Board Chair Martha Lofgren and Secretary Ryan Larkin presented the following speeches at the October 27, 2026, Special Members’ Meeting about SAFE’s proposed combination with BECU. Martha Lofgren and Ryan Larkin will join the BECU Board on condition of the combination reaching final approval.
Remarks from Board Chair Martha Lofgren
Good afternoon, everyone, and welcome. I’m Martha Lofgren, Chair of the SAFE Credit Union Board of Directors. Thank you for joining us today and for taking the time to participate in this important moment in SAFE’s history.
As you know, we’re here today to discuss the proposed combination of SAFE Credit Union and BECU. This is a significant decision for our organization and our members, and we appreciate the opportunity to share information, hear your perspectives, and bring this voting period to a close.
Starting on August 31st, 2026, a formal notice of this meeting was provided to members in accordance with applicable law and SAFE's governing documents. We also have an Inspector of Election overseeing the voting process, which will officially close at 6 pm. today.
The SAFE Board of Directors and executives have spent years evaluating how we can best serve our members, both today and well into the future. That work included a comprehensive review of our options for growth and long-term success, including remaining independent, or exploring potential partnerships with other credit unions.
Our recommendation was not based on instinct or any one person's view of what might be best for SAFE. It was the result of a thorough and deliberate process, with active Board oversight and governance of every aspect of the combination process, supported by independent advisors, including independent financial analysis, legal counsel, careful consideration of risks and benefits, and review of the long-term implications for our members and the organization.
We followed the governance, legal and regulatory processes required of us, including the filing of applications for formal regulatory review and have received approval, which was required before we could seek member vote, from the National Credit Union Administration, Washington State Department of Financial Institutions, and California Department of Financial Protection and Innovation.
Communication with members has been a priority for us well, and about a year ago, we began providing member updates throughout the process, sharing information through both formal and informal channels, to communicate the necessary disclosures as well as the real-world impacts of the combination.
What makes this opportunity so compelling is the significant value we believe it will deliver to our members.
Today, SAFE is a strong, financially sound credit union. We are pursuing this combination from a position of strength and for member purpose, not necessity. By joining with BECU, the Board believes we can deliver on our organizational purpose of providing value and benefit to SAFE’s membership, faster.
Let me be clear about the role of your Board in this decision. The Board is not making this decision for you. We are making a recommendation to you. You, our members, will make the decision with your vote.
But making that recommendation is one of the most important responsibilities we have as a member-elected Board. Our responsibility is to continually ask, “How can SAFE deliver more value to the people we serve?”
When we see an opportunity that we believe can deliver significantly greater value to members, much faster than SAFE could on its own, we have a responsibility to pursue it, carefully evaluate it, and bring only the best recommendation back to the membership to decide.
That is what we have done here.
We believe the total impact of lower costs, pricing, new programs, greater financial resources, expanded capabilities and more opportunities to put money back into members' pockets, adds up to something much greater than any single benefit, greater than alternative combinations, and is greater than what can be done independently.
Our responsibility is to make this recommendation to you, the SAFE members, to make the decision.
When the Board considered this combination, one of the most important questions we asked was simple: What is the value and benefit to SAFE’s membership?
Naming just a few, such as:
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The expected elimination of monthly account service fees and certain NSF fees is projected to save more than 74,000 SAFE members approximately $6.9 million in 2027 alone.
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For eligible members, as their credit improves, their loan rate may be automatically reduced without having to apply or refinance.
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An initial $500,000 will be dedicated to first-time homebuyer grants, providing eligible members with up to $8,000 toward a down payment or closing costs.
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And those numbers matter. As a low-income-designated credit union, we understand that every dollar matters to the members we serve. A lower loan payment matters. A fee that doesn't have to be paid matters. A better return on savings matters. And for a family trying to buy its first home, that assistance can matter tremendously.
That is how your Board looked at this decision: not as one benefit, but as the cumulative value of many benefits working together for our members. The value was clear when we considered the speed and impact of layering better rates and yields, fewer fees, improved loan pricing, help with homeownership, expanded access and capabilities, and the financial strength and resources to do even more for members, as one organization.
And, at the same time, we will continue to be the SAFE you know. The structure of the combination makes clear the continued commitment to maintaining the personal service and trusted relationships that our members value. Our branches, included new expanded branching, will continue serving members, our commitment to this community continues, and the combination gives us the opportunity to bring greater resources and capabilities to both.
In the simplest terms, that is what your Board sees ahead: SAFE, plus more!
More value. More opportunity. More resources. And more ways to help our members make the most of every dollar they earn.
This opportunity also brings meaningful benefits for our employees. All SAFE employees will become part of the combined credit union, with access to expanded career opportunities and benefits.
And I want to acknowledge what this combination means for the greater Sacramento region as a whole. This combination does not mean SAFE is leaving Sacramento, instead, it means that BECU is making a significant investment in our region and building on our strong foundation. This will remain a regional headquarters, and the combined organization plans to expand its branch network and invest in serving more neighborhoods and communities.
BECU and SAFE have also announced an additional $1 million investment in local philanthropic initiatives in the first year, with annual community investment expected to triple to approximately $1.5 million.
All of these valuable benefits are only the start to so much more. The recommendation to combine was not about just one or two “items of value” or rates at a particular moment time, it considered the whole picture of what is anticipated together as a combined organization, and an alignment and shared commitment between SAFE and BECU, to delivering real value to members.
For as long as I have been on the Board, I can share it was important to every Board member that in any combination considered, they must share the values that have guided SAFE for generations.
We found that critical alignment in BECU.
We found a shared commitment to putting members first and delivering meaningful financial value. We found a shared commitment to employees and the people who make this organization what it is. And we found a shared commitment to investing in and strengthening the communities we serve.
Those were not secondary considerations for your Board. Members, employees and community are fundamental to who SAFE is, and it was important to us that they be equally important to the organization we would join.
We also recognize that approving a combination is not the end of the work. What matters is delivering on its promise.
That is one reason the future governance of the combined credit union matters. Two members of the SAFE Board will serve on the combined Board, helping carry forward the perspective of SAFE members and this region and remain focused on the commitments and greater member value that led us to recommend this combination in the first place. I am honored to share that I will sit on that newly combined Board, as will my colleague Ryan Larkin.
And that brings me back to something I said earlier today.
The Board has made its recommendation. The members make the decision.
For nearly two months now, we have encouraged our members to learn about the combination, ask questions, consider the information carefully and, most importantly, make their voices heard through their vote.
Whether you reached your decision quickly or took the full voting period to consider it, your participation matters. Your voice matters. And your vote matters.
On behalf of the entire SAFE Board of Directors, thank you for taking that responsibility seriously. Thank you for your questions, your engagement and the care you have shown for the future of this credit union.
And most of all, thank you for your membership, your trust in SAFE, and for allowing us the privilege of serving you.
Whatever comes next, the purpose that has always guided SAFE remains the same: serving our members and creating greater value in their financial lives.
Truly, thank you.
Remarks from Secretary Ryan Larkin
I have been a SAFE member since 2012 and a member of the Board since 2021. I know what our members value about SAFE, and I understand the responsibility that comes with carrying those expectations forward.
If our members approve this combination, my role on the combined Board will be focused on a simple commitment: making sure we deliver on the commitments made to SAFE members.
That means strong financial and operational performance. It means accountability for the benefits and value we have discussed. And it means making sure the member experience remains at the center of the decisions that come next.
As the organizations operations and, eventually, systems come together, I will be particularly focused on minimizing disruption for SAFE members while ensuring the work ultimately delivers greater value and a better member experience.
I think my continued presence on the Board matters for another reason. There should be continuity between the commitments we're making to members today and the decisions that will be made tomorrow.
A vote to approve the combination would not be the end of our responsibility to SAFE members. It would begin the next part of it: delivering today and in the future.
I intend to carry the voice and perspective of SAFE members into that work and to remain focused on the financial, operational and member outcomes that led us to recommend this combination.
I am proud of where we are today at SAFE, and I am proud to be part of our combined future!
Thank you.
Learn More
Thank you to everyone who participated in the member vote. We are now awaiting final approval from the California Department of Financial Protection and Innovation (DFPI). Watch for updates here.
