😎Kinda depends on your point of view...
Here's a comparison of financial performance of SAFE and BECU over the most recent 5-year period, based on NCUA regulatory reports. The last 5 years seems reasonable as both CUs were coming out of the pandemic, the economy was in recovery, job market strong... "the best of times, the worst of times".
Most folks look at the same few financial numbers: loan/deposit/asset growth, capital levels, and operating costs.
1) SAFE Loans 2020 $2.4 B 2025 $3.1 B +$700 M (+28%)
BECU Loans 2020 $13 B 2025 $20.5 B +$ 7.5 B (+58%)!
2) SAFE Deposits 2020 $3.4 B 2025 $3.9 B +$500 M (+15%)
BECU Deposits 2020 $22.5 B 2025 $25.3 B +$ 2.8 B (+12%)
3) SAFE Assets 2020 $3.8 B 2025 $4.4 B +$600 M (+16%)
BECU Assets 2020 $26.7 B 2025 $29.4 B +$2.7 B (+10%)
5) SAFE Capital 2020 8.57% 2025 10.37% +UP 21%
BECU Capital 2020 10.11% 2025 12.39% +UP 23%
6) SAFE Net OPEX 2020 2.72% 2025 2.56% +Down 6%
BECU Net OPEX 2020 2.30% 2025 3.33% +UP 48% !!
✔ What is most notable is the similarity of financial performance between the two credit unions, except for the surge in lending at BECU. Both are doing well.
✔ BECU is not outperforming SAFE in any significant measure except in the most important one! BECU is far more costly to operate - over 30% higher operating costs! - than SAFE. More importantly, over the last 5 years, as the two credit unions have grown at the same pace; BECU's operating costs have soared by 48%, while SAFE has lowered its cost ratio by -6%!
😎 Higher operating costs come directly out of the members' pockets. And it is SAFE to say, inefficiency always results in poorer rates and fewer services for member-owners. There is too much "overhead" in this merger!
