SEATTLE—BECU has released its 2019 Annual Report and said it returned $388-million—or $322 per member—to its membership last year in the form of better rates and lower fees when compared to bank averages.
Overall, BECU closed the year by increasing membership by 6.5% to more than 1.2 million members and assets by 13.2% to $22.2 billion in assets. Year-end net worth stood at 11.41%.
“As a financial cooperative, our purpose becomes even more relevant today as we see the challenges our members, employees and communities are facing due to the coronavirus pandemic,” said Benson Porter, BECU’s president and chief executive officer. “Our focus continues to be on their financial well-being and the long-term resiliency of our business. We are in a strong financial position, which enables us to help the individuals, families and businesses we serve navigate this difficult economy.”
How Value is Returned
According to BECU, examples of ways it was able to return that $388 million to members included saving nearly 55,000 eligible members an estimated $2.3 million through its Reprice program, which automatically reduces interest rates on loans and credit cards for those who demonstrated healthy financial habits, and assists members in purchasing 285 homes with $1.5 million in funds through its First-Time Homebuyer Grant program.
In addition, BECU said it also rolled out new offerings designed to improve the member experience, including launching the money transfer service Zelle, and introducing a new low-rate student loan program for students and their families in partnership with LendKey.
Additional Returns
BECU said through its philanthropic giving and other initiatives, it:
- Donated $6.4 million in cash and in-kind donations last year to community partners focused on financial well-being, member-inspired giving and employee-inspired giving.
- Partnered with organizations across Washington to support students who are most at risk of not completing their postsecondary degree due to financial hardships through $993,500 in funding.
- Granted $594,000 to 18 nonprofit finalists and 38 past recipients, nominated and voted on by our members through the annual People Helping People Awards.
- Supported 151 student members through BECU Foundation scholarships.
- Matched more than $370,000 in employee donations to 728 causes.
- Reached 20,520 people in 2019 through hands-on financial educational opportunities that included Financial Health Checks, webinars, and its Annual Day of Service.