"I respect those who tell me the truth no matter how hard it is." - M. Corleone
✅ So lets add two more alternatives for the member-owners of SAFE credit union to consider, that will give us five choices (there could be many more):
1) 🔲 Merge with BECU - receive free membership and no cash. [The current SAFE Board approved recommendation to members [link]].
2) 🔲 Merge with BECU - receive free membership and distribute $1,639 cash to each SAFE member-owner [link].
3) 🔲 Merge with BECU - receive free membership and distribute $100 cash to each SAFE member-owner [link].
4) 🔲 Merge with BECU - receive free membership and distribute $500 cash to each SAFE member-owner.
5) 🔲 Merge with BECU - receive free membership and distribute $1,000 cash to each SAFE member-owner.
✅ Similar to #3, if the SAFE Board chose #4, BECU would still receive a free credit union, 244,000 new members and @ $275 million in cash. Under #5, BECU would still receive a free credit union, 244,000 new members and @ $156 million in cash.
😎 If you were a "pure play" merger expert like Jefferies, LLC, would you have any difficulty recommending any of these merger proposals to BECU?
✔ If you are a member-owner of SAFE credit union, should you be requesting a little more information from the SAFE Board on why choice #1 is the best decision for you?
Think that's called the principle of full and fair disclosure in any business transaction... y'know, "I respect those who tell me the truth no matter how hard it is."
Why are they merging? To save money on operating expenses?
ReplyDeleteRead the press release. It says why.
DeleteCan you explain how a credit union is “given away” in a merger?
ReplyDelete8:46 pm See Part VI and upcoming Part VII
DeleteOption number 74: Merge with BECU - get a free membership, 2 Powerball tickets and a free toaster
ReplyDeleteWhat would Louise McCarren Herring think of this transaction? The Boards of both credit unions should be ashamed of themselves and not able to look momma in the eye! B
ReplyDelete