The SAFE/BECU Mega-Me Merger : SAFE Members First Blind-sided And Now Blind-folded?

              Helping SAFE Members Make An Informed Choice?

      By California law: 15201. (a) The merger shall be made pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, and approved by the affirmative vote of at least a majority of the members of the disappearing credit union, in person or by proxy, at a meeting of the members called for that purpose... "

" Notice of the meeting shall be given to the members, either personally or by first-class mail, not less than 30 days prior to the date of the meeting." 

  CEO Faye Nabhani has refused to release 1) an explanation of why a merger is required for SAFE at this time, 2) a copy of the "definitive" [her words] agreement to merge with BECU, 3) any supporting documents  from "her consultants" [her claim] which analyzed the pros/cons of the proposed merger, 4) any explanation of why BECU was chosen as the best merger partner, and 5) [once the necessity to merge was identified ] what other proposals were solicited and evaluated.  

✅ With no merger vote meeting date yet announced, plenty of time remains for CEO Nabhani and the SAFE Board to correct the unseemly, undemocratic and unforced governance error of ignoring the SAFE members rights to be fully informed on why their credit union is being "sold out" - actually, given away! 

✔ The California  Department of Financial Protection and Innovation - the credit union regulator - should act also to require full disclosure to protect SAFE members, all state-chartered credit unions, and the State of California.

 SAFE members deserve better than an unconcerned CEO, a SAFE Board ignorning fiduciary duty... nor, heaven forbid, a rubber-stamping regulator, oblivious to the best interests of California.

The SAFE/BECU Mega-Me Merger: CEO Nabanhi Ignores SAFE Members, Now Going To Refuse To Listen?

  Don't Worry, Be Happy! Trust Me-Me! 

✅ SAFE CEO Faye Nabanhi chose "shock and awe" over member dialogue, in her "surprise/surprise"  announcement of the mega-me merger between SAFE and BECU in November, 2025

✔ Here's how that came down for long-time member Scott Rose in The Sacramento Bee newspaper [link]: 

"On April 16, 2025, I attended the SAFE Credit Union Annual General Membership meeting. There was no mention on the agenda of any on going merger discussions."

"On November 18, 2025, SAFE Credit Union announced a “merger” with Boeing Employees Credit Union (BECU). "

"On February 28, 2026, I was stunned to hear of this agreement, which was described by SAFE CEO Faye Nabhani as “definitive”. - Scott Rose, SAFE member since 2002.

✔ Back in November, Ms. Nabanhi had told the Sacramento Bee: “Our members will see a direct financial benefit in their day-to-day lives, and we’ll be able to do more in the community and for our workforce.” 

But subsequent analysis of those "financial benefits" cast doubt on that assertion [link]. Ms. Nabhani countered with a statement to the Bee last month that: “This isn’t about an efficiency play.” [link]  😎 Which seemed to confirm the doubts of members like Scott Rose!

✅ But the good news out of all this confusion could be:

    ** The 2026 SAFE Credit Union Annual Meeting ** [link] 

                 Tuesday April 21, 2026 at 5:30 p.m.

 🎉🎉🎉 "All current SAFE members are invited to attend!"  🎉🎉🎉

      [ Location: SAFE Corporate Office, 2295 Iron Point Road Folsom, California] 

 Will Ms. Nabhani allow SAFE  members to speak and have an open forum on the mega-me merger? Will it be live-streamed for members who can't atten to participate? 

 

 

 

 

 

 

 

link   response from safe