Credit Union, the largest credit union in northwest Pennsylvania, has grown its membership to more than 56,000 with assets of nearly $470 million.
For more information regarding the Patronage Bonus, visit eriefcu.org.