BECU, SAFE Clear Key Hurdle As Proposed $34B Merger Moves Forward
By CU Today Staff —
SEATTLE— BECU and SAFE Credit Union said they have received regulatory approval from the NCUA, the Washington State Department of Financial Institutions and the California Department of Financial Protection and Innovation to move forward with their proposed merger, clearing the way for a member vote that would create the nation's fourth-largest credit union.
BECU has approximately $29.4 billion in assets, while SAFE Credit Union has $4.6 billion in assets.
SAFE members will now vote on the proposed combination, with additional voting information expected in the coming weeks. If approved, the merger is expected to close Jan. 1, 2027. The combined institution would hold more than $34 billion in assets, serve 1.8 million members through more than 80 locations, creating one of the largest branch networks among U.S. credit unions, while expanding BECU's presence into Northern California and strengthening SAFE's Sacramento footprint.
"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," said Beverly Anderson, president and CEO of BECU. "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."
"We are thrilled to reach this milestone and be one step closer to bringing our two credit unions together," said Faye Nabhani, president and CEO of SAFE. "This combination will build a stronger future for SAFE members, one that honors who we are while delivering more value. By combining with BECU, we can do even more to support our members' financial well-being for years to come."
Anderson would remain president and CEO of the combined organization, while Nabhani would become market president for the Greater Sacramento region, with SAFE retaining representation on the combined credit union's board.
Originally reported by CU Today.