BECU announces plan to join forces with California-based credit union
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- BECU and SAFE will combine operations to serve 1.8 million members and $33B in assets.
- Boards approved the merger; closing requires regulatory approvals and SAFE member vote.
- Deal slated to close by early 2027; Beverly Anderson will lead combined entity.
BECU on Tuesday announced it is merging with a California-based credit union, expanding for the first time into that state.
The Tukwila-based credit union is combining with Folsom, California-based SAFE Credit Union. The combined credit union entity would “serve 1.8 million members and operate more than 80 locations under BECU’s charter, with more than $33 billion in assets, making it the fourth largest credit union by asset size in the U.S.,” according to Tuesday’s joint announcement.
“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,” said Beverly Anderson, BECU’s president and chief executive officer in a statement.
The proposed combination, already approved by the boards of both BECU and SAFE, is subject to regulatory approvals and a vote by SAFE’s membership, according to Tuesday’s release.
In response to a question about the approval process from The News Tribune, a BECU representative via email added that “Since the combined credit union will continue to operate under BECU’s charter, only SAFE Credit Union members need to vote. This is standard for credit union combinations.”
SAFE Credit Union’s leader also spoke about Tuesday’s news.
“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,” Faye Nabhani, president and CEO of SAFE Credit Union, said in Tuesday’s release.
The merger is expected to close by early 2027. Until then, the two brands will continue to operate independently.
“Upon closing, Beverly Anderson will lead the combined credit union and Faye Nabhani will serve as Market President for the Greater Sacramento region, reporting to Ms. Anderson,” the release stated.
BECU, originally founded in 1935 by Boeing employees, now has more than 1.5 million members and $28.9 billion in assets. It is the largest not-for-profit credit union in Washington state. It has more than 60 financial centers, including two in South Carolina.
The credit union has added to branches in Pierce County in recent years, which includes sites in Tacoma, Gig Harbor, Bonney Lake, Puyallup and University Place.
This past summer, BECU announced plans for a new Neighborhood Financial Center at 10011 Bridgeport Way SW in Lakewood.
In March, BECU opened its new Pierce County Financial Center at 3408 S. 23rd St. in Tacoma, formally a Bank of America.
In 2024, BECU opened its new financial center at The Shops at Harbor Hill shopping center in Gig Harbor.
SAFE Credit Union, established in 1940, is one of the fastest-growing credit unions in the Sacramento region, according to the release, with close to 245,000 members, 17 locations and more than $4.6 billion in assets.
An online guide has been created for those seeking more information.
Previous reporting by The News Tribune contributed to this report.
This story was originally published November 18, 2025 at 1:53 PM.
