BECU reveals intention to partner with credit union in California

BECU Merging with California Credit Union

BECU announced on Tuesday that it is merging with SAFE Credit Union, based in Folsom, California, which marks its first expansion into that state.

This merger will combine their resources to serve a total of 1.8 million members and operate over 80 locations under the BECU name, amounting to more than $33 billion in assets. This positions it as the fourth largest credit union in the United States by asset size, according to a joint announcement made on Tuesday.

Beverly Anderson, BECU’s president and CEO, remarked that this merger would enhance their ability to reach new members and markets, delivering advanced products and services thanks to the efforts of both teams.

The merger has already received approval from both organizations’ boards but still requires regulatory approval and a vote from SAFE’s members, as mentioned in the announcement.

A BECU representative clarified that since the new entity will operate under BECU’s charter, only SAFE Credit Union members need to vote on this matter, which is a standard procedure for such mergers.

Faye Nabhani, the president and CEO of SAFE Credit Union, also commented on the announcement. She noted that merging credit unions helps them adapt to changing member needs and maintain the high value clients have come to expect over the past 80 years.

The merger is anticipated to finalize by early 2027, though both brands will function independently until then.

After the merger, Beverly Anderson will lead the newly formed credit union, while Faye Nabhani will serve as the Market President for the Greater Sacramento area, reporting to Anderson.

Founded in 1935 by Boeing employees, BECU today boasts more than 1.5 million members and around $28.9 billion in assets, making it the largest not-for-profit credit union in Washington. They operate over 60 financial centers, including two in South Carolina, and have recently expanded branches in Pierce County, with locations in Tacoma, Gig Harbor, Bonney Lake, Puyallup, and University Place.

This past summer, BECU announced a new Neighborhood Financial Center opening at 10011 Bridgeport Way SW in Lakewood, and in March, it launched its Pierce County Financial Center at 3408 S. 23rd St. in Tacoma, which used to be a Bank of America branch.

Established in 1940, SAFE Credit Union is among the fastest-growing credit unions in the Sacramento region, with nearly 245,000 members and 17 locations, alongside more than $4.6 billion in assets.