Together We Do Better
BECU’s growth last year helped us reinvest profits back into financial health, returning nearly $187 million to our members and more than $5 million to our communities in 2017.
This past year was one of growth and activity for BECU with a focus on helping our members achieve their financial goals. In the true cooperative spirit of people helping people, financially healthy members make for healthier communities and a healthier credit union overall.
“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.”
In 2017, BECU raised its membership by eight percent to 1,081,077 members and ended the year with $17.8 billion in assets, an 8.5 percent increase over 2016. From housing to transportation, education and retirement, this significant growth enabled us to reinvest profits back into the financial health of our members and communities in tangible ways:
- Return to Members: We returned $186.8 million ($179 per member) to our members in the form of better rates and lower fees compared to bank averages, including more than $3.6 million in savings returned to more than 45,200 members through our reprice program, and more than $16.8 million saved by not charging mortgage loan origination fees for members on qualifying mortgages.
- Community Outreach: Donated $5.35 million in cash and in-kind donations to financial education, non-profit organizations and People Helping People Award recipients. The BECU Foundation also gave $240,000 to 80 students through scholarships.
- Focus on Financial Education: Conducted Financial Health Checks to more than 1,300 members, delivered 352 webinars and seminars to more than 9,038 people, and hosted financial reality fairs at 12 schools across Washington state as part of our Annual Day of Service: Closing for Good.
- Investments in Member Services: Opened five new Neighborhood Financial Centers in Washington state, enhanced digital payment offerings, removed foreign transaction fees on debit cards and upgraded nearly 250 ATMs with better security features.
To learn more about BECU's 2017 accomplishments, check out our year-end press release.