ERIE, Penn. – Erie FCU, which moved into the old Glenwood Elementary School in February, announced plans yesterday to spend $8 million to renovate or raze the old school building for a new headquarters.

“This is the most significant investment Erie Federal Credit Union has ever made, and it is a reflection of our continued commitment to our members, our staff, and the Erie community” said Mary Beth Wilcher, president of Erie FCU.

The $380 million credit union has hired Pittsburgh-based Momentum to design and build the new offices.

 “Our vision is to create an operations and corporate center that enhances Erie FCU’s visibility as a community focused financial leader. We plan to achieve this by providing world-class workspace that will attract and house the right employees with the skills and expertise to support our new growth initiatives and better serve our current members,” said Wilcher.

The credit union has not yet decided if the existing school structure will be retro-fitted or razed, but will be working with Momentum to weigh its options and determine the most effective, cost-efficient and environmentally friendly way to proceed.

The credit union bought the school building and its surrounding 1.2 acres for $1.17 million.

The new facility is expected to be completed in late 2014.

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