TUKWILA, Wash.—Two of the West Coast’s largest credit unions are joining forces.
BECU, the $28.9-billion giant here, and SAFE Credit Union, a $4.6-billion institution based in Folsom, Calif., announced they have agreed to merge, creating the nation’s fourth-largest CU.
Upon completion—pending regulatory approval and a member vote—the combined credit union will operate under BECU’s charter, serving 1.8 million members across more than 80 branches.
The proposed combination, which has been unanimously approved by the Boards of Directors of both BECU and SAFE, is subject to regulatory approvals and a vote by SAFE's membership. The combination is expected to close by early 2027.
"This is an exciting opportunity for both credit unions, made possible by our shared values of putting our members first and making deep connections with our communities, as well as a strong commitment to sound operations and financial management, which are the hallmarks of BECU and SAFE," said Beverly Anderson, BECU's president and CEO. "At BECU, we've always believed that the strength of our cooperative comes from our unwavering focus on people – our members, our employees and the communities we serve.
“This combination will accelerate our ability to extend our reach and impact to new members and markets, delivering state-of-the-art products and services fueled by BECU and SAFE's dedicated teams,” continued Anderson.
"This partnership is a powerful alignment of purpose and potential that leverages our strengths and recognizes our shared values," said Faye Nabhani, president and CEO of SAFE Credit Union. "As the needs of our members and communities continue to evolve, combining credit unions builds on our strong foundation, ensures we deliver additional value and maintains the best of what has made SAFE a successful and trusted financial partner for over 80 years."
Upon closing, Anderson will lead the combined credit union and Nabhani will serve as market president for the greater Sacramento region, reporting to Anderson. Once combined, SAFE will have representation on the combined credit union board, the CUs stated.