SACRAMENTO, Calif. — Capital Power Credit Union has announced plans to merge with SAFE Credit Union.
The proposed merger is expected to be completed by the end of this year pending approval of regulatory agencies and a merger vote by Capital Power members in mid- July. The $50 million Capital Power serves 5,500 members while the $1.4 billion SAFE serves 121,000 members.
The merger was “motivated by a desire to solidify the financial security of all its members while connecting them with enhanced products and services,” according to both CUs. Capital Power started searching for a merger partner earlier this year and selected SAFE from a field of 48 credit unions.
Founded in 1954, Capital Power originally served employees with the Sacramento Municipal Utility District and later expanded to include workers with the construction firm of Teichert and Sons.
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