The SAFE Mega-Me Merger Mess: Depends On Your POV?

                        ✔ As the SAFE Leadership see themselves?

 ✔ As the financial experts see it!:

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   ❎ 

 ✔ If 122,501 SAFE member-owners do not vote in favor of this "nothing-but-nonsense" merger, will DFPI follow the law and disapprove the merger or overrule SAFE members and the best interests of the people of California?

😎    DFPI's decision will be to determine among 1) the SAFE Board, 2) the impartial financial experts, and 3) the majority of all SAFE members who will not vote in favor of the merger...   

   Who's lion?

 😎 [link here for a detailed "Scorecard"]   

SAFE Board Promises More Merger Updates: "... Immediately Upon Completion Of The Combination!"

  ... but mega-me merger mistakes ain't! At least not for Sacramento!

A commenter on yesterday's post [link] correctly noted the SAFE Board did give "an update" at the SAFE Annual meeting in April!

✅ Here's what was promised by the SAFE Board in that informative merger "update" [link to full text]: 

"SAFE shared with its members at its annual meeting on April 21, 2026, two meaningful commitments that will benefit Sacramento-area members and the community immediately upon completion of the combination."

"For members: $500,000 dedicated to First-Time Homebuyer Grants. This grant program provides eligible members up to $8,000 to put towards a down payment or closing cost assistance for first home purchases." [at $8k a pop that would potentially help 62.5 of SAFE's 245,000 members ... immediately upon completion of the combination."] 

"For the community: An additional $1 million investment added to the $500,000 SAFE traditionally gives annually toward philanthropic initiatives that reflect what matters most to SAFE members and the Sacramento community." [The rest of the $400+ million in SAFE member equity will go to Tukwila and Boeing Employees' "... immediately upon completion of the combination."]

✔ Why doesn't the SAFE Board give the $1.5 million back to Sacramento folks now? Why wait until "... immediately upon completion of the combination?"

😎  If you will give me $400+ million bucks, I will give you back $1.5 million "immediately upon ... "!  H-m-m, what's the return on investment (ROI) for that "mega- duh" deal?  How would you calculate it?

 Anybody care to also point out that the SAFE Board can't promise anything "... immediately upon completion of the combination."