The SAFE Merger: If It Came With A $125k Per Year Job, Would It Influence Your Vote? C'mon, Let's Be Honest... Part II

  Rebranding??

✅ In most states, voluntary service by credit union members on their Board of Directors is a core statutory and cooperative hallmark of credit unions. California is no exception! 

Here's the law in California: Financial Code section 14410 (a)(1): "A member of the board of directors, supervisory committee, audit committee, or credit committee shall not receive compensation for the member's services as a member of the board of directors, supervisory committee, audit committee, or credit committee..." 

✔ SAFE Directors are not compensated. BECU directors are paid to the tune of $125,000 per year! 'Course the BECU Board is required to meet four times a year, so that's only $31,250 per meeting... probably not even $10,000 an hour!

✅ Of the @180,000 households in Sacramento [link], 66.8% of all those Sacramento households earn less than $125,000 on an annual basis. Not unreasonable to say that two-thirds of SAFE working families earn less in a year, than those SAFE directors "self-advancing" to the BECU Board will collect.  

😎 Of course, the SAFE Board did not disclose in the member notice the names of the SAFE directors who will receive that little $125,000 "perk" (for a minimum of 3 years!) It's a secret, buried in that 2025 "definitive agreement" no one is allowed to see. "People Helping People", or "People Helping Themselves"? 

✔ Would a "payout perk" of a part-time job paying $125,000 per year affect your vote? Be honest. 

  Of course not, of course not... of course not?

The SAFE Merger: Would Losing $15 Million Influence Your Vote? C'mon Let's Be Honest...

  Honestly?

The discussion of the proposed acquisition of SAFE Credit Union by Boeing Employees' has heated up! The takeover has gained notoriety not because it is unique, but because it may foreshadow the demise of credit unions as cooperative financial alternatives. The irreversible paradigm shift, the canary in the cooperative coal mine.

  CEO Faye Nabhani stated these reasons to pull-the-plug on SAFE as a locally controlled, independent home-town business:   

"The new credit union will bring more value and benefits to our members and the communities we serve, with enhanced technology, increased community support, and more convenient banking services for members through all stages of their financial journeys."

✔ Let's check that statement out: [link here for broader 'Scorecard"]

1]  Better rates                                           YES ◻    NO   ❎

2]  Lower operating costs                             YES ◻    NO   ❎

3]  Enhanced technology                              YES ◻    NO   ❎

4]  More branches/ATMs                               YES ◻    NO   ❎ 

5]  Retain local ownership/control               YES ◻    NO   ❎ 

6]  Assured increase in community support  YES ◻    NO   ❎

7]  In-state California regulation                  YES ◻    NO   ❎

8]  Return of capital to SAFE members         YES ◻    NO   ❎ 

9]  Member dialogue prior to agreement      YES ◻    NO   ❎ 

10] Will strengthen the Sacramento area     YES ◻    NO   ❎  

✔  Without merging, every SAFE member can join BECU for free! But then, Ms. Nabhani and friends couldn't collect those mega-$$$ millions in merger payouts!    

 In layman's terms: Does this suck?  YES  ❎     NO ◻