And that amount is just the start.
SAFE’s purposed merger rationale with BECU has been full of a lot of generalities and PR hype, but few objective facts.
The one fact that SAFE member owners should be told is that they have a real factual $41 million better financial value than BECU offers its own members.
Let’s look at what each credit union’s members pay on loans and receive on savings.
A .94 basis Point Advantage for SAFE’s Borrower-$31 million Lower cost
From each credit unions June 2026 NCUA call report we learn that SAFE members total yield on loans was 4.96% versus BECU’s loan yield of 5.90%. SAFE members are an average saving almost 1% (,94 basis points) by getting their loans at SAFE.
This savings totals $31 million for the $3.1 billion in SAFE members’ loans outstanding over the one year.
When a commentator looked up the two credit unions’ posted rates one can instantly see why SAFE is a much better value for members.
New and Used Car loans
New Car: SAFE: 5.19% Boeing: 5.89%
Used Car: SAFE: 5.29% Boeing: 6.19%
Credit Cards
SAFE; 5/3/1 Cash back, 15.29% rate
Boeing, 1.5% Cash back, 16.49% rate
HELOC or Home improvement loans
SAFE 6.75%; Boeing 6.99%
SAFE Members’ Saving Advantage is Over $10 Million
While not every member borrows, every member must have a savings account.
Again SAFE is a better financial value by far according to the June 2026 NCUA call report data.
SAFE’s cost of funds is 1.43% versus 1.16% for BECU members a difference of ,27 % or over $10.5 million for a full year. Here are examples of SAFE’s better rates:
Savings:
6 mo CD: SAFE: 2.25% Boeing: 1.98%
24 mo CD: SAFE: 2.90% Boeing: 2.23%
36 mo CD: SAFE: 3.00% Boeing; 1.93%
48 mo CD: SAFE: 3.05% Boeing: 1.69%
Checking
SAFE; 3% interest up to $3,000, = $90 a year in interest paid to member.
Boeing; 3% up to $500, .10% after that = $17.50 paid to member.
Here’s the Really Big Financial Advantage for Every SAFE Member
Boeings operating expense to average assets at 3.43% is 33% higher than SAFE’s ratio of 2.59%.
Once BECU takes over SAFE’s operations with its business model that would mean that over a full year SAFE’s operating expense would rise by as much as a third above $23 million spent in just thie first six months of 2026. Fpr a full year that would result in $46 million more costs for BECU high cost structure. That operating expense structure will be controlling after the merger. That would mean that SAFE’s annualized income of over $42 million in 2026, and for years afterwards, would be wiped out by BECU’s higher cost stricture.
In virtually every measure of member value (above) SAFE provides its owners objectively better prices, local convenience and community control. Moreover on transitional indicators of institutional performance such as loan and share growth or return on assets (.97 versus 58), SAFE is also superior.
Where IS SAFE’s Board and CEO’s Due Diligence and Factual Analysis
The differences in SAFE’s value for members is so much greater than BECU that one must question not only their individual and collective judgment but whether there was any factual due diligence at all. Members are being sold a story line that flies in the face of every reasonable comparison. Size is not better. Better is better. SAFE has a track record of serving its community and member owners much superior to BECU’s on every point of comparison.
The members should not just vote No on this merger, but go further and take steps to find leaders who truly understand what the purpose and advantage of a cooperative are. And most importantly always putting their member interests first.
This deeply flawed, incomprehensible board proposal should be voted down by every SAFE member.