"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...
* [that $400 million in member cash reserves/244,000 member-owners = $1,639 each!]
** For the entire Godfather series click the "Godfather" button at top.
"No place for beginners or sensitive hearts"
ReplyDeleteMore useless deceptive dribble for the blowhard. Yep, that’s all there is to it. Just give them 400 million for free. Like that’s how it works. Tell us one thing: how much is the capital per member of the combined org and how much higher is it than the 1,639?
ReplyDeleteKeep spinning lies! Good thing SAFE members are a a lot smarter than you. They win. BECU members lose.
11:21am You seem a bit touchy this morning. Was it something I said?
Delete"Just give them 400 million for free." You like to overlook the ain't no argument fact that the $400 million already belongs to SAFE members! Think all you would be giving them was the shaft...
You also overlook the fact that each and evey member of SAFE who wants to join BECU can do so today for free!
Perhaps you should try to "blowharder"?
and, as you say: "Are you ever going to get over yourself?"
DeleteYes, of course the 400 million belongs to SAFE members. Not overlooking that it all. What you refuse to acknowledge is that once they merge, it will still belong to SAFE members! It doesn’t disappear into thin air.
Delete12:48pm You continue to neglect the fact that the SAFE member would prefer to have their $1,639 in cash and then deposit $25 of it to join BECU for free if they choose.
DeletePerhaps the best way to solve your concern is to give SAFE members the choice... since as you confirm it is their $400 million!
Make it a true cooperative, democratic decision.
SAFE members lets vote:
Delete1) Become a member of BECU or
2) Get $1,639 in cash and join BECU for free.
Take your time, don't make a hasty decision,
12:55: This is where you are dead wrong. Of course I believe SAFE members would vote for and prefer this option. Why wouldn’t they?
Delete2:57pm You seem to be saying the merger is a bad deal as proposed is a bad deal for SAFE members: "Of course I believe SAFE members would vote for and prefer this option."
DeleteYou miss my premise (purposefully, of course). My point is BECU would have never agreed to a merger where they take all of SAFE’s assets with no capital. Why would they?
DeleteHave not seen any of the merger terms in any article. Are there board seats, manager positions, any dollars involved? Or are the terms proprietary information for ELT and Board only---like at SECU?
ReplyDeleteprobably be some job loss since you don't need duplicate servicing
ReplyDeleteInteresting point since...
DeleteSAFE FCU's cost of operations (troll talk - "OpEX") is a steady 2.50%, while BECU's cost of operations is a persistently rising 3.33% (according to NCUA). In other words, it costs the folks at BECU a third more in operating costs to run BECU, than the cost of running SAFE.
SAFE is more efficient than BECU and cost wise is the better value for members.
Mr. Blaine is using the wrong metric. Safe’s Opex/AA is 3.03, BECU’s is 3.43% (according to the NCUA). That is not 1/3 higher. Otherwise, make doesn’t make a relevant point. There absolutely will be expense reductions on the SAFE side. So sure, when you combine the 3.43 and 3.03, it drops to 3.38%, and the fact is 3.38 is better than 3.43%, but hardly compelling. Still way high and very little movement because BECU is 8x larger than SAFE.
Delete3:06. This is false. It costs BECU just over one-tenth more to operate their CU than SAFE. A tenth and a third is pretty different. You are using and misinterpreting the wrong metric to draw that conclusion and make that statement. But of course you know that, and you’d rather double down on providing mis information than admit you are wrong. Just another normal day in your life, that’s for sure!
Delete3:19 pm Troll Trash Alert (Again!)!!!
DeleteYou can look yourself at ncua.go (research a credit union - BECUs charter# is 62604, SAFE is # 68366.
The operating expense to average assets ratio (in troll speak "Opex/AA") for BECU is 3.33% at 9/30/2025; SAFE's operating expense to average asset ratio is 2.50%. SAFE is more efficient on average in managing its expenses.
3.33/2.50 = 1.33%... which confirms that BECU's operating costs are 33% higher than SAFE's
Same story for 2024 and 2023, SAFE had a lower operating expense ratio in every quarter for the last 3 years in a row.
3:37pm Same troll, same trash. Check it out at ncua.gov
Delete3:19pm Pants on fire...
DeleteNet operating expenses... about half way down...
SAFE - https://fpr.ncua.gov/FPROnLineRatio.aspx
BECU - https://fpr.ncua.gov/FPROnLineRatio.aspx
3.33/2.50 = 1.33%... 33% higher.
...troll trash. Incredible or uncredible?
I doubt the argument about efficiency is meaningful. The 5300 does not reflect franchise value. I believe the members are getting screwed. I do not see either party is acting in the best interest of their members and probably are participating in a fraud claiming to be a credit union. The members should be advised what they could get out of the franchise value of their institutions. It is probably some multiple of the $400 million. The membership should be advised of their rights in a conversion to bank! If the members were educated as to their potential value in a purchasing stock in the subsequent institution. When you make your common bond $25.00, you are truly not a credit union. B
DeleteCan you answer the question as to why you think BECU would agree to a merger on the terms you are proposing?
ReplyDeleteCan you educate us further on how your proposal is in the best interests of BECU members, and how the BECU board can justify that they fulfilled their fiduciary when they agreeing to it?