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Homegrown Businesses' Word of Mouth Boosts Erie Federal's Lending

When a bank in Indiana known for its robust business lending program was bought by a larger competitor in 2008, it left many local firms scrambling for other financing alternatives.

By Michelle A. Samaad | Updated on January 19, 2010

When a bank in Indiana known for its robust business lending program was bought by a larger competitor in 2008, it left many local firms scrambling for other financing alternatives.

Enter the $297 million Erie Federal Credit Union in Erie, Pa. The cooperative knew at some point it wanted to move in the direction of offering business loans and other related services, but the bank merger ramped up efforts to get a program up and running, said Sandi Carangi, vice president of business development. The acquiring bank was not interested in offering business loans anymore, she recalled. Former employees of the acquired bank and staff at economic development groups asked Erie if the CU would be interested in filling the void.

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