Why are BECU and SAFE combining?
- This combination is about bringing together two successful and well-loved credit unions to create an even stronger organization. Our goal is to strengthen both of our credit unions' longstanding commitment to the financial well-being of our members and the communities we serve by accelerating investment in the products, services, and technology members rely on.
- BECU and SAFE are like-minded in our Purpose, Vision, and Values, and share an unwavering commitment to the cooperative principle of "people helping people."
- By joining forces, the combined organization will deliver even more value for 1.8 million members across more than 80 locations, with more than $34 billion in assets.
- Together, BECU and SAFE will be able to do more for our collective members, communities, and employees than either of us could achieve alone.
How does the combination benefit members of both organizations?
- By joining forces, BECU and SAFE will expand our value and support for members by accelerating investment in the products, services, and technology members rely on.
- SAFE members will benefit from expanded products and services, fewer fees, enhanced digital banking capabilities, and greater convenience through a larger branch network and expansion in the Sacramento region, and gain broader access to member-focused programs and community investment.
- An initial $500,000 will be dedicated to First-Time Homebuyer Grants for SAFE members. This grant program will provide eligible members up to $8,000 for a down payment or closing costs on a first home purchase.
- Through the combination, it is expected that SAFE members will see a 34% increase* in the amount of money returned to them through lower fees, improved interest rates and more upon completion of this combination, up from $47 million to $63 million annually.
- *The estimated annual member value figure is based on SAFE’s 2024 financial metrics and represents the overall financial advantage members receive compared to other financial institutions. Amounts are rounded and provided for illustrative purposes.
- BECU members will continue to enjoy the products and services that have made the credit union a Pacific Northwest favorite for the last 90 years.
- The combined credit union will also build upon SAFE’s and BECU’s traditions of community engagement to expand our impact across the Sacramento region.
- An additional $1 million investment will be added to the $500,000 SAFE traditionally gives annually toward philanthropic initiatives that advance financial wellness, affordable housing, workforce development, and education.
On August 4, 2026, BECU and SAFE disclosed regulatory approval from NCUA, DFI and DFPI. What does that mean?
- This means the National Credit Union Administration (NCUA), Washington State Department of Financial Institutions (DFI), and California Department of Financial Protection and Innovation (DFPI) have granted approval to advance the proposed combination of the two credit unions. The next step is approval by SAFE members.
- This approval affirms the strength of our plans and the opportunities this combination would create for our members, communities, and employees.
What is the next step in the process?
- The next step is approval by SAFE members.
- Subject to the outcome of the SAFE member vote, the combination is expected to close on January 1, 2027. Until that time, both credit unions will continue to operate independently.
Who gets to vote on this combination, and how can eligible members cast their vote?
- BECU members are not eligible to vote given the combined credit union would continue operating under BECU's charter.
- Additional information about the benefits of the proposed combination and details on how and when to vote will be shared with SAFE members in the coming weeks.
What other steps are required and when will the combination close?
- Subject to the outcome of the SAFE member vote, the combination is expected to close on January 1, 2027.
Who will lead the combined credit union?
- Upon closing, the combined credit union will be led by Beverly Anderson, BECU’s president and CEO.
- Faye Nabhani, SAFE's current president and CEO, will serve as Market President for the Greater Sacramento region, reporting to Beverly Anderson.
- SAFE will maintain representation on the combined credit union’s Board of Directors.
Will there be any changes to my accounts or the way I bank, including online access, cards, direct deposits, checks, automated payments, or systems used? Will there be any disruptions as a result of this announcement?
- We do not expect any impact to your account or the way you bank at this time.
- We will notify members well in advance of any changes following the completion of the combination.
Will my deposits still be insured?
- Yes. BECU and SAFE accounts will continue to be federally insured by the NCUA up to the deposit insurance coverage limit.
- For a limited period of six months following the merger's close (currently anticipated to occur on January 1, 2027), members with accounts at both BECU and SAFE will receive separate NCUA share insurance (sometimes referred to as deposit insurance) up to the limit of $250,000 per ownership category on their accounts held at each separate institution. At the end of the six-month period, those accounts will be combined for NCUA share insurance purposes, and the standard NCUA share insurance limit of $250,000 per ownership category will apply across all accounts held at the combined credit union.
Will there be any location closures or changes to hours?
- There will be no location closures or changes to hours as a result of this combination.
- We remain dedicated to offering consistent service at all our locations and will keep supporting our members with the same level of care you expect.
When can I start using both credit unions’ locations?
- BECU and SAFE are both members of the Co-Op Network. Even before the combination is complete, you can continue to utilize the existing benefits provided by our mutual participation in the Co-Op Network that are described here: Shared Branching Information | BECU.
- In the future, members of both organizations will have access to an expanded branch footprint across the West Coast.
- We look forward to sharing more information after the combination is complete.
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