Being an award-winning credit union means putting members first—and 2025 was no exception. We advanced our digital tools and strengthened security, all while providing greater value through competitive rates. Beyond our products, our staff focused on active, hands-on volunteerism—supporting nonprofits and those in need through direct action, financial literacy, and technology access initiatives.
ABOUT OUR CREDIT UNION
Our Mission Statement
The mission of Erie Federal Credit Union is to responsibly deliver financial solutions that serve the needs of our community.
Our Vision Statement
The vision of Erie Federal Credit Union is to be the #1 most trusted financial resource in the region.
Executive Leadership Team
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
Report of the CEO
Brian J. Waugaman, CEO
It is my honor to present the 2025 Report of the CEO on behalf of Erie Federal Credit Union. As we progress through 2026, I extend you our warmest wishes for your safety, health, and prosperity today and through the rest of the year. We are deeply grateful for our members’ continued trust and support, which helped make 2025 another exceptional year of service.
Your credit union remains financially strong. Erie Federal Credit Union’s capital position increased from 9.73% to 10.20% of assets. This remains well above the ‘well-capitalized’ threshold of 7.00% established by the National Credit Union Administration (NCUA).
• Membership grew by 2,223 to a total of 80,843
• Assets decreased to $795 million*
• Deposits decreased to $733 million*
• Loans increased $24 million bringing the total portfolio to $512 million
*Please note: total deposits and assets decreased as part of a deliberate and purposeful balance‑sheet rebalancing initiative. Proactive adjustments were made to further strengthen liquidity, enhance capital efficiency, and reinforce the credit union’s long‑term stability. This shift is a result of prudent financial stewardship and preparation, not financial stress, and ensures the credit union remains well‑positioned to serve our members in any economic environment.
In our 90th year of service, we remain committed to a promise made in 1936 by a group of ten educators who met at the Ford Hotel in Erie, PA: to prioritize member needs through every season of their lives. Being a member owned financial cooperative brings with it a profound responsibility. Our work extends far beyond simply completing financial transactions. It reflects the trust our members place in us to protect their financial well-being and to support them throughout their financial journey.
Grounded in the credit union philosophy of People Helping People, we remain committed to making your financial journey easier, more secure, and more empowering. We continue to invest in both digital advancements and personalized in-branch experiences, ensuring our members enjoy the convenience of modern technology without losing the human connection they have come to expect.
Our vision is unwavering: “to be the #1 most trusted financial resource in our region.”
And in 2025, we sharpened our mission statement ever so slightly to more powerfully express our cooperative commitment: “To responsibly deliver financial solutions that serve the needs of our community.”
At the core of all we do is a culture anchored in five pillars that guide every interaction and every decision we make:
1) Service Excellence – delivering exceptional member experiences—from a warm welcome to proactive financial solutions.
2) Professional Integrity – upholding the highest standards of ethics, professionalism, and accountability.
3) Collaborative Teamwork – fostering a supportive, inclusive culture built on mutual respect and shared purpose.
4) Community Engagement – demonstrating our commitment to the communities we serve through volunteerism, partnerships, and charitable support.
5) Continuous Advancement – embracing innovation and growth to remain relevant and improve service efficiency.
By shifting one word—from ‘meet’ to ‘serve’—we further underscore our commitment to placing our members and community at the center of everything we do. This shift reinforces our dedication to meaningful community impact—whether through financial literacy programs reaching thousands of students and seniors, helping members achieve homeownership, or providing the kind of personalized service that national banks simply cannot match.
These pillars form the foundation of our promise to help every member grow, thrive, and achieve financial confidence.
Accomplishments realized in 2025 reflect not only strategic focus, but also on the dedication of our staff and the continued trust of our members. Key achievements include:
Record Membership Growth – we celebrated the addition of our 80,000th member, underscoring the confidence our community places in Erie FCU.
Erie’s Choice Awards – Erie FCU was named Erie’s Choice in Credit Unions for the 13th consecutive year.
• Awarded Erie’s Choice in Mortgage Lender for the 6th straight year.
• Erie Advisors recognized as Erie’s Choice in Financial Advisory Group for the 6th time.
• Voted Erie’s Top Employer (101–500 employees) and, for the first time, Erie’s Best Place to Work
Erie Reader Recognition – Your credit union was voted “Erie’s Best Bank/Credit Union” for the 12th consecutive year.
Investment in Innovation
• We launched MAE, our AI-powered Member Assistant Expert in July, and since this time, MAE has handled thousands of member interactions with greater speed and accuracy.
• We further enhanced our digital banking platform to improve accessibility, control, and convenience.
Community Impact
• Erie FCU employees contributed nearly 2,500 volunteer hours, supporting initiatives such as ‘Feed the Need’ and continuing our ongoing United Way Community Schools Corporate Partnership with Lincoln Elementary School.
• These efforts reflect our unwavering commitment to improving the lives of local families, students, and neighborhoods.
Support for Local Business
• Erie FCU expanded our Member Business Lending team.
• We also introduced the Microenterprise Steps 2 Success (ME S2S) program to help small business owners, especially those traditionally underserved, gain access to much needed capital.
Facility Enhancements
• The East 38th Street branch is being remodeled to support continued expansion while receiving a number of energy efficient enhancements.
• Vintage inspired, warm-lit signage was installed at our 518 State Street location, honoring the historic legacy of the downtown Exchange Building.
Advocacy for Member Interests
• With strong member support, we successfully advanced the national ‘Don’t Tax My Credit Union’ campaign.
- The Senate’s decision to preserve the credit union tax exempt status ensures that credit unions can continue reinvesting profits back into member value and the local economy–delivering an estimated 1,300% return to communities served.
These achievements are a reflection of our commitment to exceptional service, community leadership, and the financial success of members.
89 Years of Impact, 90 Years of Vision
A Message from the Board Chair, Laurie Becker On behalf of the Board of Directors and entire Erie FCU team, we proudly present the 2025 Annual Report. As always, 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 2025. After our 89th year of service, I have the distinct honor of sharing a report that reflects both our enduring stability and our bold transition into a new era. This past year was one of preparation—strengthening our foundation as we approach our historic 90th anniversary!
A Milestone Achievement: 80,000 Members Strong
As we navigated our 89th year, we reached a historic milestone that speaks volumes about the trust our community places in us: We officially surpassed 80,000 members. Growing to a family of 80,000 is not just a win for our balance sheet; it is a win for every individual member. In the credit union model, there truly is “strength in numbers.” A larger membership base allows us to achieve greater economies of scale, which we pass directly back to you through lower loan rates, higher deposit yields, and more robust digital tools.
Strategic Vision: Planning for the Future
Great institutions do not succeed by accident; they succeed by design. This past year, the Board of Directors and Executive Leadership Team engaged in a series of intensive Strategic Planning Sessions. These sessions were dedicated to analyzing the evolving financial landscape and ensuring that Erie FCU remains not just relevant, but a leader in our industry. The value of these strategic sessions cannot be overstated. By stepping back from daily operations to focus on long-term goals, we have developed a roadmap that prioritizes sustainable growth, risk mitigation, and member-centric innovation. This strategic foresight ensures that we are moving with purpose, agility, and a clear vision for the next 90 years of service.
Erie Federal Credit Union stands on solid financial footing. Our continued investment in innovative technology, enhanced member experience, and community involvement will sustain our mission and purpose for decades to come. While the broader economic environment warrants a measured and cautious approach, our commitment to our members remains unwavering: We will continue delivering exceptional service without compromising the personal relationships that have defined our credit union for 90 years. Thank you for choosing Erie FCU as your trusted financial partner. We look forward to serving you throughout 2026 and beyond.
Capital Strength & Financial Integrity
While the financial landscape grew more complex, our mission remained simple: to provide a safe, high-value haven for your hardearned money. I am proud to report that Erie FCU remains “Capital Strong.” Our net worth ratio continues to exceed regulatory “wellcapitalized” standards, ending the year at 10.20%. This financial fortress allows us to weather economic cycles while continuing to offer the competitive rates and low fees you’ve come to expect. Our excellence hasn’t gone unnoticed. In 2025, we were humbled to receive a number of awards that are detailed in the Annual Report. These accolades are a testament to our staff’s dedication and our commitment to operational excellence.
Innovation: Banking at the Speed of Life
In our 89th year, “service” evolved beyond the teller line. We recognize that your time is your most valuable asset, which is why we leaned heavily into digital transformation – For example the credit union provided:
• Next-Gen Online Banking: We significantly improved our digital platform, featuring enhanced security and intuitive tools that allow you to manage your financial life from anywhere in the world. Whether it’s real-time fraud alerts or advanced budgeting tools, your branch is now as close as your pocket.
• Frictionless Account Opening: We believe joining the credit union family should be easy. Our digital account opening system allows new members to get started in minutes from any device.
• Streamlined Lending: By integrating automated systems and e-signature capabilities, we’ve slashed loan processing times. We are getting funds into your hands faster than ever, proving that “hometown service” can also be “high-speed service.”
Community: The Heart of the Credit Union
A credit union is a community engine. We believe our impact is driven by our people. This past year, we lived our “people helping people” philosophy through record-breaking outreach. The Board of Directors remains incredibly proud of our Employee Volunteer Program
This past year, our staff utilized their paid volunteer time to contribute thousands of hours to local causes. Whether organizing holiday gift programs or sorting food pantry shelves, our team proved that we don’t just work in this community—we are an active part of its heartbeat.
Volunteer Board of Directors
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.
Looking Forward to 90
As we mark our 90th anniversary year, we aren’t just celebrating a date on a calendar; we are celebrating nine decades of trust. Since our founding in 1936, we have survived global shifts and technological revolutions by staying true to you.
Our 90th year will be a “Year of the Member.” We look forward to celebrating this milestone with special events and anniversary initiatives that honor the legacy of those who built this institution and the members who sustain it today.
Thank you for being the most important part of our 89-year journey. We can’t wait to celebrate 90 with you.
Election of Directors
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.
Nominated by Committee for re-election to the Board: Nominated by Committee: Rick Macer, Dr. Pablo Reyes and Robert Langley. The nominees will serve a 3-year term.
Annual Meeting: The Annual Meeting of Erie Federal Credit Union will take place on May 11, 2026.
46,139
to 12/25)
Supervisory Committee Report
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 the financial records of the Credit Union are accurate and that management practices and internal controls safeguard members’ assets.
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, licensed public accounting firm.
The independent, licensed public accounting firm, completed an annual audit of our financial statements and verified the accuracy of members’ accounts for the year ending March 31, 2025. 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 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 2026 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.
Mary Swaney, Erie FCU’s Internal Audit Manager, was awarded the Terry McEachern “Professional of the Year” award at the ACUARP Annual Insight Summit held June 2025 in San Antonio, TX. The award is presented to an internal auditor, compliance or risk specialist who has made a significant contribution to the internal audit and compliance profession.
Dennis Howard
James Lazan
Bob Langley
Richard Macer
Laurie Becker Board Chair
Dr. Pablo Reyes
Bill Dietz
(Board Chair Report continued)
Meet MAE, Your 24/7 Virtual Partner
In 2025, the introduction of MAE, our AI-powered Chat and Voice Assistant, marked a significant leap in how Erie FCU balances high-tech efficiency with its member-focused mission. As an AI-powered chatbot, MAE now serves as the first point of contact for members navigating the digital landscape.
One Assistant, Two Ways to Connect
Whether you prefer typing on your laptop or speaking on the go, MAE is ready to help:
Smart Chat: Access instant help via the chat bubble on our website, in online banking and our mobile app.
Voice Assistant: Simply call our main member service line. No more navigating complex menus—just speak naturally to get what you need.
Seamless Support, Anytime
The implementation of this technology highlights a broader shift within the credit union industry toward Conversational AI. For Erie FCU, MAE isn’t about cutting costs—it’s about expanding accessibility. By offering 24/7 support across multiple channels, the credit union meets members where they are, whether that’s a latenight session of online banking or a quick query during a lunch break. This digital evolution allows Erie FCU’s human staff to move away from repetitive data-sharing tasks and focus instead on high-value interactions, such as personalized financial counseling and complex loan structuring, reinforcing the “people helping people” philosophy that defines our credit union.
People Helping People by serving the underserved
At Erie FCU, we’re proud to be a designated Community Development Financial Institution (CDFI). That’s a fancy way of saying we’re officially recognized for our commitment to showing up for the underserved and low-income communities right here in Erie and Crawford counties. We truly believe that fair, affordable banking is a fundamental right.
Awards & Accolades
Awards are a great way to see our impact in action. We’re so grateful to our members for their constant support and to our incredible team for making it all happen!
Erie FCU Marketing Excellence:
Erie FCU won a SILVER award for our Newsletter from the Marketing Association of Credit Unions
Erie FCU won TOP HONORS at the MIC Awards, presented by CrossState Credit Union Association, for Best Newsletter and Annual Report.
Erie FCU was recognized with a GOLD award (Chat Bot MAE launch campaign) from PRSA NWPA Chapter for our marketing and public relations efforts.
Being a CDFI means putting people first. We listen to your stories, understand the hurdles you’re facing, and build solutions that help you find long-term stability. We’re here for the individuals who’ve been overlooked by big banks because we believe everyone deserves a real shot at success.
34,636 Mobile Deposits SERVICE HIGHLIGHTS E-Services
897,638 Funds Transfers
29,076 External Transfers
In 2025, Erie FCU earned a 5-Star Rating from BauerFinancial™
Chris Cortes (COO) and Donna Sorenson (VP of Remote Services)
Erie FCU’s CEO, Brian Waugaman, at the 2025 Erie’s Choice Awards
Our members’ stories are the heartbeat of everything we do. We believe banking is about more than just accounts—it’s about people helping people dream bigger and reach their goals.
“Before starting the homebuying process I was feeling a lot of nervousness. It all felt very overwhelming and difficult to know where to begin the journey. We decided to work with Erie FCU for multiple reasons. One, I have been a long time member since I started my first job in high school. Secondly, we had a good friend who just purchased a home with the assistance of the credit union and had a great experience... We had an amazing experience!
Randall and Adelle were there to answer all of our questions and provided us with the tools and confidence we needed to purchase our first home. They both went above and beyond to make sure we knew what was happening and why it was happening. I really appreciated Randall’s honesty and ability to learn with us as we go. I would highly recommend buying a house with the help of Erie FCU.“
—
Mari H. and Jackson L. - Members
“Working with the team at Erie Federal Credit Union made the whole mortgage process much smoother than I expected. Buying a home can feel overwhelming at times, but you were always quick to answer questions and explain things in a way that made everything easier to understand. Your communication and support throughout the process made a big difference, and it really helped give us confidence during such a big step. Being able to move into our home means a lot, and I’m grateful for the role you and Erie FCU played in making that happen.
561,567 Teller Transactions
HIGHLIGHTS
5,866 Shared Branch Transactions
3,081 Prime Savings Opened
(Our) People Helping People
I’d absolutely recommend Erie Federal Credit Union to anyone looking to buy a home. Thanks again!”
—
Allen C. - Member
160,291
Over 10,000 voice calls handled by MAE Support Center Answered Calls
Employee Training
Erie FCU’s continued investment in employee training helps ensure our staff’s preparedness to effectively perform their roles. From learning new systems and programs to enhancing leadership skills, our robust training program supports our employees’ development so that they can offer their very best to our members.
”I grew up in a family that struggled financially throughout my entire childhood, which meant I often relied on school for guidance—guidance that ultimately wasn’t there. By the time I reached college, I had to teach myself the financial skills I needed. I eventually became proficient, but it didn’t come without challenges, setbacks, and a fair amount of trial and error. Even after making progress, I found myself still learning about credit well into my mid-20s.
My journey left me both proud of how far I’d come and frustrated with the gaps in the U.S. education system. That frustration turned into a passion for teaching others about finances.
My mission in counseling others is to provide the financial foundation I never had, helping them pursue their own success with confidence. I’m incredibly grateful to Erie FCU for giving employees the opportunity to help fill this gap in education.”
— Zach Sheffer, Erie FCU
MSO II
“Just treat a person as you like to be treated is how I have lived my life and taught my children and grandchildren and that is how I feel you treat me. I have moved to New Hampshire and I still do a major part of my banking with you.”
— Mary Ann P.
- Member
Fred Tonty, CFO
Message from our Chief Financial Officer
2025 was another year marked by continued geo-political tensions, market and economic volatility. Due to declining inflation, the Federal Reserve continued to lower interest rates in 2025 by 75 basis points. 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 81,000 members this year and in coming years.
Your credit union’s growth in 2025 was at a measured, controlled pace 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.
Erie FCU continued to expand its membership base in Erie and Crawford counties and remained top of market in both loan and deposit rates. Loan growth was strong at 4.99%, assets decreased 1.19%, and capital remained strong – well above the 7% threshold indicating well capitalized. 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 ended the year at 10.20%. Like many financial institutions, we have had to adjust to the demands of ongoing economic challenges, including delinquencies and charge -offs. However, the credit quality of our loan portfolio continues to be strong, with these losses being lower than industry averages. Net income was over budget by 67%.
In 2026, as we celebrate our 90th anniversary, we anticipate our capital, liquidity, and loan quality to remain at very strong levels. Our balance sheet is well positioned to manage various potential interest rate environments and economic scenarios. We will continue to actively manage expenses while regularly seeking opportunities to enhance and expand services to our members.
Thank you for your ongoing loyalty and commitment to Erie Federal Credit Union. We look forward to serving you for many years to come.
FINANCIAL PERFORMANCE
Year Ending December 31, 2025 Assets
Interest Expense
Operating Expense
2025 Impact Report
At Erie FCU, our bottom line isn’t just about balances— it’s about people. We pair top-tier financial services with a deeprooted commitment to our communities we serve, reinvesting in our neighbors through education, scholarships, and active local support. More than just transaction... Real impact. Real change.
Access & Inclusion
• 80,000th Member Milestone — In 2025, we welcomed our newest member into the ErieFCU family
• Our first ever chat bot, MAE was introduced to the membership – Read more about MAE in the Annual Report
Financial Health & Empowerment
We met members at every life stage with education, guidance, and support:
• ErieFCU@Work — revamped our business partner program that delivers on-site and virtual financial wellness to employees across our region
• 4,000+ (community members served through financial literacy programs) 2,000+ of them being youth literacy focused ( Topics: Senior Wellness, Homebuyers, Scams, Community Reentry, Careers and more)
• 135 members registered for our in-house Home Buying Seminar
• 62 in-person financial counseling appointments provided one-on-one support
VITA (Volunteer Income Tax Assistance)
• 28 trained volunteers
• 1,584 tax returns filed
• $2M+ in refunds secured for members
• $366,000 saved in tax preparation fees — money retained by members
“When I am signing out our retired members they are always so grateful. They have told me they have spent over $300-$400 to get their taxes prepared and we do them for free and complete the property tax rebate form for them. Most of these returns are very easy and take less than 15 minutes to complete.” — Cheryl Kindle, VP of Member Solutions - VITA Coordinator
Lending & Economic Impact: Fueling Dreams
Loan Assistance Program
Assistance Program to Members Affected by Government Shutdowns
• Erie FCU again provided financial assistance to members affected by events such as natural disasters, large company-wide layoffs, business closures, government shutdowns, pandemics and other crisis or disaster situations
Auto Lending
- Erie FCU understands that having reliable and affordable transportation is an important staple for families
• 33 first-time auto buyers supported
• 222 members took advantage of our auto refinance special totaling over $6,000,000
Mortgage Lending
• 1,093 service events – Mortgage Consultation events
• Our team guided many first-time buyers through the process of achieving homeownership
• Home Purchases total: 90 totaling over $13 million
First Front Door:
• 14 KEYS grants for $275,549
• 17 First Front Door grants for $255,000 for a total of 29 grants for $490,549
• This number includes 2 FFD grants from 2024 that funded in 2025
Business
Lending (A Record-Breaking Year)
• $25,546,850 loans - 73 loans
• 4 new team members hired (three business lenders) to support growth
• Introduced ME S2S Loan to better serve business members. These small business loans were introduced to better support local entrepreneurs. The program provides accessible funding helping owners move their businesses forward
Credit Cards
• 378 balance transfers
• $1,263,520.30 moved to lower-interest credit card solutions
Pictured L-R: Erie FCU MSO, Alex Carrasquillo, 80K Member, John K. and Erie FCU CEO, Brian Waugaman
Community Impact: Investing Where It Matters
Community Investment
• Donations and Sponsorships: Monetary support was given to hundreds of local organizations
• Give Hope, Feed the Need - $20,000 distributed to 10 local organizations, providing timely food security support following SNAP benefit reductions and a government shutdown
• Shred Day - hundreds of members served while saving 360 trees through secure document destruction
• 653 pounds of PB&J was donated to Second Harvest by our members!
Volunteerism
• 2,911 volunteer hours contributed by Erie FCU staff
“Katey (Cross) and her co-workers provided such a valuable service to our clients at the Erie City Mission through the Financial Literacy classes. Just one session with the credit counselors has changed their financial outlook. We hope to continue offering this series with Erie FCU’s expertise because our clients tell us how helpful it’s been.”
—
Jael Norman – Lippert, Erie City Mission
Partnerships
• Lincoln Elementary School – Community School Coalition partnership with local banks in support of students and families through education and hands-on engagement
Employee Impact & Culture: Strong Teams, Stronger Community
• Number of employees – 220
• Retention and engagement rates. Retention for 2025 = 90.54%
• Training and professional development – HERO Training for (100% participation) of staff, local, state and national conferences, in-house training system
• Over 4,500 members of the community were impacted by TEAM AOK’s service
• A total of 517 staff submissions for volunteer activities
Together with members, employees, and community partners, Erie FCU is building a stronger, more financially confident Erie community — One milestone, one relationship, and one life-changing moment at a time
• Community Blood Bank blood donations, Habitat for Humanity builds, beach clean ups, vendor fairs and more!
“The Community Blood Bank is incredibly grateful for Erie FCU’s ongoing partnership and support. From hosting community blood drives to joining us at our Bloodmobile ribbon-cutting ceremony and other special events, the team has consistently shown a strong commitment to helping us serve our community. Partnerships like the one we share with Erie FCU truly help drive our mission, and we are thankful to work alongside an organization that is so dedicated to giving back.”
—
Megan Solensky, Community Relations Specialist Community Blood Bank of NWPA and WNY
