ORLANDO, Fla. – A credit union that has added 100,000 members and more than $2-billion in assets over the past 18 months can boast strong financials, but chasing ROA isn’t one of its objectives.
Gary Oakland, president/CEO of Seattle-based BECU, told Credit Union Journal’s Grow Show that it attributes its growth to a different three-letter acronym, RTM, for Return to Member. In 2003, BECU calculated it returned $166 in value per member. In 2007, that figure had risen to $300.
Oakland said the credit union is projecting by the end of 2008 it will return $365 to members. “That translated into an accumulated value of $210 million that our members save by having their finances at BECU rather than another financial institution,” said Oakland. “That’s money that stays in the community and is really one of the differences we represent as a credit union.”
Oakland made clear BECU stresses value to members, but it does not try to be all things to all prospects. “It finally occurred to us that who we are is how we operate, and we cannot be everything to everyone. Our product base is very broad, but very shallow. There is A checking account and A credit card,” said Oakland. “This is who we are, all are welcome. Part of our BECU audience are members who define convenience as not necessarily a branch.”
