TUKWILA, Wash.– It’s not always easy to get straight and realistic answers when you’re at the top of an organization; it requires being “intentional about getting a clear view,” according to Benson Porter, CEO of the $30-billion BECU, will retire from the job at the end of this year.
Porter has led the credit union for 10 years and has more than 35 years’ experience in financial services and has overseen a tripling of assets.
A Washington native, Porter joined BECU after five years as the president and CEO of First Tech Credit Union based in Palo Alto, Calif. He held previous roles working for the Washington state Senate Banking Committee and the state Division of Banking, as well as management roles with KeyBank and Washington Mutual and as CEO of Addison Avenue FCU.
Below he shares his observations, lessons learned and more in this CUToday.info Exit Interview:
CUToday.info: How did you come to be involved in credit unions?
Porter: In 2007, I joined First Tech Federal Credit Union as CEO and president before joining BECU in 2012. Previously, I served in leadership roles at Washington Mutual Bank and Key Bank. I’ve always been intrigued by the role that financial institutions play within a community and was particularly inspired by the member-owned cooperative nature of credit unions.
CUToday.info: What have you learned during your career about driving and managing growth, and how has that evolved?
Porter: In my time at BECU we have reached over 1.3 million members with $30.2 billion in assets, up from over 800,000 members and $11 billion in assets in 2012. While some of this growth can be attributed to changes in the market, I believe the majority can be attributed to how we responded to the needs of the market and our members.
For example, our members who were also small business owners helped inspire our expansion into business banking, a move that has grown into a successful business area at BECU. Additionally, while we grew, we also recognized the need to maintain and reinforce our unique culture for both employees and members, remaining true to our values and purpose.
CUToday.info: What have you learned about managing people during your career, and has that changed or evolved?
Porter: The most successful organizations I’ve worked for had a clear understanding of their culture. As a leader, you simply can’t take culture for granted. You can have it and you can lose it (I’ve experienced both in my career), so an organization has to be intentional about cultivating it.
When I came to BECU, I discovered very quickly that the culture was something special with much credit going to my predecessor, Gary Oakland. I believed it was important to formalize the values that contributed to our success by asking employees for their input. What resulted was five BECU core values that inspire employees and drive our work forward: Members First, Do the Right Thing, Own It, Be Real and Know Your Stuff.
CUToday.info: BECU is a large, innovative credit union. For smaller CUs with fewer resources, is there anything you could share from BECU’s experience(s) that might guide them?
Porter: What I learned coming to BECU is that it is best to find the aspects of an organization that make sense and try to emphasize and grow those areas. Identify what makes your credit union unique and amplify that as best you can. For BECU, that meant expanding our Reprice program from credit cards to other loan products, automatically reducing the interest rates when members take steps to increase their credit score and pay their bills on time.
Credit unions have the unique opportunity to leverage the power of the cooperative for the greater good of their members.
CUToday.info: What advice might you share with new CEOs or those hoping to be?
Porter: As CEO, the news that reaches your office skews more positive so you have to be intentional about getting a clear view on what is happening within the organization. As a leader, developing relationships is incredibly important. With all the noise in the world today, if you’re looking for a clear answer, it most likely lies within the organization.
Listen to your employees and colleagues. Seek out diverse voices. Don’t rely too heavily on the most senior person in the room for all the answers. The more perspectives you bring to a decision, the better decision you’ll make.
CUToday.info: What is your view on the future of credit unions, if there is to be one?
Porter: Financial institutions – especially credit unions – have immense potential to positively impact individuals, families, businesses and local communities. If the industry can help remove barriers and misconceptions about becoming a member and identify ways to serve more diverse people and communities, credit unions can grow our collective market share. My hope is that credit unions fulfill their potential and become the top choice for consumers looking for financial services.