BECU Milestones: From 18 members and $9 to 725,000 and $9.6 billion

In 1935, the country was still struggling under the weight of a collapsed economy when a group of Boeing workers came together to form a new kind of financial institution. Inspired by a Reader’s Digest article on the benefits of credit unions, they organized the Fellowship Credit Union to provide a banking alternative for themselves and their fellow Boeing workers. Each of the 18 original founders contributed 50¢ accounting for total beginning assets of $9.

• 1936—Fellowship Credit Union

  Most deposits made by early members were a dollar or less, so it took several months to gain enough assets to loan money to members. The first loan limit was $2.50.

• 1936—First Passbook

  The group applied for and received a Washington state charter, issuing their first account passbook on January 2. Membership reached 490 individuals by the end of the first year.

• 1949—Boeing Employees' Credit Union

  The credit union’s name was changed to Boeing Employees' Credit Union to better reflect the membership.

• 1953—Assets Reach $1 million

  In its 17th year of operation, BECU reached $1million in assets.

• 1955—20th Anniversary

  With 20,500 members and assets totaling $5 million, BECU became the largest credit union in Washington state and the 10th largest in the U.S.

• 1968-1970—Growing Operations

  The credit union’s bylaws were changed to allow Boeing retirees to retain BECU membership. BECU had six locations at Boeing plant sites. During the early 1970s, the economy slowed and credit union directors consolidated locations to save money.

• 1973—Family Members Can Join BECU

  A new charter allowed Boeing employee family members to join BECU.

• 1977—Once a Member, Always a Member

  Another charter change added substantially to the growth of BECU, allowing members to retain lifelong memberships.

• 1980-1985—Products and Services Grow

  Checking accounts were introduced in 1980, followed shortly by ATM cards, IRAs, and CDs. By the mid-1980s products and services continued to expand and BECU offered Visa, home equity loans, and financial counseling.

• 1985—50th Anniversary

  Membership grew to 96,000 and assets totaled $569 million.

• 1990—A New Financial Center

  BECU opened the Tukwila Financial Center to house operations and a banking center with 18 teller windows and six drive-up banking lanes.

• 1992-1993—Expansion of Services

  BECU Financial Service Organization was established to offer members financial planning services. BECU also began offering home loans and introduced free financial education seminars for members and area schools.

• 1994—New Everett Financial Center

  BECU opened the Everett Financial Center to provide service to members in Snohomish and North King Counties with 10 teller windows and six drive-up banking lanes.

• 1995—BECU Foundation Founded

  The BECU Foundation was established to encourage and manage contributions for academic scholarships. Each year BECU awards selected student-members with an academic scholarship.

• 1999—BECU Neighborhood Financial Centers

  BECU opened our first Neighborhood Financial Center located in a grocery store. The unique concept was created so the credit union could be in the neighborhoods where members live and give them access to representatives to talk with and automated access to account activities.

• 1999—BECU Introduces Internet Banking

  BECU's Web Access was introduced at www.becu.org—it allowed members with an Internet connection to view account history, transfer funds, apply for loans and Visa, make loan and Visa payments and more.

• 2002—Expanding Membership

  A new charter expanded BECU member eligibility to include anyone who lives in Washington state, helping to grow our membership and offer BECU value to more people.

• 2002—Big Developments at BECU

  Major system changes did away with social security numbers as account numbers, PowerLine became Telephone Banking and Web Access became Online Banking.

• 2005—HLPR (Helper) Home Loans

  BECU began offering the HLPR “Helper” Loan, which is specifically designed for first-time home buyers and features reduced monthly payments, which allows more members to realize the dream of owning a home.

• 2006—Interest-Earning Member Advantage® Account

  BECU began offering a free interest-earning account that offers a premium rate on both checking and savings for using free paperless services at BECU.

• 2008—Beginning of the Global Economic Meltdown

  Questionable lending practices, declining house values and rising unemployment led to the failure of many financial institutions around the nation; most notables were Washington Mutual, Bear Stearns, and Lehman Brothers.

• 2008-2010—Bringing You More Products and Services

  BECU became a leader in banking technology with enhanced services, e.g. Mobile Banking Site and App, Snapshot (image) ATMs, Online Deposits, Pay Other People (POPMoney) Payment Service, speech-recognition Telephone Banking, and enhanced Online Banking features.

• 2009—Expanding Neighborhood Financial Centers

  BECU Neighborhood Financial Centers moved beyond grocery stores to stand-alone branch locations. By the end of 2009 there were 40 Neighborhood Financial Centers throughout the Puget Sound region.

• 2009-2010—Home Loan Milestones

  BECU was certified by the Fair Mortgage Collaborative for our commitment to fair mortgage lending practices. We also became an approved FHA (Federal Housing Administration) lender—putting homeownership within reach for more people.

• 2010—75 Years of People Helping People

  BECU celebrated 75 years of service to the community with a community-involved tour of the Greater Puget Sound region.

• BECU—Today

  BECU is more than 725,000 members strong with assets in excess of $9.6 billion. We are the largest credit union in Washington and the fourth largest credit union in the U.S. As BECU continues to add products, services, and locations, we recognize and appreciate our real strength is our members.