Erie Chamber of Commerce issued the following announcement on Jan. 7.
Erie Federal Credit Union is proud to announce that it will pay a special patronage bonus to its membership for the third consecutive year.
This years’ Patronage Bonus of $645,000 is larger than the past two years and will be paid to eligible members later this month. Over the past three years, Erie FCU has paid out nearly $1.8 million via their patronage bonus program.
The Patronage Bonus was developed in order to distribute an equitable bonus back to members based on their individual account relationship and continued member loyalty over the past calendar year. Any active member in good standing on December 31, 2019 will be eligible to receive a share of the declared Patronage Bonus.
“As a credit union, we are very pleased to be able to return a portion of our earnings to our member-owners. This truly is what sets us apart from many for-profit financial institutions”, said Brian Waugaman, Erie FCU CEO. “2019 was another extremely successful year for us thanks to the many members who choose to take advantage of the products and services we offer”.
Members can discover their share of the Patronage Bonus, which will be direct deposited into members primary savings accounts, by logging into their account through Online Banking or checking their monthly statement.
For more information regarding the Patronage Bonus, visit eriefcu.org.
About Erie Federal Credit Union
Since its inception in 1936, Erie Federal Credit Union, the largest credit union in Northwest PA, has been serving its members in and around the Erie, Pennsylvania area with exceptional financial products. Erie FCU has grown its membership to close to 63,000 with assets of more than $543 million. They have 178 full and part-time employees with a corporate office and 9 branch locations. As a full-service, federally insured credit union, anyone that lives, works, worships, or attends school in Erie or Crawford County, PA is eligible to join. Erie FCU is an Equal Housing Lender.
Original source: https://www.eriepa.com/about/news-and-updates/erie-fcu-announces-special-patronage-bonus-for-third-consecutive-year