Washington-based BECU and California’s SAFE Credit Union have agreed to merge, forming a combined organisation with over $33 billion in assets that will become the fourth-largest credit union in the US by asset size. Financial terms of the transaction were not disclosed.
The merger, expected to close by early 2027, will create an institution serving 1.8 million members across more than 80 locations operating under BECU’s charter. According to a joint statement, the combination will establish a “stronger financial cooperative for accelerated investment in member benefits and community impact”.
Both institutions will continue operating independently until the merger receives regulatory approval and SAFE membership votes on the proposal. The branding strategy for the combined entity, alongside the transition plans for SAFE’s 700 employees, has not been announced.
Beverly Anderson, who has served as BECU’s CEO since December 2022, will lead the merged organisation. SAFE’s president and CEO, Faye Nabhani, will become market president for the Greater Sacramento region, while SAFE has been promised board representation in the combined credit union.
Anderson attributed the merger to both organisations’ shared commitment to community financial wellness, stating the combination will “accelerate our ability to extend our reach and impact to new members and markets”.
Founded in 1940 and headquartered in Folsom, California, SAFE serves over 250,000 members throughout the Sacramento region with checking and savings accounts, loans, credit cards, investment products, insurance, and business services. The credit union implemented Jack Henry’s Symitar core system in 2020.
BECU ranks as Washington’s largest not-for-profit credit union, managing $28.9 billion in assets for more than 1.5 million members across a network of over 60 financial centres, including two locations in South Carolina.
Source: https://www.fintechfutures.com/
