ERIE, Penn.–For the first time in its history, Erie FCU has paid a Patronage Bonus to its members.
Erie FCU reported it has paid out nearly $550,000 to members to reward them for their support. The bonus was deposited to 51,521 eligible member accounts.
“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.”
Erie Federal said the Patronage Bonus was based on members’ individual account relationships and usage of Erie FCU products and services over the past calendar year.