BCU Update from Mike Valentine, President & CEOOctober 1, 2020
2020 has presented all of us with challenges beyond our imagination. At no point in this year has the message “we’re in this together” felt more meaningful than it does right now. It is my sincere hope that you feel supported by everyone at the Credit Union. We are immensely grateful for your loyalty, which drives us to deliver the very best member experience for you and your family.
There’s much to share with you since I last provided a Credit Union update. We continue to reach new heights in the face of a global pandemic, proudly serving more members in more ways than ever before and adjusting operations to uphold our promise to be Here Today For Your Tomorrow. We’re doing this in the following ways:
Putting Our Members First
- Distance has never prevented us from serving the employees and families of America’s best workplaces. The Credit Union continues to serve you without interruption through our secure and convenient Digital Banking tools, contactless payment and digital wallet options, ATM network, and 24/7 assistance provided by Contact Center teams.
- BCU members still have borrowing needs during this time – and we are committed to fulfilling them. As an example, the dream of homeownership became a reality for thousands of members this year, with mortgage closings topping a record $1B and $750,000 in real estate commissions returned to our members through the HomeAdvantage® program.
- Just as the market changes in response to economic conditions, BCU adjusts rates to maintain a strong financial position and overall competitive offering for the collective benefit of every member-owner. We remain focused on providing you with products and services that improve your financial well-being, now and in the future. Despite recent changes, the Credit Union’s deposit rates are extremely competitive and remain at or above the national average. To view up-to-date rates, visit our Rates page.
Protecting What Matters Most
There is no greater priority than protecting the health and well-being of our employees who continue to serve you safely from their homes without interruption to our operations. Dedicated teams have also supported the reopening of our Branch network wherever it is safe to do so, and we are ensuring the safety of our employees in the same ways we ensure your safety while in a Branch.
Equally important as our teams’ physical well-being, BCU fosters a diverse and inclusive workplace that enhances our culture and improves the member and company partner experience. We live our Shared Values, and appreciate that celebrating everyone’s differences — race, ethnicity, sexual orientation, veterans and people with disabilities – are what unite us and make us stronger together.
Growing and Strengthening in Service to You
- 2020 hasn't slowed Credit Union member growth as we approach 300,000 members across the U.S. and Puerto Rico.
- While workforce reductions have unfortunately occurred in many businesses across the U.S., BCU continues to expand our team with nearly 700 employees working to serve your financial needs!
- Continuing the Credit Union’s longstanding legacy of partnering with America’s best workplaces, August marked the completion of our successful merger with GEICO Federal Credit Union to create the new GEICO Credit Union (GCU), a division of BCU. Adding GEICO to the field of membership, BCU is now the 56th largest credit union in the U.S.
- BCU was named to the annual Forbes list of Best-In-State Banks & Credit Unions for the second consecutive year, ranking #1 in Illinois and #5 in Minnesota in 2020. Members voted BCU to the top spot based on overall satisfaction, trust, service, product offerings, and financial well-being resources. Thank you!
- In these challenging times, BCU proved our commitment to celebrating graduating high school seniors is stronger than ever, providing 30 scholarships totaling $78,500 – the Credit Union’s biggest program yet!
- In addition to doubling the total dollar amount awarded in Scholarships this year, the Credit Union continues to support our communities in need, donating $10 to the Feeding America® COVID-19 Response Fund for every scholarship application received. BCU has provided more than 45,000 meals to families impacted by school closures and financial hardships to date.
- While closed college campuses forced students to finish the spring semester online, many were facing the reality of canceled summer internships. BCU quickly redesigned our intern program to be exclusively virtual, ensuring students still had the opportunity to gain essential skills and professional experience.
- The Credit Union continues to donate 1% of our net income to charitable causes annually, and BCU teams have successfully continued employee-led fundraising efforts in new and creative ways this year.
In a situation that’s unlike anything we’ve ever experienced before, I couldn't be more proud or more grateful for everything that our entire BCU family has done, and will continue to do, to empower your financial freedom when it matters most.
Thank you for being a valued member of the Credit Union.
BCU President & CEO