BECU’s planned merger with SAFE Credit Union marks major expansion into California.
The deal would create the nation’s fourth-largest credit union as Washington-based BECU enters California for the first time, adding 17 branches in the Sacramento region.
Boeing Employees Credit Union, better known as BECU, is preparing to push beyond its Pacific Northwest roots with a major expansion into California through a planned combination with SAFE Credit Union, the Sacramento-area cooperative founded in 1940.
The move, announced late Tuesday, would give BECU its first physical footprint in the state, significantly widening its reach as it seeks to diversify operations and serve a broader membership base.
The agreement comes as consolidation accelerates across the credit union sector — including a recently approved megamerger between Digital Federal Credit Union and First Tech Federal Credit Union — and positions BECU to become the fourth-largest credit union in the United States. With the addition of SAFE’s 17 Northern California branches, the combined organization would operate more than 80 locations and serve about 1.8 million members.
BECU, headquartered in Tukwila, Washington, has $28.9 billion in assets and more than 1.5 million members, according to the latest NCUA call report data. SAFE, based in Folsom, California, adds another $4.4 billion in assets and 244,000 members.
The merger is expected to close by early 2027, pending regulatory and member approvals. Until then, the credit unions will continue to operate separately.
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In announcing the deal, BECU said it believed the combination would “enhance our ability to further promote our members’ financial well-being and drive positive impact in the communities we serve.” The credit union described SAFE as “the ideal partner,” citing its growth in the Sacramento region and its longstanding community presence.
For SAFE, the union promises expanded capabilities and a broader suite of products for its members. “By joining forces, we will be able to deliver enhanced member benefits and increased value through innovative programs and various products,” Faye Nabhani, SAFE’s president and chief executive, wrote in a letter to members.
The announcement did not say what role, if any, Nabhani would have in the new organization.
Under the agreement, SAFE would gain two seats on BECU’s board, which currently has nine members. Leadership of the combined credit union would remain with BECU’s president and CEO, Beverly Anderson, and the headquarters would stay in BECU’s existing offices.
The merger would lift BECU past Pentagon Federal Credit Union on the national ranking list, though the combined entity would remain just behind SchoolsFirst Federal Credit Union, another California-based cooperative with $34.4 billion in assets.
Despite strong membership growth, both credit unions have faced pressure on earnings. BECU posted $121.2 million in income through the first three quarters of 2025, down from $176.6 million a year earlier. SAFE earned $21.3 million through September, up from $17.1 million in the same period last year.
If completed, the merger will give BECU a significant foothold in a state with some of the nation’s largest and most competitive credit unions — and solidify the ongoing trend of large-scale consolidation reshaping the industry.
“Together we will offer more solutions to serve you, from everyday banking to small business banking, along with enhanced lending options, and financial coaching.”
– Faye Nabhani
President & Chief Executive
SAFE Credit Union
