It all started with a small group of Boeing employees who wanted to find a way to help each other achieve brighter futures. By pooling their nickels and dimes, they were able to form the credit union that became BECU. Along the way, members of the growing credit union could borrow money to buy tools they needed for better jobs and homes for their families. They set up secure savings accounts for their kids’ futures, their rainy days, dream vacations, and retirement. And they worked together to improve the lives of all the members of the credit union.
The core of our founding is still alive today. We are people helping people, working together to make great things happen for our membership and our communities, innovating along the way.
As a financial cooperative, BECU is based on the idea that the combination of great service and value will result in long-term relationships with members and the associated growth that comes from being a place people can trust. This has driven strong growth over the years, and last year was no exception. In 2017, we welcomed over 124,000 new members to BECU; including 3,000 in Spokane and 500 in South Carolina; building on the principle that the more people we have working together, the stronger we are. We ended the year with a net worth ratio of 10.97 percent, well above the regulatory well-capitalized level of 7 percent.
We remain committed to returning value to our members – value that comes from being a member-owned cooperative:
- $187 million returned to members through better rates and fees
- Increased Member Advantage Savings rate earning members more even when they save small amounts
- Member Loan Reprice returned $3.6 million back to members in the form of reduced payments on over 45,000 loans
- Waived mortgage loan origination fees, saving members over $16 million
- Launched 1.5% Cash Back Visa card
Our financial strength allows us to continue to invest in the technology and services you want and need to keep up with the speed of life, things like:
- Removal of Foreign Transaction fees on our debit card, to match our credit card
- Free FICO scores in online banking
- Upgraded ATMs, delivering 17 million ATM transactions to members when they need them
- New branches
- More options for Digital Wallet Apps
Throughout 2017, we put more than $5 million back into the communities where we live and work through our financial health programs, member-inspired giving, and supporting employees in their communities.
In 2017, we took the inspiration of you, our members, into the design of our new logo. It reflects our commitment to members and emphasizes the “U” of BECU – celebrating the individuals that make up our membership and who make BECU a truly special place to bank and work.
With the same credit union spirit of “people helping people” in which we were founded, we continue to listen to and deliver on what’s important throughout 2018 and into the future.
Thank you for being a member of BECU.
David Yonce, Chairman, BECU Board of Directors
Benson Porter, President & Chief Executive Officer