Credit Unions: The Godfather Mergers - Part III

 

"Only don't tell me you're innocent, because it insults my intelligence and makes me very angry." - M. Corleone

Now that we have those trolls back under a rock, lets return to the discussion of the BECU/SAFE merger [link] much in the news. After the merger, BECU will become a $33 billion institution and SAFE will disappear.

Founded by a visionary group of Sacramento government workers in 1940, the member-owners of SAFE have built a $4 billion credit union worth over $400 million! 

The SAFE CU Board of Directors is composed of 11 members. According to the SAFE website [link]: "Serving on our Board provides opportunities to network, grow your personal brand, support initiatives that resonate with you while serving our members."

✅ Recently the Board of Directors of SAFE voted - "on behalf" of the 244,000 member-owners of SAFE - to drop off the keys to the credit union and give that $400+ million in member reserves to BECU. 

What a gift! An entire credit union and $400 million in cash, free of charge! And, what do the 244,000 members of SAFE receive in exchange?  Membership in BECU! - evidently a benefit valued at @ $1,639 per SAFE member!*

Wonder if the SAFE Board of Directors knew that every SAFE member-owner can join BECU today by simply opening a $25 share account  - at BECU: Membership is free! [link].

✔ What if the SAFE Board didn't know that?  What if they did...

   Either way -" No need to ask, they're smooth operators....! " [link]

 * [that $400 million in member cash reserves/244,000 member-owners = $1,639 each!]

 

Trolls

  

From Godfather Mergers - Part II [link]  Anonymous November 22, 2025 at 8:52 AM "Where’s the rest of my post? Guess it would make your post look really silly, so not surprised you edited it."

😎 Was trying to save our troll from further embarrassment. Our troll is well versed in "looking really silly" ... take a look at some more ("Where's the rest..."):

✅ "You seem to think our Board is clueless, but most aren’t.[1] Kinda think if BECU board approved that scenario there would never be a clearer case of a breach of their fiduciary duty to protect their members best interest [2]

You can, and likely will, dwell in the fact that it’s legally permissible to do what you suggest. No dispute. [3]  However, the only place that scenario would actually happen is in the delusional fantasy land you have in your head. You’re advocating for an act of board negligence.[4]

Would love your thoughts on why you think BECU, or any other CU, would agree to the terms your suggesting, [5] and if they did, how it’s not a breach of their duty. Something tells me this one won’t get posted. There is no rational counter argument to my point."[6]

😎 [1]  The scary part is the troll appears to work at SECU. The silly part is the troll seems to openly imply that some of the SECU Board is clueless ("some aren't").  

😎 [2] Doesn't say why it would be a breach of fiduciary duty!

😎 [3] But interestingly, does confirm correctly that it would be entirely legal.

😎 [4] See [1] above... make that breach and negligence but no explanation

😎 [5] Pledge to do so, if I can get away from responding to this type comment.

😎 [6] Think you may overestimate your rationale somewhat. 

✅ Wikipedia:   Trolls are beings in Nordic folklore, described as dwelling in isolated areas, mountains, caves, or under rocks, living together in small family units, and are rarely helpful to human beings. 

  Don't post most "troll stuff", because it is rarely helpful to human beings.

✔  If you prefer reading something helpful to human beings  on this topic (instead of troll trash), try this [link].