The proposed merger was unanimously approved by the boards of directors of both credit unions but remains subject to regulatory approvals and a vote by SAFE’s membership, according to a Tuesday (Nov. 18) press release.
BECU and SAFE said in the release that they expect the combination to close by early 2027.
In the meantime, both credit unions will continue to operate as independent entities and provide services to their members, according to the release.
Upon closing, the combined credit union will serve 1.8 million members, operate more than 80 locations under BECU’s charter, and have more than $33 billion in assets, the release said.
Beverly Anderson, currently president and CEO of BECU, will lead the combined credit union, and Faye Nabhani, currently president and CEO of SAFE, will serve as market president for the Greater Sacramento, California, region, per the release.
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Today, BECU has $28.9 billion in assets, 1.5 million members and 70 locations, while SAFE has $4.6 billion in assets, 245,000 members and 17 locations in the Sacramento area, according to the release and a fact sheet.
Anderson said in the release: “This combination will accelerate our ability to extend our reach and impact to new members and markets, delivering state-of-the-art products and services fueled by BECU and SAFE’s dedicated teams.”
Nabhani said in the release: “As the needs of our members and communities continue to evolve, combining credit unions builds on our strong foundation, ensures we deliver additional value and maintains the best of what has made SAFE a successful and trusted financial partner for over 80 years.”
The number of federally insured credit unions dropped from 4,533 in the second quarter of 2024 to 4,370 in the second quarter of 2025, according to the National Credit Union Administration.
“The year-over-year decline is consistent with long-running industry consolidation trends,” the NCUA said in its “Quarterly Credit Union Data Summary 2025 Q2.”
Chuck Fagan, president and CEO of Velera, a credit union service organization, wrote in January 2024 that credit unions are finding they are stronger together than they are apart.
“By coming together, not only are these organizations aiming to better position themselves for success, but they are also helping the credit union industry by maintaining membership, attracting new potential members and enabling increased investment on bigger-picture initiatives,” Fagan wrote in the PYMNTS eBook “2023: The Year of Strategic Shifts in Business.”
