... Pssst!
It's All Really About The Members! Really, Trust Me.
✅ We've been taking a look at the credit union merger cash-grab blossoming nationwide [link - Godfather series]. Been using the SAFE/BECU merger proposal as an example to demonstrate the questionable economics, the lack of full and fair member disclosures, and the less than inspiring due diligence, which seem to underlie many of these hook-ups.
Clear confirmation of the predatory self-aggrandizement underlying these - "better-for-the-members" - fictions is now on full display in Southern California! California Coast and San Diego County credit unions have gotten into a major, merger cat brawl - in court and under oath !
Here are some "highlights":
✔ California Coast Credit Union and San Diego County Credit Union (SDCCU) announced merger last year that’s turned into a legal spat .
✔ As the integration began, SDCCU says it uncovered serious governance and compliance red flags
✔ Cal Coast CEO Todd Lane said “I am a dictator and I run a dictatorship” according to sworn statement by SDCCU Chief Risk Officer Carolyn Kissick. “It doesn’t matter what I say or what I think, he’s going to do what he wants to do.”
✔ SDCCU has proposed putting its CEO, Teresa Campbell at the helm and take a 9-2 board majority, which in turn led to lawsuit by Cal Coast attempting to force merger consummation
😎 San Diego is literally stealing the show in California! If you want the raw truth about credit union "mega-me" mergers read it all right here: [link - "Stay Classy"]
What is your issue with member disclosures in the safe/becu merger? They are not even out yet
ReplyDelete1:01 You seem not to realize you answered your own question!
ReplyDeleteWhy haven't disclosures been made?
Any reason that the planned merger was not even announced at the SAFE Annual meeting?
"As of the merger date, the combined credit union will retain the California Coast Credit Union name, and Todd Lane will become the President and CEO of the combined organization concurrent with Teresa Campbell’s retirement."
ReplyDeleteChange of plans? LOL
1:01pm We need open public forums for Safe members now. this looks screwy
ReplyDelete@1:45, what does this have to do with SAFE?
ReplyDeleteThis is a mess, but what makes it about me/me? This is not representative of cu mergers
ReplyDelete10:17am Agree it is a mess, but disagree that most mergers are "me/me" not member. Why do you think it is not representative?
DeleteAs clearly pointed out the giveaway of SAFE by its Board is not beneficial to SAFE members. They have many better options.
Members lose has become the "representative' merger.
Mergers are not giveaways. What makes you say they have better offers. A higher “price” when no price isn’t involved?
Delete@12:58PM Mergers are giveaways because the truth and basic math disagrees wholeheartedly with this blogs arguments
ReplyDelete1:27 ???
Delete@1:27. Can you explain exactly what is given away by a merging credit union?
Delete2:03pm Here ya go! https://www.secujustasking.com/2025/12/credit-unions-godfather-mergers-part.html
Delete2:17. Thanks, but it doesn't answer the question. credit unions are not given away,
Delete6:49pm You're welcome.
DeleteI think you have a "typo". Assume you meant to say "credit unions should not be given away."
Agree with you completely.
https://www.cutoday.info/Fresh-Today/Inside-Cal-Coast-SDCCU-Merger-Part-II-Thousands-Of-Pages-No-Decision-As-Mega-Deal-Case-Pushed-To-March
ReplyDelete