SEATTLE and FOLSOM, Calif. — BECU and SAFE Credit Union have received regulatory approval to move forward with their proposed merger, clearing the way for SAFE members to vote on the combination that would create the nation’s fourth-largest credit union by assets, according to the two credit unions.
BECU said the National Credit Union Administration, the Washington State Department of Financial Institutions and the California Department of Financial Protection and Innovation have approved the proposed transaction. The final step is approval by SAFE’s membership, with voting information expected to be distributed in the coming weeks.
If approved, the merger is expected to close Jan. 1, 2027.
The combined institution would serve approximately 1.8 milion members through more than 80 locations and manage more than $34 billion in assets.
What Credit Unions Say Will be Benefits
According to BECU and SAFE, the merger would combine SAFE’s presence in Northern California with BECU’s larger scale and technology investments. SAFE members would gain access to expanded products and services, enhanced digital banking capabilities, fewer fees, a larger branch network and broader member programs. The organizations also said the merger would strengthen lending capacity for consumers and small businesses while creating additional career opportunities for employees.
The combined organization also plans to invest an estimated $1.5 million annually in nonprofits throughout the Sacramento region focused on financial wellness, affordable housing, workforce development and education, according to the credit unions.
“This combination is rooted in our shared values and a shared ambition to do more for our members, communities, and employees than either of us could achieve alone,” BECU President and CEO Beverly Anderson said in a statement. “For decades, both of our credit unions have helped members build financial well-being while investing in the communities we serve. That same commitment to putting members first will continue to guide how we move forward together.”
SAFE President and CEO Faye Nabhani said the merger would preserve SAFE’s identity while providing additional value to members.
“This combination will build a stronger future for SAFE members, one that honors who we are while delivering more value,” Nabhani said. “By combining with BECU, we can do even more to support our members’ financial well-being for years to come.”
New Management Structure
Under the proposed leadership structure, Anderson would remain president and CEO of the combined credit union. Nabhani would become market president for the Greater Sacramento region, reporting to Anderson, and SAFE would retain representation on the combined board of directors.
Robert Heidt, president and CEO of the Sacramento Metro Chamber, said the proposed merger would increase investment and access to capital in the region.
“SAFE has long been an important community partner and economic driver in the Sacramento region,” Heidt said in a statement. “This proposed combination with BECU reflects a thoughtful approach to growth that will strengthen the region through additional investment, expanded access to capital, and new opportunities for businesses and families.”
BECU, headquartered in Seattle, has more than 1.5 million members and $29.4 billion in assets, making it the largest credit union in Washington. SAFE Credit Union, based in Folsom, Calif., has more than $4.6 billion in assets and serves the Sacramento region. Until the merger closes, the two credit unions will continue to operate independently, according to the organizations.
