SAFE Credit Union could merge with larger firm. What it means for Sacramento
Folsom-based SAFE Credit Union, an 85-year-old area institution that employs nearly 700 people and headlines Sacramento’s downtown convention center, has taken steps to merge with a larger, Washington state-based credit union, the organizations announced Tuesday.
SAFE reached a definitive agreement to merge with BECU — a credit union based on the outskirts of Seattle, originally founded for Boeing employees — in a deal that would expand BECU into the nation’s fourth-largest credit union, overseeing $33 billion in assets, up from fifth. SAFE officials said the merger would fortify their organization, bring about new services for members and necessary investments in technology, and allow them to compete more effectively with banks.
“Our members will see a direct financial benefit in their day-to-day lives, and we’ll be able to do more in the community and for our workforce,” SAFE Credit Union President and CEO Faye Nabhani said in a statement. “The impact will be significant, and I feel this is the next step in our evolution as a credit union. Combining ensures we can do more for our members on a greater scale and well into the future.”
Nabhani said in an interview that the combination would allow SAFE to offer its members lower fees, new services and more branch locations.
BECU, originally Boeing Employees’ Credit Union, is the larger player in the transaction: It employs 3,200 people and has more than 1.5 million members, to SAFE’s 244,000. Nabhani would serve as the Sacramento region market president for the combined credit union.
Officials said SAFE would retain its name for the foreseeable future, though in a few years, leaders would likely study the possibility of a name change. BECU Chief Executive Beverly Anderson, who would retain her title after the merger and lead the combined organization, said she didn’t want to disrupt SAFE’s strong brand recognition in its community.
“Over time, if we choose to think about the naming, we’ll go through a very thoughtful process around what that might look like, and make sure that there’s lots of communication and conversation well before anything would happen,” Anderson said.
The Folsom credit union holds the 25-year naming rights to the SAFE Credit Union Convention Center in downtown Sacramento, under a $23 million deal it reached in 2019. Nabhani said BECU has expressed its commitment to supporting the Sacramento region and its downtown, and the credit union would work through the logistics of signage changes in the future, if its name does switch.
“For now, the names on buildings and everything stay the same,” Nabhani said. “Our commitment stays the same.”
The merger requires approval from federal and state regulators and SAFE’s members, and is not expected to close until early 2027.
Anderson said the merger should be compelling to SAFE members. BECU offers a first-time homebuyer grant program that SAFE is interested in adopting, and proactive loan repricing for people with improved credit profiles.
SAFE Credit Union COO Tiffani Vargas said the merger would allow for tech investments that members demand and deserve. That would include behind-the-scenes infrastructure like improved data analytics, and automation of some processes like loan applications or account openings. Anderson said there would also be investments in fraud and cybersecurity.
“We’re a strong, well-performing credit union, and the required investment in technology is very high, to compete with banks — and just to be able to provide banking services,” Vargas said. “Some of it is really behind the scenes, but the member will still feel it.”
Vargas and Anderson both said SAFE’s workforce will be prioritized throughout the process.
“There’s a long road ahead,” Vargas said. “It’s going to be a complex journey… It only makes sense that we would be committed to workforce retention as our highest priority.”
SAFE, originally the Sacramento Air Force Employees Credit Union, was founded in 1940 for workers at McClellan Air Force Base, but has since expanded its membership to anyone who lives, works or worships in its 13-county territory.
SAFE ranks 101st among U.S. credit unions by assets, below its hometown competitor, Golden 1 Credit Union, which was originally established for California state employees. Golden 1 is the nation’s 8th-largest credit union by assets, according to data from the National Credit Union Administration.
Vargas said SAFE’s geographic territory does not overlap with BECU, which has customers in Washington, sections of Oregon and Idaho, and other parts of the U.S. where Boeing employees live. The deal requires approval from the NCUA, state finance agencies in California and Washington, and it will be subject to an election by SAFE members, which would likely take place after the other regulatory approvals are secured, Vargas said.
Under the agreement, SAFE would gain two seats on BECU’s board, which currently has nine members.
“It seems like an insignificant part of the agreement, but it’s pretty significant,” Vargas said. “It’s not only important, but vital that they continue to have that Sacramento voice, and be able to hold onto the history of what we’ve meant to this region, by being on the board... They really do represent the membership body here in Sacramento.”
Nabhani emphasized that the credit union will maintain its Sacramento roots.
“We hire local people. We live here, we work here. We commune here,” Nabhani said. “It’s important that our members continue to see the same faces… That investment is 1000% going to continue.”
This story was originally published November 18, 2025 at 12:00 PM.
