SEATTLE — Financial regulators have approved the proposed merger of Boeing Employees Credit Union, BECU, with SAFE Credit Union. The two credit unions would merge under the BECU charter, according to regulatory filings.
The merger would make BECU the fourth largest credit union in the United States based on asset size which is expected to be $34 billion, according to both sides.
The next step in the merger is approval by SAFE Credit Union members. SAFE stands for Sacramento Air Force Employees. It was founded in 1940 as Sacramento Air Depot Federal Credit Union (S.A.D.) for civilian workers at the air depot. In 1953, it was renamed Sacramento Air Force Employees Federal Credit Union. The acronym was adopted as the name in 1959.
The National Credit Union Administration (NCUA), Washington State Department of Financial Institutions (DFI), and California Department of Financial Protection and Innovation (DFPI) have granted regulatory approval to advance the proposed combination of the two credit unions.
Beverly Anderson, president and CEO of BECU, will continue to serve as president and CEO of the combined organization. Faye Nabhani, president and CEO of SAFE, will serve as market president for the Greater Sacramento region where the credit union is based. Nabhani will report to Anderson and SAFE will maintain representation on the combined credit union board.
Subject to the outcome of the SAFE member vote, the combination is expected to close on January 1, 2027. Until that time, both credit unions will continue to operate independently, according to both institutions. The merger was announced in November 2025.
“This combination will accelerate our ability to extend our reach and impact to new members and markets,” Anderson said at the time of the merger announcement. “This is an exciting opportunity for both credit unions, made possible by our…strong commitment to sound operations and financial management, which are the hallmarks of BECU and SAFE.”
BECU has two Everett locations, one at Paine Field and another on Evergreen Way.