Co-op returns $186.8 million to its members and $5.35 million to its communities last year
SEATTLE (April 25, 2018) — BECU, the largest community credit union in the country, grew its membership by eight percent last year to 1,081,077 members, and ended the year with $17.8 billion in assets, an 8.5 percent increase over 2016. As a credit union, BECU works to effectively balance its growth, and the safety and soundness of the cooperative, which resulted in a net worth (capital) ratio of 10.97 percent.
“As a not-for-profit co-op, our commitment is to our members, not stockholders. That enables us to focus on the long-term strength of our business, while remaining true to our values,” said Benson Porter, BECU president and CEO. “Ultimately, BECU's growth reflects the value and trust our members feel about their cooperative, and provides us with more resources to support the financial health of our members and communities to an even greater extent.”
The credit union returned $186.8 million ($179 per member) to its members in the form of better rates and lower fees compared to bank averages, including:
Through its support of financial health and credit union causes, BECU donated $5.35 million in cash and in-kind donations last year, including:
Additionally, the BECU Foundation gave $240,000 to 80 students through scholarships.
Beyond the dollars donated, BECU reaches its members and communities through hands-on financial education opportunities last year, including:
BECU members may have noticed other investments the credit union made in 2017 to enhance its services, including:
BECU is a not-for-profit credit union owned by its members. Members receive the benefits of ownership through better rates and fewer fees. With more than 1 million members and over $17 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates more than 45 locations in Washington and two financial centers in South Carolina. For more information, visit www.becu.org.