A financial cooperative blueprint: Why the SAFE and BECU merger stands alone

SAFE Credit Union has proposed a merger with BECU, a Washington state-based credit union originally founded in 1935 as the Boeing Employees' Credit Union. This is a big deal for SAFE members and for Sacramento, and since this proposal is currently open to a member vote, it's important to look at the details and understand what the impacts would be. As I evaluated the proposed merger, my guiding directive was absolute: member benefit is priority number one, number two and number three. Credit unions exist fundamentally to expand the financial freedom and independence of their members. Every major strategic choice must be filtered through a singular set of questions: Will it help members keep more of their hard-earned money? Will it expand their access to cutting-edge financial products? Will it fortify their institution for generations? And will it deeply enhance the local communities where they live, work and play? Following a diligent, purposeful evaluation by the SAFE Board of Directors, I am fully convinced that this combination with BECU is not just a standard merger—it is an unprecedented opportunity that serves the absolute best short- and long-term interests of SAFE's entire membership. The financial benefits of this merger are both immediate and verifiable. The combination would save members millions of dollars in reduced or eliminated fees. In the very first year, the combined credit union is projected to wipe out roughly $7 million in fees currently borne by SAFE members. BECU's member-first philosophy features a structurally lower and fewer fee framework. There would be a 30-percent increase in direct financial return. The estimated increase is based on an analysis of SAFE's 2024 financial results and the projected value of combining with BECU, including benefits from lower loan rates, higher deposit rates and reduced fees compared to typical bank offerings. While individual savings and value will vary and are not guaranteed, the overall analysis shows that total annual direct financial benefit flowing back to SAFE members is expected to scale from approximately $47 million today to $63 million post-merger. The combination would provide the scale needed for faster access to innovative products. Members will gain immediate access to wealth-building programs, including first-time homebuyer grants (with an immediate commitment of $500,0000 in initial funding), and automatic loan repricing to lower, more favorable interest rates as credit scores improve. These direct enhancements are profoundly meaningful. Why? Because by federal standards SAFE is a Low-Income Designated Credit Union—with over 50 percent of our 240,000-plus members matching this low-income demographic—these targeted savings and structural benefits will directly uplift the communities that need it most. A common concern with organizational growth is whether a larger footprint dilutes personal service quality. The data proves otherwise. The financial industry uses the Net Promoter Score (NPS) to objectively measure customer loyalty and satisfaction. BECU consistently performs at an elite tier, proving that institutional scale and high-touch personal service are not mutually exclusive. Rather than losing our identity, this partnership protects personal service while accelerating regional branch expansions and delivering top-tier digital banking upgrades. During my tenure at SAFE, I analyzed numerous credit union acquisitions of all sizes. None possessed a quantified, long-term commitment to regional investment like this one. This merger acts as a massive economic anchor for the greater Sacramento Region. Over the next decade, BECU is committed to delivering tens of millions of dollars in member value each year, and investing directly into SAFE's local footprint – consistent with BECU's approach to returning value as a member-owned cooperative. This capital influx will support enhanced member benefits, local jobs, open new physical branches, fund robust community partnerships and elevate our regional headquarters to ensure Sacramento remains a core hub of executive leadership and decision-making. The facts here remain clear and absolute: SAFE members will keep more money and secure superior financial tools. SAFE employees will unlock vast career pathways within a growing enterprise. The Sacramento Region will secure significant investments in long-term capital and philanthropic growth. For SAFE, BECU and Northern California, this is a historic, transformative opportunity worth taking. Dave Roughton is a corporate board director, business owner and retired President and CEO of SAFE Credit Union with more than 30 years of experience in finance, corporate governance and risk management. He currently serves as an Independent Board Director for the Royal Electric Company and is the Principal of DR Strategic Services, LLC, where he provides strategic counsel on leadership development, operational growth and financial management.