SAFE Credit Union and BECU's proposed combination would put $34.0 billion in assets and 1.84 million members under BECU's Washington charter. Regulators have signed off. One member vote remains.
SAFE Credit Union, a $4.4 billion credit union based in Folsom, California, plans to merge into BECU. BECU, headquartered in Tukwila, Washington, holds $29.6 billion in assets. BECU's state charter would continue. The combination would also give BECU its first branches in California. NCUA and regulators in both states approved the deal on August 4, 2026.5 The approval leaves one step: a SAFE member vote that closes October 27.
If members approve, the combination is expected to close January 1, 2027. BECU's president and CEO, Beverly Anderson, would lead the combined credit union. SAFE's president and CEO, Faye Nabhani, would become Market President for Greater Sacramento.2
CUCollaborate classifies a combination by the smaller party's assets as a share of the larger party's. SAFE's $4.42 billion is 14.9% of BECU's $29.62 billion, which places this deal in the band CUCollaborate calls an absorption. Deals at 70% or above are classed as mergers of equals, and those between 30% and 70% as mergers of similars. The bands are CUCollaborate's own, not an industry standard.
At a glance
Figure 1: SAFE Credit Union and BECU at a glance, June 30, 2026 unless noted
| SAFE Credit Union | BECU | Combined | |
|---|---|---|---|
| Scale | |||
| HQ / charter / field of membership type | Folsom, CA; California state; community (13 counties) | Tukwila, WA; Washington state; community (WA, 20 OR and 10 ID counties) plus select groups | BECU's Washington charter |
| Total assets | $4.4B | $29.6B | $34.0B |
| Members | 245,942 | 1,594,258 | 1,840,200 |
| Branches / full-time employees | 18 / 665 | 70 / 3,327 | 88 / 3,992 |
| Capital | |||
| Net worth ratio | 10.82% | 12.57% | 12.35% |
| Earnings | |||
| Return on assets, trailing 12 months | 0.79% | 0.55% | 0.58% |
| Operating expense / average assets | 3.18% | 3.53% | 3.48% |
| Funding and liquidity | |||
| Loan-to-share | 79.94% | 78.65% | 78.82% |
| Cost of funds | 1.37% | 1.08% | 1.12% |
| Cash and investments / assets | 22.04% | 12.05% | 13.35% |
| Credit | |||
| Allowance to loans | 0.94% | 1.16% | 1.13% |
| Designation | |||
| Low-income designation | Yes | No | Does not transfer |
Source: NCUA Form 5300 call reports, June 30, 2026 cycle, unless noted. Ratios are trailing four quarters where applicable. Combined figures are simple sums before merger accounting adjustments; combined ratios are weighted by each party's balances.
What the parties say
Both credit unions frame the combination around scale. SAFE's member notice lists five reasons for the deal: a wider product range with fewer fees, a larger branch and digital network, more investment in technology and fraud protection, an initial $1 million in local philanthropy, and a BECU job for every SAFE employee.2 BECU has said the deal diversifies BECU's own operations and broadens BECU's membership base.
The headline member claim comes from the joint FAQ. The FAQ says the "money returned" to SAFE members each year would rise from $47 million to $63 million.3 The member notice puts a firm figure on part of that claim. The notice projects about $6.9 million in 2027 fee savings from dropping monthly service fees and trimming certain NSF fees. According to the notice, the combined credit union would also fund a $500,000 first-time homebuyer grant program.
What the data shows
Funding. BECU pays less for its money. BECU's cost of funds runs 1.08%, compared with 1.37% at SAFE. SAFE carries no borrowings and keeps 22% of its assets in cash and investments, nearly twice BECU's 12%. The merger would pair SAFE's more liquid balance sheet with BECU's cheaper funding. Neither the member notice nor the FAQ ties the funding cost difference to a specific loan or deposit rate.
Earnings and credit. The two earnings trends run in opposite directions. SAFE's net income has grown every year since 2023. SAFE's return on assets over the past four quarters is 0.79%. BECU's net income has declined each year over the same stretch. BECU's return on assets over the same four quarters is 0.55%. Credit losses show the same split, with net charge-offs of 0.32% at SAFE and 0.70% at BECU.1
Footprint and cost. The two credit unions do not share a single county. SAFE's 18 branches sit in the Sacramento region, while BECU operates in Washington and South Carolina. Any savings would therefore have to come from back-office systems, technology, and vendors rather than from closing overlapping branches. SAFE also runs leaner, spending 3.18% of average assets on operations compared with BECU's 3.53%. Applied to SAFE's balance sheet, BECU's expense ratio would mean roughly $15.4 million more in annual spending.
Disclosure status
Figure 2: What the member notice discloses, and what it does not
| Element | Status | What the record shows |
|---|---|---|
| Surviving charter and legal name | Disclosed | BECU's Washington charter and articles continue. No name is stated for the California operation. |
| CEO and president roles | Disclosed | BECU's CEO continues. SAFE's CEO becomes Market President for Greater Sacramento, reporting to BECU's CEO. |
| Board seat split | Disclosed | Two SAFE directors join BECU's board, reported as nine seats. Each director receives a $125,000 annual stipend. |
| Headquarters | Disclosed | Tukwila, Washington. Folsom becomes a regional headquarters. |
| Executive team beyond CEO and president | Not yet disclosed | Not stated in the member notice or the FAQ. |
| Employee retention commitments | Disclosed | All SAFE employees become BECU employees. The notice gives no headcount commitment. |
| Branch changes | Disclosed | All 18 SAFE branches continue. No closures or hour changes are planned. |
| Systems conversion | Not yet disclosed | Members will get advance notice of account changes after closing. |
| Changes to dividends, rates, or fees | Disclosed | Monthly service fees eliminated and certain NSF fees reduced. No committed loan or deposit rates. |
| Merger-related compensation | Disclosed | Five SAFE executives: up to $14.6 million combined in retirement, retention, and bonus payments. The notice says the payments do not exceed existing arrangements.6 |
| Member vote date and outcome | Disclosed, outcome pending | SAFE members vote August 31 to October 27. BECU members do not vote.4 |
| Expected legal closing | Disclosed | January 1, 2027, if the vote passes. |
Source: SAFE Credit Union, Notice of Special Meeting of Members and Plan of Merger; the BECU and SAFE combination FAQ; 12 CFR Part 708b.
Regulatory path and what's next
The regulatory work is done. NCUA, Washington's Department of Financial Institutions, and California's Department of Financial Protection and Innovation have all approved the deal. The outcome now rests with SAFE's members. SAFE members can vote online, by mail, or in person at the special meeting on October 27 in Folsom. Mailed ballots are due by 6 p.m. Pacific that day. BECU's members do not vote because BECU's charter continues.8
One procedural question remains open. According to Credit Union Daily, SAFE's board has told members it will ask the DFPI to approve the merger if the vote falls short of a majority of all members.7 The board would rely on a state law exception to do so. If the deal closes, oversight moves from California's DFPI to Washington's DFI. NCUA remains the insurer throughout. Members with accounts at both credit unions keep separate share insurance for six months.
The next public record will be the vote result. The first combined call report, for March 31, 2027, will then show how the merged balance sheet looks in practice.
How CUCollaborate can help
The member notice is where a quantified member benefit figure belongs, and here the only firm number is $6.9 million in fee savings against a $16 million claim. Our Merger Member Benefit analysis prices every account on both credit unions' rate and fee schedules. If your board is weighing a merger or preparing its member notice, book 30 minutes with our team.
Sources
- NCUA Form 5300 call reports, June 30, 2026 and December 31, 2025 cycles, for SAFE Credit Union (charter 68366) and BECU (charter 62604), via NCUA's Research a Credit Union and Credit Union and Corporate Call Report Data pages.
- SAFE Credit Union, Notice of Special Meeting of Members and Plan of Merger.
- BECU and SAFE combination FAQ.
- SAFE Credit Union, member vote announcement, August 26, 2026.
- Regulatory approval announcement, August 2026, via CUInsight.
- Maximum merger-related payments total $14,556,568: $14,306,568 in retirement and retention payments plus five $50,000 bonuses, per the member notice.
- Credit Union Daily, October 6, 2026, on the vote threshold.
- 12 CFR Part 708b, NCUA's merger rule for federally insured credit unions, including the member-notice disclosure of merger-related financial arrangements (§ 708b.106).
Also consulted. Tyfone, announcement coverage, November 19, 2025.
Data notes. Combined assets are $34,040,461,678 and combined members 1,840,200 on June 30, 2026 call reports; the deal pages cite "$34B+" and "1.8 million members." SAFE's total assets are $4,417,704,889 and BECU's $29,622,756,789, making SAFE 14.9% of BECU's size. Combined figures are simple sums before merger accounting adjustments. Combined ratios are weighted by each party's balances: return on assets and operating expense by average assets, cost of funds by shares plus borrowings, allowance by loans. Average assets are the mean of the December 31, 2025, and June 30, 2026, totals. The $15.4 million figure is SAFE's $4.41 billion in average assets times BECU's ratio minus SAFE's. The call report shows 70 BECU branches, while the member notice's branch list carries 66.
