BECU’s 2023 Annual Report: Financial Stability Empowers Members and Communities

Credit union returned $446.5 million to its members and over $8.4 million to its communities

SEATTLE (May 1, 2024) – BECU, the country’s fourth-largest credit union, today released its 2023 Annual Report to members. The financial cooperative ended the year with nearly 1.5 million members (a 4.9% year-over-year increase), $29.9 billion in assets (a 3.8% year-over-year increase) and a net worth (capital) ratio of 10.86%.

“As a financial cooperative, BECU aspires to help our members and communities navigate their unique financial journeys,” said Beverly Anderson, BECU’s president and chief executive officer. “Last year, we delivered new programs and services to increase the value we offer our membership, and we deepened our commitment to our communities. Despite a challenging economic environment, our financial position remains strong and will drive our purpose forward for years to come.”

Member Products, Services and Benefits
In 2023, BECU invested in new and expanded offerings designed to enhance the member experience, increase access and improve financial well-being, including:

  • BECU Locations: Opened new Neighborhood Financial Centers (NFC) in Monroe, Washington and Seattle’s Columbia City neighborhood, updated interiors at five NFC locations and replaced 27 aging ATMs with newer models.
  • Mobile Insights: Provided members with valuable information on their transactions in the BECU mobile app, such as identifying unused subscriptions, flagging double payments and personalizing habits or trends to inform financial decisions.
  • Video Banking: Expanded Video Banking services to allow members to securely fulfill financial needs, such as opening new accounts or making mortgage inquiries, from the comfort of home or any location.

Return to Members
BECU returned $446.5 million to its members last year (an average of $312 per member) through great rates and low-to-no fees compared to bank averages. Examples of Return to Member programs included:

  • First-Time Homebuyer Grant: Assisted eligible members in purchasing 229 homes with more than $2 million in down payment grants.
  • Reprice: Saved nearly 48,000 members more than $3 million by automatically reducing interest rates on qualifying loans and credit cards for those who worked towards improving their financial health.

Community Impact
Through its philanthropic giving, BECU committed $8.4 million in cash and in-kind donations last year to hundreds of community nonprofits supporting financial empowerment, equity initiatives and beyond. Key efforts included:

  • Financial Health Programs: Provided more than $3.2 million to nonprofits leading financial health programs in BECU communities, including access to postsecondary education and college, safe and affordable access to financial services, financial education and literacy, entrepreneur access and development, workforce development, and housing stability and homeownership.
  • Employee-Inspired Giving: Donated $950,000 to causes BECU employees are passionate about, such as accessibility, education, hunger, inclusivity and workforce development.
  • Member-Inspired Giving: Granted $525,000 to over 70 member-nominated nonprofits through its 10th annual People Helping People Awards.

Fueled by its purpose, BECU also reached nearly 13,500 people through its financial health programs, including BECU-hosted webinars, Financial Reality Fairs and free one-on-one Financial Health Checks. The credit union also partnered with GreenPath Financial Wellness to provide free in-depth credit and debt counseling services, which helped more than 5,750 members put $3.6 million toward debt repayment.

More information on BECU’s total commitments and accomplishments is available in the following sections of its 2023 Annual Report:

About BECU 
With nearly 1.5 million members and $29.9 billion in assets, BECU is the largest not-for-profit credit union in Washington and one of the top four financial cooperatives in the country. As a member-owned credit union, BECU is focused on helping increase the financial well-being of its members and communities through great rates, few fees, community partnerships and financial education. The credit union currently operates more than 60 financial centers, including two in South Carolina. For more information, visit www.becu.org.