BECU Releases 2019 Annual Report: Returns Profits to Members and Communities
April 27, 2020
BECU released its 2019 Annual Report to members on BECU.org. The Washington-based credit union ended the year with more than 1.2 million members (an increase of 6.5%), over $22.2 billion in assets (a 13.2% increase), and a net worth (capital) ratio of 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 CEO. “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.”
Return to Members
As a result of its strong performance, BECU returned $388 million to its members last year ($322 per member) in the form of better rates, lower fees, and innovative programs, such as:
- Saving nearly 55,000 eligible members an estimated $2.3 million through its Reprice program, automatically reducing interest rates on loans and credit cards for those who demonstrated healthy financial habits.
- Assisting members in purchasing 285 homes with $1.5 million in funds through its First-Time Homebuyer Grant program.
The credit union also rolled out new offerings designed to improve member experience, including launching Zelle®, so members can easily transfer and receive money, and introducing a new low-rate student loan program for students and their families in partnership with LendKey. Additional information on BECU’s member programs is available in the BECU + You section of the report.
Return to Community
Through its philanthropic giving, BECU donated $6.4 million in cash and in-kind donations last year to community partners focused on financial well-being, as well as member- and employee-inspired giving. Key efforts include:
- Partnering with organizations across Washington to provide $993,500 in funding to support students who are most at-risk of not completing their postsecondary degree due to financial hardships;
- Granting $594,000 to 18 nonprofit finalists and 38 past recipients, nominated and voted on by BECU members through the annual People Helping People Awards;
- Supporting 151 student members through BECU Foundation scholarships; and
- Matching over $370,000 in employee donations to 728 causes.
In support of its purpose, BECU also reached 20,520 people last year through hands-on financial educational opportunities. This includes one-on-one Financial Health Checks, BECU-hosted webinars and in-person sessions, and Financial Reality Fairs during its Annual Day of Service event. More details about BECU’s support of its communities are available in the BECU + Community section of the report.
COVID-19 Support for Members
Inspired by the credit union philosophy of “People Helping People,” BECU is also committed to assisting its members, businesses, and community partners affected by the COVID-19 crisis. Additional information on the credit union’s loan relief and payment deferral options and other programs is available on BECU.org/support/financial-relief.
Posted in Member News.