Bank of Clark County (WA) fails

We're Still Making Loans
posted Nov 18, 2008

I always appreciate hearing from BECU members. Whether a member has a compliment or a concern, I learn something every time. What I've learned lately is that many of you are wondering if BECU is still lending. In a word: Absolutely.

First and foremost, we believe home ownership is not only rewarding, it provides members more financial security and peace of mind. That's why we offer a comprehensive range of sensible and straightforward home loan options to suit most everyone's needs. We lend to first-time home buyers, experienced home buyers and those ready to buy a dream or vacation home, at highly competitive rates with no hidden fees. After all, our goal is not only to help make members homeowners, but to keep them homeowners for as long as they wish.

We've always maintained sound lending practices, which keeps us well-capitalized. We continue making loans to members with the same great rates, low costs, without tricks or hidden fees. Whether you need to buy a car, a home or make home improvements, we've got a solution for you. Indeed, at a time when mortgage losses have forced many lenders to scale back or even close their doors, we've lent over a billion dollars to our members in first mortgage home loans this year alone. And another $4.7 billion in other consumer loans including credit cards, lines of credit and home equity loans.

Our not-for-profit cooperative model provides a continued source of stability and strength to weather this financial storm with our members. We've seen slightly greater default rates – similar to previous periods of economic distress – but nothing out of the ordinary for tough times. But because we're a credit union, we have – and always have had – a prudent approach to lending. So, if you need funds to buy a car, do some remodeling, buy a home or to help you better manage your finances, talk to us at BECU, we're here for you.

In closing, we've never been about profit or stockholders. We're about you, our members. We have the money to lend—safely, responsibly and honestly. And given our strength, history and philosophy, we optimistically look to the future.

Sincerely,
Joe Brancucci
Executive Vice President, BECU