Erie FCU and Erie Times FCU Complete Merger
Erie, PA – January 3, 2022 – Erie Federal Credit Union (Erie FCU) and Erie Times Federal Credit Union (ETFCU) are pleased to announce that the merger between the two organizations has been successfully completed as of January 1, 2022.
In addition to approval from both Boards, the merger also received the approval of ETFCU’s members, as well as the required federal regulatory agencies. The merger will expand Erie FCU’s presence in Northwest Pennsylvania, as well as offer new members additional financial solutions. The current ETFCU branch is now closed.
“We’re very excited to welcome the members of Erie Times FCU to the Erie FCU family”, said Brian Waugaman, CEO of Erie FCU. “Employees of both credit unions have been working together for many months to make this transition as seamless as possible. It is our goal to expand our service area and capacity in order to meet the needs of our current and future membership."
The merger will provide Erie Times FCU members with a wider range of financial products, technology and services, more branch locations as well as a service/call center with expanded hours and much more.
As a member-owned financial cooperative, Erie Federal Credit Union's mission is to responsibly deliver financial solutions that meet the needs of our community. “Erie FCU continues to be a great alternative to other financial institutions, offering competitive financial products, services and rates with a focus on supporting the communities we serve,” Waugaman added.
About Erie Federal Credit Union
Post-merger, Erie FCU will remain at nine Erie area branch offices with total assets exceeding $718 million and membership over 68,000. Erie FCU remains northwestern Pennsylvania’s largest credit union. Erie FCU and Erie Times FCU have a long and storied tradition of providing exceptional, personalized service to their members. Erie Times Federal Credit Union was federally chartered in 1935 by the employees of Erie Times News.
Erie FCU & Erie Times FCU Merger Resource Center
The merger between Erie FCU and Erie Times FCU brings together two community focused credit unions to offer you more convenience, more choices, and more great ways to manage your money.
To help guide you through this transition, we will provide updates on this webpage. Below you will find key information and frequently asked questions.
Merger Q & A - General Information for Erie Times Federal Credit Union Members
Complete merger information will be mailed to all Erie Times FCU members in November 2021.
When will the merger take place?
- Erie Times FCU will officially merge with the Erie Federal Credit Union on Saturday, January 1, 2022, making you part of the Erie FCU family.
- Prior to the merger date you will receive by mail all required documents and a merger booklet containing specific dates and account information.
- Information will also be available at www.eriefcu.org/erietimes.
What if I already have an Erie FCU account?
- Your Erie Times FCU account will be a separate account and will not merge with any existing Erie FCU account you currently have. If you wish, you can combine these accounts after the merger is completed.
Will my account number change?
- Yes. You can visit the Erie Times FCU office beginning December 1st for your new account number.
- You can also visit any Erie FCU branch office, beginning Monday, January 3, 2022, for your new account number. For security purposes a valid photo I.D., your social security number, and Erie Times FCU account number will be required.
What branch locations can I use?
- The Erie Times FCU office will be permanently closed on December 31, 2021 at noon.
- All Erie FCU office locations and hours will be listed in the merger booklet or at www.eriefcu.org.
Will there be a time period when I cannot use my account?
- Yes. There will be a brief black-out period beginning at noon on Friday, December 31, 2021 through Sunday, January 2, 2022. Members should plan accordingly.
Will I need a new debit card?
- You can continue to use your current Erie Times FCU debit card until midnight on December 26th. We will issue you a new debit card which you should receive by December 22nd. You can begin using your new card on January 3rd. To activate your new card you must call the card activation number from the phone number you have listed on your account. Activation instructions will be included with your new Erie FCU Debit MasterCard. You will not be charged fees if you use your debit card at ATMs in the Erie FCU Network.
Will I need a new credit card?
- You can continue to use your current Erie Times FCU credit card until midnight on December 26th. We will issue you a new credit card which you should receive by December 22nd. You can begin using your new card on January 3rd.
Will home banking and audio response be available?
- Yes. You will not have access to your Erie Times FCU account through online banking, e-statements and telephone teller after noon on December 31st. After January 3rd, you will need to enroll in the Erie FCU online banking and EZ phone services.
Will I need to make changes to my direct deposit and automatic deductions?
- Your current direct deposits and automatic deduction transactions you have setup with utilities, insurance agents, fitness clubs, etc. will continue uninterrupted. After the merger date (1/3/22), we ask that you begin to have these items changed over to the Erie FCU routing number and your account MICR number.
Changes to your Club account.
- Your club accounts (vacation, insurance, taxes, Visa, etc.) will transfer to Special Share Accounts.
- The name labels will show up when you view your accounts.
- VISA club and loan payment share accounts will transfer to Special Share Accounts. You will need to set-up one-time or recurring payments through online banking or auto transfer.
Changes to your checking account.
- Your Checking Account will transfer to an interest- free Checking Account.
- No minimum balance required - No monthly dividends or monthly service fee.
- Free Checks with direct deposit of net pay, social security or pension.
Will I need new checks?
- You may continue to use your Erie Times FCU checks after the merger. If you do not order your checks through the credit union, please make sure you use the Erie FCU routing and checking MICR number when you place your order.
Changes to your IRA Account.
- Your IRA Accounts will transfer over to our IRA Share Accounts.
Will there be changes to dividends?
- All current products- savings, special accounts, holiday club, IRA share and money markets will transfer over to our current dividend rates and may be higher than your current rates. All dividends are paid monthly.
Will there be changes to my loan term and interest rate?
- No. All loan types will transfer over with the existing terms, payment dates, monthly payment amounts, interest rates and maturity dates.
Erie FCU & Erie Times FCU Announce Merger Approval
Erie, PA – September 17, 2021 – Erie Federal Credit Union (Erie FCU), located in Erie, PA, and Erie Times Federal Credit Union (Erie Times FCU), also headquartered in Erie, PA, are pleased to announce that the two organizations will merge effective January 1, 2022.
Erie Times FCU members and its Board of Directors recently voted to approve the merger. The response was overwhelmingly positive. The merger has also been approved by the National Credit Union Association (NCUA) and supported by Erie FCU’s Board of Directors and management. Erie FCU will be the continuing credit union. Erie Times FCU members will have full access to Erie FCU’s diverse products, services and branch locations beginning January 1, 2022.
Erie Times FCU was organized in 1935, and is the oldest federal credit union in the Erie County area. Alice Pierbaum, who worked at the Erie Times-News, was instrumental in organizing the credit union for the benefit of her peers. She ran the operations out of her office for several years. At that time, the only services offered to members were savings accounts, payroll deductions and personal loans. From these humble beginnings and with the dedication of a few forward-thinking leaders, the credit union continued to be successful for 86 years.
The merger will expand Erie FCU’s presence in Northwest Pennsylvania, as well as offer Erie Times FCU members additional financial solutions. There will be no layoffs as a result of the merger, but the current Erie Times FCU branch will close. “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 (9) area branch locations with total assets over $717 million and membership exceeding 67,000. Both Erie FCU and Erie Times FCU have a long and storied tradition of providing exceptional personalized service to their member-owners. To find out more about Erie FCU’s products and services, please visit eriefcu.org.