SACRAMENTO, Calif.–A local newspaper’s opinion page here has turned into a forum for former credit union CEOs to debate the merits of the proposed merger between Sacramento-based SAFE Credit Union and Seattle-based BECU.
The CU Daily has reporting on the proposed merger here between the $29-billion BECU and the $4.3-billion SAFE CU.
As the CU Daily reported here and here, former American Airlines Employees FCU CEO John Tippets and former Golden 1 CEO Stan Hollen have both authored op-eds in the Gold Mountain News questioning the reasons for the merger.
Scott Rose, a member of SAFE CU who has been publicly opposing the combination, shared his viewpoint in the CU Daily here.
The views shared by Tippets and Hollen were countered in an op-ed authored by Dave Rougton, the former president and CEO of SAFE Credit Union who retired in 2022.
‘Big Deal for Sacramento’
In his op-ed in the Gold Mountain News, Roughton called the proposed merger a “big deal for SAFE members and for Sacramento.”
Roughton wrote that “since this proposal is currently open to a member vote, it’s important to look at the details and understand what the impacts would be. As I evaluated the proposed merger, my guiding directive was absolute: member benefit is priority number one, number two and number three.
“Credit unions exist fundamentally to expand the financial freedom and independence of their members. Every major strategic choice must be filtered through a singular set of questions: Will it help members keep more of their hard-earned money? Will it expand their access to cutting-edge financial products? Will it fortify their institution for generations?” Roughton asked. “And will it deeply enhance the local communities where they live, work and play?”
‘Unprecedented Opportunity’
Roughton said he is “convinced” the proposed deal is an “unprecedented opportunity that serves the absolute best short- and long-term interests of SAFE’s entire membership,” and that the “ financial benefits of this merger are both immediate and verifiable.”
The combination, Roughton said, will save members “millions of dollars in reduced or eliminated fees. In the very first year, the combined credit union is projected to wipe out roughly $7 million in fees currently borne by SAFE members. BECU’s member-first philosophy features a structurally lower and fewer fee framework.”
Roughton said there will also be a 30% increase in direct financial return based on an analysis of SAFE’s 2024 financial results and the projected value of combining with BECU, including benefits from lower loan rates, higher deposit rates and reduced fees compared to typical bank offerings.
“While individual savings and value will vary and are not guaranteed, the overall analysis shows that total annual direct financial benefit flowing back to SAFE members is expected to scale from approximately $47 million today to $63 million post-merger,” Roughton stated.
Additional Benefits
Moreover, he said the merger will:
- Provide the scale needed for faster access to innovative products
- Give members immediate access to wealth-building programs, including first-time homebuyer grants (with an immediate commitment of $500,0000 in initial funding), and automatic loan repricing to lower, more favorable interest rates as credit scores improve.
“These direct enhancements are profoundly meaningful. Why? Because by federal standards SAFE is a Low-Income Designated Credit Union—with over 50% of our 240,000-plus members matching this low-income demographic—these targeted savings and structural benefits will directly uplift the communities that need it most,” Roughton stated.
What NPS Score Demonstrates
In addition, Roughton said the “common concern with organizational growth is whether a larger footprint dilutes personal service quality,” but the “data proves otherwise.”
Roughton said when it comes to Net Promoter Score (NPS), BECU “consistently performs at an elite tier, proving that institutional scale and high-touch personal service are not mutually exclusive. Rather than losing our identity, this partnership protects personal service while accelerating regional branch expansions and delivering top-tier digital banking upgrades.
“During my tenure at SAFE, I analyzed numerous credit union acquisitions of all sizes. None possessed a quantified, long-term commitment to regional investment like this one,” he continued.
‘Massive Economic Anchor’
Roughton said the merger will be a “massive economic anchor” for the greater Sacramento region, and that over the next decade BECU is committed to delivering tens of millions of dollars in member value each year, and investing directly into SAFE’s local footprint – consistent with BECU’s approach to returning value as a member-owned cooperative.
“This capital influx will support enhanced member benefits, local jobs, open new physical branches, fund robust community partnerships and elevate our regional headquarters to ensure Sacramento remains a core hub of executive leadership and decision-making,” Roughton said in the op-ed. “The facts here remain clear and absolute: SAFE members will keep more money and secure superior financial tools. SAFE employees will unlock vast career pathways within a growing enterprise. The Sacramento Region will secure significant investments in long-term capital and philanthropic growth.”
