ERIE, Penn.–Two credit unions here said they are merging. The $725-million Erie FCU and the $7.1-million Erie Times FCU said they plan to combine effective Jan. 1, 2022. The merger has also been approved by NCUA.
According to the credit unions, there will be no layoffs as a result of the merger, but the current Erie Times FCU branch will close, ending the Times’ run as the oldest federal credit union in the Erie County area. It was established in 1935.
Erie Times FCU reported a loss of nearly $63,000 at mid-year, according to NCUA.
This new partnership will expand Erie FCU’s presence in Northwest Pennsylvania, as well as offer Erie Times FCU members additional financial solutions, the credit unions said in a statement.
“We’re excited that the members of Erie Times FCU voted in favor of this merger, and on behalf of the Erie FCU Board of Directors and management, we would like to thank the Erie Times FCU Board and staff for their leadership and dedication to the credit union movement over the past 86 years,” said Brian Waugaman, CEO of Erie FCU. “We look forward to serving our newest Erie Times FCU members for many years to come, while providing many additional benefits, technology and locations to assist in providing for their financial well-being.”
Erie FCU has nine area branches and more than 67,000 members.