Erie Federal Credit Union: Giving You the Business
The Erie Federal Credit Union began as a small operation in the 1930's.
But now, it has grown to include 170 employees in 10 locations, serving about 58,000 members.
Chief Executive Officer Brian Waugaman says service is the foundation of the organization.
He said, "We exist solely for our members. So the success that we see if greatly attributed to our members. Our members help us get the word out to bring more members in."
And members share in the success of the organization. Earlier this year the credit union spent $550,000 to hand out bonuses to members.
Waugaman said, "The only right thing to do in a cooperative environment is to say we need to give something back to those who made us successful."
Just last year, the credit union moved into a new headquarters, spending $7.5 million to transform the old Glenwood School.
Chief Operations Officer Christopher Cortes said, "To take the old school that was abandoned and closed and be able to adaptively use it was a great opportunity for us.
The credit union wants the region to grow. It specializes in loans for small businesses, with quick approvals.
Commercial Lender Nathan Crouch said, "I think the difference between us and other financial institutions is our ability to streamline and customize loans to our members needs."