The SAFE Board Sells Out Sacramento (SOS!)... And SAFE Members?

              Mind if we make off with your money? 

✅ According to the merger rules of the National Credit Union Administration: "The net worth of a credit union belongs to its members.  Payments to insiders, especially in the context of a voluntary merger where a credit union could choose to liquidate and distribute its net worth among its members, are distributions of the credit union's net worth.” 

✔ I GOT MINE!  The SAFE CEO and senior staff will pocket $14.56 million when this deal closes. Two SAFE Board will haul in $750,000 in board fees ($125,000 for 3 years each!)

Although the CEO and senior leadership team have decided to rake off @$15 million of your net worth ...

✔ THE GOOD NEWS:  $400+ MILLION IN CASH IS STILL UP FOR GRABS!!  WANT YOUR SHARE? 

The 250,000 SAFE members could collect up to $1,600 in cash each (@ $6,400 for a family of 4!). The SAFE Board and staff should look after SAFE members, instead of just themselves!  NCUA explicitly emphasizes the ownership rights of SAFE members to that $400+ million:  

 “... members' interest in the transaction extend beyond practical matters of access and service, because the merging federally-insured credit union's [SAFE's!] net worth belongs to the members."

The SAFE Board has the option of distributing that $400+ million to SAFE members - leaving the money with you in Sacramento where it belongs - and proceeding with the merger, if they still desire to do so.  

 

BECU would still make out like a bandit [link], acquiring $4 billion of SAFE's assets, branches and deposits all for free! BECU would become a $34 billion CU and remain very highly capitalized at @11% - well above the 7% well-capitalized, regulatory minimum required by NCUA. 

 

😎 Those "People Helping People" folks at BECU have no legitimate reason to pick your pocket!

 

✅ It's your money, why not keep it in your pocket and in your community? 

 

  Selling out SAFE, Selling out Sacramento... SOS, SOS! 

 

SAFE Seems Desperate! Appears To Invalidate Merger Vote With Tacky Ploy...

 ✅ The regulator approved purpose: "This notice is to advise you that the purpose of the special meeting of the members scheduled for October 27, 2026 at 4:30 p.m., Pacific Time is to vote on the question of whether SAFE should merge with and into BECU."

                             While you weren't looking!

✔ From a very astute commenter: "Interesting approach to tack on a vote for donations to community partners. That shouldn't be legal to add this vote.  If it is a "clever" little PR move to distract and act like they can't afford to do it themselves. "

      The SAFE Perfect Cents Podcast

"Big news! When SAFE members vote on the proposed combination with BECU, eligible voting members also have a unique opportunity to help direct a $250,000 contribution to four incredible nonprofit organizations making a meaningful difference throughout the Greater Sacramento region by getting to vote on where those funds go. "

"Tune into the latest episode of the #PerfectCentsPodcast with our link in bio to hear about the launch of our major community donation, the four nonprofit organizations involved, and how every single vote counts toward making a lasting difference in our local community."

#Community #Donation #Giveback #LocalImpact

 

 A legal limbo... how low can you go?