ERIEBANK has announced it is investing $2.5 million in the Erie Downtown Equity Fund in support of the Erie Downtown Development Corporation (EDDC). ERIEBANK joins Erie Insurance, Erie Community Foundation, Gannon University and UPMC Hamot in supporting this vital community mission.
EDDC is a privately funded non-profit organization led by business, university and community leaders seeking to drive economic growth in Erie’s downtown through real estate development. Tim NeCastro, president & CEO of Erie Insurance, serves as the EDDC board chair and helped to initiate the organization.
“The EDDC believes that Erie businesses are uniquely positioned to fuel economic growth in the city – the central core of the Greater Erie Region,” said NeCastro. “When I first spoke with Dave Zimmer about EDDC, I knew immediately that he shared our vision for a strong, vital downtown Erie. And when he introduced me to Joe Bower, president of CNB Bank, I saw Joe’s enthusiastic support for Erie and the work of EDDC, and how he aligned that with ERIEBANK’s success.” He added, “This significant commitment from ERIEBANK adds to our momentum and propels our mission forward.”
ERIEBANK is the first financial services institution to announce its commitment to fund the collaborative effort. Karl Sanchack, president and CEO of the Erie Innovation District, emphasized the importance of ERIEBANK’s announcement. “The EDDC needs multi-entity engagement to achieve its goals, and adding the financial expertise of ERIEBANK to this collaboration is simply fantastic. It’s a signpost to a successful future.”
Dave Zimmer, president of ERIEBANK, underscores the alignment of the EDDC mission with ERIEBANK’s commitment to community involvement. “We believe wholeheartedly in the vision and values of the EDDC, and are pleased to be working in conjunction with area business and community leaders to realize our shared goals. Together we’re going to change both perceptions and reality. It’s going to be very satisfying to have front-row seats to watch this transformation unfold.”
ERIEBANK, a division of CNB Bank, is a $2.7 billion bank that has been and will continue to be developed by local business and community leaders. The local decision-making provided by ERIEBANK offers a high level of dedication and service to the communities in northwest Pennsylvania and northeast Ohio.