BECU announced that it will merge with Northern California-based SAFE Credit Union to enhance its ability to further promote members’ financial well-being and drive positive impact in the communities it serves.
“This combination creates an even stronger financial cooperative that is well-positioned to deliver value to our collective membership, accelerate investments in products and services, enhance member access and continue to evolve for the benefit of existing and future members,” said BECU President and CEO Beverly Anderson in a Nov. 18 statement.
Tukwila-based BECU, founded in 1935, has about $28.9 billion in assets, 70 locations and 1.5 million members. SAFE, founded in 1940 and based in Folsom, near Sacramento, has $4.6 billion in assets, 17 locations and 245,000 members.
With a combined 87 locations and assets of $33 billion, the merger will create the fourth largest credit union by asset size in the U.S., according to BECU.
BECU, originally Boeing Employees’ Credit Union, employs about 3,200 people while SAFE employs about 700.
“Even as we expand our membership base in California, we will continue to be guided by the values that have made us the credit union of choice for our existing membership, including our ongoing, corporate philanthropy, employee volunteering and investing in communities in Washington state,” Johnson said.
The combination, which has been unanimously approved by the Boards of Directors of both organizations, is contingent upon regulatory and SAFE member approvals. Johnson said they anticipate the merger will close by early 2027.
BECU and SAFE will remain two separate credit unions until the combination is complete. There will not be any impact to services for members during the transition, according to BECU.
For more information, go to becuandsafe.org.
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