The SAFE Credit Union Merger: I Don't Get The Connection?

                                  Back again from the West Coast...!

Know many of you are frustrated - and bored! - by those repeated ventures west to review what's going on with the SAFE/Boeing CU merger. 

✔ Why bother? What does it have to do with the governance and elections at SECU? Probably a lot!

Not sure what else can be said about the sellout under way at SAFE CU - a thriving, financially sound, $4.4 billion community asset in Sacramento. The merger agreement can not be reasonably justified on an economic, financial, nor business basis. 

250,000 SAFE members are being asked to give up their locally-owned, locally-controlled institution - with a market value of between $400 million to $800 million! [link] - for little measurable gain.  SAFE members lose out, while Board and senior leaders cash out. [link] 😎 Can't happen here? 

That's where WakeMed comes in.  A thriving, financially sound, multi-billion community asset located in Raleigh.  Over 1 million citizens of Wake County are being asked to give up their locally-owned, locally-controlled institution [link] - with a market value of well over $1 billion! [link] - for little measurable gain. Wake citizens lose out, while the Board and senior leaders have checked out! 😎 It already has happened here!

Over 100 citizens lined up last week to speak against the WakeMed giveaway, criticizing the potential for rising costs, waning care for those of modest means, lost of local control, and the lack of transparency by the hospital board and senior management. One speaker expressed the obvious: "You're going to aggregate another monopoly in our local market and our people are going to pay more for it."

WakeMed thought it could run this raw deal under the radar as a consent agenda item, without ever engaging the citizens of Wake County in a discussion of the merits of the proposal. Many feel that neglect of transparency was because a good case can't be made for a bad deal. It may be too late for Board credibility, regardless of any merit. 

The SAFE Credit Union Board and senior management have made the same mistakes ... they have put their fellow citizens and community in play.

✔ For SAFE: Is it a governance mistake of omission or commission - or both ? 

  What about SECU? Stay tuned... 

 

The SAFE/Boeing Mega-Me Merger: "Show Me The Money"?

   

✅ Faye Nabhani, soon to be former CEO of SAFE Credit Union one way or the other,  authored the letter to SAFE members strongly supporting the merger and asking member support. (See the full text of her letter: [here!])

✔ As the disclosures in her letter reveal in #'s 2, 3, 4 below, Ms. Nabhani will benefit by at least $4,358,000 from the merger. Lots of folks will probably "get exercised" about a $4.3 million payout by their folksy, community-minded, non-profit, cooperative.  

Maybe they should or, of course, it could also just be envy and jealousy - y'know that human nature thing! 

1. "Ms. Nabhani’s SERP and change-in-control agreement were established prior to, and independent of, the proposed merger. Because BECU does not offer an equivalent program, Ms. Nabhani’s existing agreements will be terminated, and its value will be paid out as a retention agreement tied to continued employment through the post-merger transition period."
2. "For the SERP portion of the agreement, Ms. Nabhani will be eligible for three separate post-close payments up to $1,075,000 each (totaling up to $3,225,000)." 
3. "For the Retention portion of the agreement, Ms. Nabhani will be eligible for three separate post-close payments up to$361,000 each (totaling up to $1,083,000)." 
4. "A one-time $50,000 bonus, as described above."
5. "Separately, upon closing of the proposed merger, Ms. Nabhani has agreed closer to be employed by the Continuing Credit Union in the position of Market President for the Greater Sacramento Region. Upon employment by BECU after closing, Ms. Nabhani’s total future annual compensation, including base salary, incentive opportunities, and employer retirement contributions, is expected to decrease by approximately $504,710."

 ✔ But while you recover from that fit of jealousy and envy, please consider two other points. 

• First, regardless of what the Board and Ms. Nabhani claim about everything remaining the same ("We can build on all that SAFE has stood for over the past 85 years."); there will be a change-in-control at SAFE [see #1] - no if's, and's, or but's. SAFE will no longer belong to the Sacramento community - period! 
•  Second, in reading #5, you might get the impression that Ms. Nabhani is making a huge sacrifice in this merger with her compensation decreasing by @ $504,710! Trick question: "What is her new, "low" compensation?" (According to IRS filings @$750,000 annually!)

😎 So. if Ms. Nabhani stays 1 year, she will take home over $5+million, 3 years over $6.5+ million, 5 years over $8+ million.... "As a member-owned credit union, everything we do is guided by one simple commitment: doing what is best for you. 

😎 Two SAFE Board members are accepting seats on the BECU board and will be each paid $125,000 per year. 

✔  "Thank you for the trust you place in SAFE Credit Union." 

  "People Helping People"... some perhaps more than others? 

Two Faces Of The SAFE/Boeing CU Mega-me Merger

  

As your trusted credit union CEOs, we recommend this merger to you. We always want what's best for us!

 💕💕 [see all our promises to you right here!] 💕💕

💑 Here are a few more benefits we didn't even mention!  We didn't want to oversell you... and risk losing  your trust!   So, vote "Yes" if: 

✔   If you would like lower costs of operations!  

           SAFE:  2.59%  Boeing: 3.43%

✔  If you want more convenient branches in California!

          SAFE: 19 local branches!  Boeing: No, not a one!

✔   If you are looking for the latest technology!

       SAFE:  We just upgraded!   Boeing: Still working on it! 

✔   If you prefer better rates on your savings! 
           6 mo   CD:  SAFE:  2.25%   Boeing: 1.98%
          24 mo  CD:  SAFE:  2.90%   Boeing: 2.23%
          36 mo  CD:  SAFE:  3.00%   Boeing; 1.93%
          48 mo  CD:  SAFE:  3.05%   Boeing: 1.69% 

✔   If you're in the market for a car!

        New Car:    SAFE:  5.19%   Boeing:  5.89%
         Used Car:    SAFE:  5.29%   Boeing:  6.19%  

✔   If you need a home fixer-upper loan! 
 
        Home Equity Loan:   SAFE:   6.75%   Boeing: 6.99%

✔   If you seek more affordable checking!   

        SAFE:  3% rate up to $3,000   Boeing:  3% rate up to $500

 ✔ If you know Washington can better serve your interests!

      SAFE: Sorry we're local     Boeing: You'll get use to us! 

  ✔  And, how about a better Board and CEO? 

   Vote like there is no tomorrow... because there isn't!

The SAFE Credit Union Merger; Board And CEO Cash Out Members And Sacramento!

   Well Folks, It's Finally Hit The Fan!

✔  The SAFE Board and CEO have finally been required to tell SAFE  member-owners what a great deal this merger is for them! Hope as you read the synopsis you will fully appreciate who "them" is...

✅ The official text of the highly limited ['this ain't all of it folks!] can be found here: https://www.regulations.gov/docket/NCUA-2026-1552 [click on "Documents", then download "Supporting/Related materials"] The disclosure is from SAFE CEO Faye Nabhani.

😎 But to save you a little time, here is a succinct summary from one of our [in]famous blog commenters !!! 

1.  🖕A total of $14.56 million in payments to executives that were triggered by this merger. No worries, they're only paying out 33 basis points of the members capital to executives. 
2.   🖕The exec payouts equate to about half of the amount of the interest paid to SAFE members so far this year. Instead of paying execs, how about better rates and make the home grants 3 or 4 million instead of $500,000. Cool member benefit - for all 60 out of the 245,000 members lucky enough to get it.  
3.  🖕The stated, quantified benefits to SAFE members are $7.4 million, spread across 245,000 members, or just over one-half of the amount being paid to 5 executives. I repeat: 245,000 owners get $7.4 million, 5 execs get $14.56 million.  
4.  🖕 Interesting approach to tack on a vote for donations to community partners. That shouldn't be legal to add this vote.  If it is, clever little PR move to distract and act like they can't afford to do it themselves.  
5.  🖕Payouts to the community and execs, but no reserve distribution to members. The stated reason is because SAFE's capital is not higher than Boeing's. That's backward logic. SAFE's capital is $177 million in EXCESS of what's required to be considered WELL capitalized. But no, they can't afford these benefits unless they merge, and now that they're merging to where the continuing credit union will have an even more extreme excess capital position, they refuse to let member owners have any of their money.
6.  🖕Carefully worded language about the retention bonus payments through the "post-merger transition." The translation of that: Faye is leaving in 18 months. The divisions and departments will report into their functional heads. SAFE will be gobbled up, Sacramento job losses wlll be local control? LOL? 
7.  🖕2nd place payout winners? SAFE directors. Boeing reports their execs spend 6 hours a month doing their work. 2 lucky winners get the same job and go from zero pay to $125,000 a year or $400 an hour. Those two directors voted for and strongly recommend this merger. Hmm.. nothing to see here. (and no, being a director of a CU seven times larger doesn't not mean it's seven times more work, or seven times harder) 

   As they say down South: "Well, Bless your heart!" [link] 

 

😎 DON'T MISS THE FURTHER COMMENTS BELOW!!!!!

 

   

😎 DON'T MISS THE FURTHER COMMENTS BELOW!!!!!  

 

   Od-y-ous, entirely a Trojan !!!!!!

Raw Deal Mergers: Our Govenor Jumps In Too!

  With some hard questions!

In the prior post RAW DEAL [link] you found our NC State Treasurer Brad Briner, voicing severe doubts about the giveaway merger of WakeMed - a community owned, not-for-profit, tax exempt, cooperative hospital. Yeah, sounds a lot like a credit union!

✅ Commenter: "You're exaggerating again, that's just North Carolina politics!" 

✔ Funny that you should mention that, because the Governor's office just jumped into the fray with a few questions too!  Read entire letter here [link]. 

1. Why did WakeMed decide to seek a merger?
2.  What other financing or strategic options were considered? 
3. What guarantees has Atrium provided to ensure that WakeMed’s prices will not increase ?
4. Why did WakeMed agree to a governance structure that limits local control?
5.  What guarantees  ensure that WakeMed continues to devote more than 12 percent of revenue to indigent care?
6. Has WakeMed assured itself that it could not secure greater investment from Atrium or other potential partners? If so, how?

😎  Governor Josh Stein is a Democrat, State Treasurer Brad Briner is a Republican! And, just for the record neither is up for election until 2028! 

😎  Why shouldn't the leaders of our State be asking these reasonable questions about a merger that appears to diminish a billion dollar community asset - established, built, financed, and owned by local folks? 

✔ Who is the State suppose to protect? 

  The Board, the CEO,  "the System", the co-op ... or the citizens? 

N.C. State Treasurer Speaks Out Against Un-SAFE Merger: A Raw Deal!

 

 "It does not take my expertise to know this is a raw deal."                         NC State Treasurer - Brad Briner *

✅ "My objections to the merger are threefold:"  [read full text here]

1. North Carolina and other states have witnessed multiple transactions involving a merger and we see the same results over and over – either higher costs or lower quality of care – and in some cases, both. 
2. The intended benefit of this transaction in capital investment over many years and the creation of a number of jobs, will likely occur without this consolidation. 
3. The effective sales price is ZERO. A promise of new capital investments and jobs that will most-certainly be created anyway means that authorizing this
   consolidation is selling for no real upside - and a lot of downside.

 😎 SAFE to say this sounds very familiar, doesn't it? 

* Briner was born in Dallas, Texas. He graduated from Phillips Exeter Academy, the University of North Carolina at Chapel Hill, and Harvard Business School.

  Yeah, but what does a State Treasurer know about finance? Just some nut, probably has a blog! 

The SAFE/Boeing Mega-Merger Mistake: "Can't Happen Here!"

   Comment Cluck-ery...

 ✅ Comments on the WakeMed post [link]:  "I by no means said or meant only a large CU COULD take us [SECU] over, it's that it WOULD never happen."

"What would be relevant and welcome is for you to challenge me on the actual point I was making, which is the notion of us being "taken over" by a small credit union is extremely improbable, silly, and not a practical reality." "It’s a theoretically possibility with as close to zero probability as it gets."  

   ... uh oh!

😎 Really hate [not really!] to bring this up, but in North Carolina in late 2024 - right under your beak! - CIVIC FCU took over Local Government FCU. [link]  The regulators called it a merger!

At that time:

• CIVIC had total assets of @ $120 million; LGFCU had @ $4 billion in assets. 
• CIVIC had @ 10,000 members; LGFCU had @ 400,000 members. 
• CIVIC was losing money; LGFCU had been profitable for 40+ years.
• CIVIC has in 2 years lost $1 billion in assets, lost 100,000 members and lost over -$175 million in net income.

😎 THIS MERGER WAS APPROVED BY ALL OF THE REGULATORS!

  Reckon they "missed something"... that everybody else could see?

Why Worry About The SAFE Mega-Merger Miscarriage? It Doesn't Affect "Us"!

   Careful now! That attitude may be hazardous... to your health!

😎 Readers here have frequently asked why so much time is being "wasted" on the west coast sell-out of SAFE CU by its Board and CEO? "Not our problem, stay focused on SECU!"

Fear such thinking is an example of the maxim : "Can't see the forest, for the trees." SAFE represents a pattern of betrayal of CU member-owners that has not yet reached SECU, but it may be a lot closer to North Carolina than you might suspect...

In fact, it might be staring you right in the face:  WRAL News - 8/21/26: "WakeMed-Atrium deal ‘deserves close scrutiny,’ governor’s office says ahead of possible merger vote" [link] Take a few minutes to read the story.

✅ While you roll your eyes with a "now what?", let me give you a few brief details on WakeMed. It was chartered in the 1960's, funded by local tax revenue bonds to provide access to affordable healthcare to local, Wake County residents [kinda sounds like a field of membership!]. WakeMed is  a community-owned, community-controlled cooperative, operating on a non-profit basis. WakeMed is tax exempt. (By the IRS definition:  A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).) [kinda reminds you of a CU!]. 

Wake County is home to our capital city Raleigh and is growing rapidly, thriving economically [Sounds like Sacramento doesn't it!]  WakeMed too is prosperous, profitable with $2.5 billion in revenue, 14,000 employees - a locally driven economic engine! [remind you of SAFE?] The acquiring hospital chain is Atrium which is actually Advocate Healthcare which operates in six states - Alabama, Illinois, Georgia, North Carolina, South Carolina and Wisconsin, operates over 70 hospitals, and has 160,000 employees. Anyway, anywhere, anywho "corporate" ambitions! [Yep, BECU-like.]

As you'll note from the newspaper articles:

• The WakeMed Board tried to slip the merger by the public as a "consent item" on the county commissioners agenda - but got caught. 
• There was never any prior discussion with the citizens of Wake County about the merger. [link]
• Benefits of the merger appear at best illusory, if not totally imaginary.[link]
• Better offers by more local, state-based hospital systems have been made to WakeMed and rejected.[link] 
• The Board of WakeMed is basically giving away a multi-billion dollar asset created, funded and built by the citizens of Wake County. [link]
• Trust in WakeMed and local political leaders has reached a new low - with good reason.

😎 Nah, something like the SAFE/BECU mega-me misappropriation will never happen in the Tarheel State... nor at SECU.

  Okay then, go back to sleep... eveything will work out just fine.

The SAFE/Boeing Mega-me Merger: Will DFPI Play The Fool?

   Our hands are tied... really?

😎 Please take a moment to read (or re-read!) the exchange with a fierce critic in yesterday's post [link], particularly with the comments starting here [Anonymous August 22, 2026 at 3:55 PM].

✅ It's been a long, long trek to arrive at these facts: 

• 1) SAFE CU is a safe, sound, thriving Sacramento institution. 
• 2) The SAFE membership did not request this merger.
• 3) The SAFE Board and CEO are selling out the membership and the community for no measurable benefit. 
• 4) A majority of all SAFE members will not vote to approve the merger as required by law. 
• 5) At which time, the California CU regulator has the legal authority to approve the merger - regardless of the vote.  
• 6) Equally, the California CU regulator has the legal authority to deny the merger, regardless of the vote; but has never done so with past merger proposals.  

 ✔  We have arrived at the test question (at last!):  Given these facts, what is the duty of the State to all parties involved with the SAFE/Boeing merger proposal? Who's interests should be protected?

 Be sure to show your work...!

The SAFE Mega-Me Merger: Who Should DFPI Be Cheering For? How About California?

  

❋ Cheerleader for the SAFE Board of Directors, or advocate for SAFE members and the guardian of consumers and the laws in California?  

Our commenter from yesterday [link] seems to believe that DFPI falls into the rubber stamp definition of regulators:  "A  mostly powerless yet officially recognized body that routinely approves or endorses programs and policies initiated by a controlling party."  Mighty harsh critique! 

😎 Certainly no need to lobby for "deregulation" in California if the rubber stamp label is accurate!

✅ DFPI likes to boast of its consumer protection, and that California is "the charter of choice" for credit unions. The SAFE Board evidently doesn't believe DFPI is all it's quacked up to be.  Instead,  the senior leadership at SAFE have chosen to give it all up  - actually give it all away! -  and move to Washington! So much for DFPI's charter of choice!  

 ✔ If this merger mistake comes up for a SAFE membership vote, California and credit unions nationwide will have a chance to judge the true degree of regulatory rigor and the firmness of the promise to consumer protection at DFPI.  

 ✔ As you've read,  California law explicitly states that a majority of all SAFE members must vote in favor of this merger proposal for it to be approved.  

 ✔ If the merger is not approved by a majority vote of all 250,000   SAFE members, then DFPI will  have the choice to unilaterally approve or disapprove the merger proposal.

😎  DFPI alone will decide who really has the credit union "charter of choice" for 250,000 Californians. Will be interesting to see how DFPI justifies its' choice, when the majority of all SAFE members do not approve.

  In all this, DFPI's  latest "innovation" may be to achieve what was once thought impossible... making NCUA look good!

Why Won't A Majority Of All SAFE Members Vote To Approve This Mega-Me Mirage?

   "Listen up stupid or I'll have...                ... a hissy fit!" - Yosemite Sam

😎 “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
― Martin Luther King Jr.  

 "✅ Anonymous comment:  August 19, 2026 at 2:09 PM"

"All you're doing, in addition to making yourself look stupid is setting yourself up to have something to complain about when the regulator approves this merger. Spare yourself and us the drama - we already know exactly what your day after comment will be."

"Here are some truths you can start accepting:
1) There will NOT be a yes vote by the majority of SAFE members.
2) Of the votes, the majority will be a YES.
3) Given the lack of engagement by SAFE members, the state will use its specifically defined and lawful authority to approve the merger. In doing so, it will implicitly defer to the members who voted yes, and to the Board, who voted to approve the merger, and have a fiduciary duty to look after the best interests of members. Mark it down. It WILL happen that way."

 ✔  You're probably right on #1 & #2! A majority of SAFE members - approaching 100% - will be asked to vote on this merger without receiving sufficient information to make an informed business decision. It's not clear - and somewhat suspicious - that the SAFE Board and CEO have not even tried "to engage"  the SAFE membership about this takeover. Why not?

  ✔  Where you fail is #3!  a) In not finding fault with the cause of "the lack of engagement by SAFE members";  b)  in failing to explain - given that you readily acknowledge the lack of member engagement - why the state should not use "its specifically defined and lawful authority" to reject the merger; and lastly c) in failing to be bothered by the fact this merger is simply not a sound business deal for SAFE members:

 ✔ Financial experts see these merger benefits for SAFE members!

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   ❎ 

 😎 “Facts do not cease to exist because they are ignored.” ― Aldous Huxley 

  And of course, as you well know ... "Ignorance is bluster!"

The SAFE/Boeing Merger-Muckup: Respecting The Right Of The Members To Choose?

  CEO Faye Nabhani

✅ "Next Steps...: "Your vote is the next milestone and is expected in Q3/Q4 this year. You will receive your ballot and have plenty of time to review and cast your vote."

✔ California CU statutes require the following: "A Plan of Merger must be approved by a majority of all the members of a disappearing credit union, by vote or written consent."

❇ Commenter question: "Ms. Nahbani, after reviewing the material, if a majority of us do not vote in favor of this merger, will you respect our decision or ask the state regulator to overrule our vote?"

😎 If the SAFE membership is pleased with the performance of SAFE CU as a very successful, local, hometown, home-owned institution, why would Ms. Nahbani seek to thwart that member choice?

 Is the SAFE member vote really a milestone... or simply a ruse?

There Is No 13th Floor In This Economy!

 ... Going up?

Ever noticed the omission of a "13th floor button" in the elevators of high-rise buildings and hotels? 

Most folks are still a little superstitious, whether we admit it or not.  For many, the absence of that button brings a lot of comfort and peace of mind.  Reassurance that there really isn't any "13th floor" to worry about. 

Same goes for the future of credit unions, our economy, the stock market, and the Strait of Hormuz. Not to mention the U.S. National Debt ... 

😎 If you take great comfort that  a "13th floor" does not exist, you definitely have a great future in modern day Washington politics!

          

       As a taxpayer, your share is almost $300,000+!  [link]

  Just thought you might need a break to relax a little, from worrying about all that credit union "stuff". 

 

 

The SAFE/Boeing Takeover: Reading Between The Lies... (e-r-r) Lines.

             "Is good for everything it should be good for! "                            

"From: SAFE Credit Union <@email.safecu.org> [from Faye Nabhani ]
Date: Tue, Aug 4, 2026 at 9:49 AM "

'An Important Milestone for SAFE Members "

Dear Valued SAFE Member,

"We’re excited to share an important milestone in the proposed combination between SAFE Credit Union and BECU. The National Credit Union Administration (NCUA), Washington State Department of Financial Institutions (DFI), and California Department of Financial Protection and Innovation (DFPI) have approved the proposed combination following a comprehensive review." 

"Regulatory approval marks a significant and exciting milestone. It reflects the successful completion of a thorough, independent review and confirms that the proposed combination meets the legal and regulatory requirements needed to move forward to the next step. Just as importantly, it reinforces the thoughtful due diligence and strategic evaluation that led SAFE and BECU to propose coming together in the best interests of members, employees, and the communities we serve."

"The next important step in the process is the member vote. "

 ✔ What did the State/Federal regulators actually "approve" ? 

1]  Endorsed this merger as a good deal for SAFE members?                  YES ◻    NO   ❎

 2] Warranted that this merger is a sound business transaction?               YES ◻    NO   ❎

3] Verified thorough "due diligence" by the SAFE Board?                       YES ◻    NO   ❎

 4] Prohibited the return of capital to SAFE members ?                               YES ◻    NO   ❎  

5] Validated  the SAFE Board's "comprehensive review"?                        YES ◻    NO   ❎ 

6]  Required future community support to increase?                               YES ◻    NO   ❎

7] Guaranteed lower rates/more branches for SAFE members ?                 YES ◻    NO   ❎

8] Ratified that SAFE had selected the best merger candidate?                 YES ◻    NO   ❎ 

9] Confirmed the effectiveness of member dialogue prior to agreement ?    YES ◻    NO   ❎ 

10] Attested SAFE met minimum CU legal/regulatory merger requirements ?   YES  ❎    NO   ◻      

 Snake oil aside, regulators have not approved this merger... California law states that a majority vote of all SAFE members is required for merger approval.                       

The SAFE/Boeing Cure-all Combo: Reading Between The Lines... ?

   This "combination" is a potent remedy..

• for all pain and lameness, 
• for rheumatism and neuralgia, 
• for sciatica, sprains, and bunions, 
• for sore throat and inflammation,
• for bites of animals and reptiles, 
• for all pains and aches in flesh, muscle and joints,  
• for partial paralysis of the arms and lower limbs,
• and as a relief for tic doloureux. 

✔ "The proposed combination will preserve what you value most about SAFE—familiar faces, local expertise, and personal service—while creating greater opportunities for the future." - Faye Nahbani, CEO

✔ "As we look ahead, our priority remains the same as it has always been—supporting you on your journey to financial freedom." ... [and your journey to better health!]

  And of course it's SAFE... while it lasts! 

Why We All Should Support A Free Press! When SECU Won't Tell It's 3 Million Members...

                                         ... BNC Will! 

  August 11, 2026 [link]

 

Another competitive SECU board election? 

"The N.C. State Employees’ Credit Union is gearing up for its board election that concludes at the Oct. 13 annual meeting, with five people vying for three slots.

The credit union’s five-member nominating committee, including four board members, recommended Charles Stone, Michael Clements and Christopher Dillon, according to a letter to members on the credit union’s website.

Stone and Clements were elected in 2023 as part of a three-person slate that ousted incumbent directors favored by the sitting board at the time. Barbara Perkins, who was also elected in 2023, resigned from SECU’s board earlier this year, citing undisclosed policy differences with credit union leadership.

Two other retired SECU employees have self-nominated for the election and will be on the ballot after gaining the required 500 qualifying member signatures: Julian Hawes worked in Goldsboro, while Barry Browning was in Roanoke Rapids and Elizabeth City. SECU informed the two that they would be included, Hawes said today." 

😎  [But SECU won't let members know for several more weeks!]

"Christopher Dillon formerly worked as a senior assistant county manager for Wake County and as vice president of government affairs at the N.C. Railroad Co. He is not related to Chris Dillon, the chief judge of the N.C. Court of Appeals.

SECU is the second-largest U.S. credit union with assets of $60 billion. Its membership of 3 million makes up more than a quarter of North Carolina’s population.

Credit union members elect the 11 board members, with three or four seats opening each year. SECU directors don’t receive compensation except for expenses."

😎 [You're not supposed to know; so, be sure to keep it a secret!]

  Could cause problems? If members know what's going on?

 

The SAFE/Boeing Mega-Me Merger: It's Written In The Stars - Astronomical Growth?

   The Zodiac - Sign of the Crab?

The twelve astrological signs are Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius, and Pisces. The word cancer comes from the Greek word for "crab".

 Cancer is a word that scares most of us. We know cancer as a disease in which some cells grow uncontrollably  The orderly process of organic cell growth breaks down, and these abnormal cells grow and multiply when they shouldn’t. The cancerous cells may form tumors, which invade nearby tissues and can travel to distant places.

 Cancer cells kinda remind you of "Mega-me mergers" like SAFE and Boeing.  Mega-me's differ from normal credit unions in many ways. For instance:

• Mega-me's grow in the absence of any signals from members asking them to grow. Normal credit unions grow only when supported by their member-owners.
• Mega-me's ignore financial signals that tell them to stop expanding indiscriminately and refrain from destructive growth. 'Me-first-and-only" has high costs.
• Mega-me's invade other areas beyond their scope and refuse to stop growing when they encounter other credit unions. "Me" becomes more important than "we" to a cancer cell.
• Mega-me's suck capital from local communities and drain local economies to grow larger. This lets the "tumors" grow more quickly.  
• Mega-me's often hide from the regulatory system, much like cancer hides from the immune system. The immune system seeks to eliminate abnormal cells - with good reason.
• Mega-me's attempt to trick "the immune system" into encouraging their potential cancerous growth.  Some regulators unwittingly provide "immunity" to these cancers, rather than controlling them for the good of all.
• Mega-me's, like cancer become voracious, devouring normal credit unions without purpose, nor benefit to members. The focus of a cancer is to grow for growth's sake - despite the end results. 
• Mega-me's often rely so heavily on these abnormal, cancerous behaviors that they can’t survive without them.

  Today's Mega-me horror-scope: Crabby, moving sideways, with astronomical cooperative costs! 

The 2026 SECU Board Election: Members Will Have A Choice...

  ... but don't tell anybody!   Especially SECU members?

 ✅ SECU published the names of its' three, self-selected candidates for the 2026 Board election on July 10, 2026

✔  On August 4, 2026, SECU confirmed that Julian Hawes and Barry Browning  had been nominated by the members to also be candidates for the board.  

 

👉 [Good morning, Barry/Julian, Ernst & Young validated your petition. Since you validly self-nominated for this year’s election, your name will be placed on the ballot. Thank you]

 

✔  On August 6, 2026,  the member-nominated candidates - Hawes & Browning - asked when their candidacy would be announced to the SECU membership? [Fairness, equal time... and all that!]

 

👉 [SECU will publish the membership notice of the 2026 Annual Meeting on August 28, 2026, which will include the names of the candidates and information on how to vote.]

 

😎 A three week wait to let the 3 million members of SECU know they have a choice? Wonder why? 

  👉 Board "policy" ? 

 An informed membership? Or...  "We'll let you know what you need to know, when you need to know it!"

"Trolling" The Takeover Of SAFE CU: The Knives Come Out!

 Dumping SAFE ...              ... and Sacramento?

👺Unknown troll comments on "Informing SAFE Members Why The Boeing Takeover Is Beneficial..."     47 mins ago

 

👉 "Interesting article and press release where we hear from the Boeing CEO but not the SAFE CEO. Instead now they conned the local chamber in trying to sell this for them."

"Remember that extra $1 million that is being promised for community investment in Sacramento? First they are holding their members hostage with all these great benefits and free lunches that they could afford to provide now, but choose instead to make them conditional on the merger, and now they are holding the community hostage, too.  So how much of this extra million investment do we think the chamber gets in exchange for this quote? What other local chamber exec celebrates the loss of a local HQ and loss of local jobs? When is the last time anyone saw a merger press release with the local Chamber guy selling the deal to everyone?" 

"This whole thing is smoke and mirrors with all the usual promised benefits, but it’s simply a case of Boeing throwing their members money around to try to convince the market, community and SAFE members that after 80+ years of success, ceding total control to a random credit union in another state is the only way to survive."

"Shame on the SAFE board and shame on the chamber ceo for falling for this BS." 

"Boeing? Well played. I guess buying community support is ok when it’s for sale. Not exactly subtle in your approach, though. Easy to see through. Let’s hope the SAFE members see through it when they vote.' 

"https://thecudaily.com/washingtons-becu-californias-safe-cu-receive-reg-approval-for-deal-to-create-34b-credit-union/

"Robert Heidt, president and CEO of the Sacramento Metro Chamber, said the proposed merger would increase investment and access to capital in the region."

“SAFE has long been an important community partner and economic driver in the Sacramento region,” Heidt said in a statement. “This proposed combination with BECU reflects a thoughtful approach to growth that will strengthen the region through additional investment, expanded access to capital, and new opportunities for businesses and families.” 

 

 

 

  Better fasten your seat belts before  take-over... takeoff!