Just make them an offer they can't.... understand.
The proposed west coast merger between BECU and SAFE credit unions has been all in the news [CUDaily] & [Filson blog]. The merger would create a $33 billion credit union, fourth largest in the U.S.
The financial health of a credit union can usually be diagnosed by looking at just a few measurements: capital level, earnings, delinquency, liquidity, and operating costs. These two credit unions are performing well on all fronts! Both strong organizations.
✔ The only real question on this merger is why the SAFE CU Board is "giving away" the credit union at the expense of every SAFE member? No question this is a great deal for BECU, and a very, very poor deal for every SAFE CU member-owner.
✅ SAFE members might like to request this simple alternative merger proposal: Pay out $1,639 to each and every member of SAFE CU (244,000 folks) on the date of merger. The payout is equal to the member-owned reserves of SAFE CU (@$400 million).
After the merger, former SAFE CU members can enjoy all the benefits promised by the combined BECU merger proposal... and enjoy the $1,639 for a short vacation or a little X-mas shopping.
After the merger and the fair payout, the newly merged BECU will remain a solid, safe and sound credit union with combined assets of $33 billion and with a combined, sterling capital ratio of @11%!
Whoever is advising the SAFE CU Board on this proposed merger might want to re-review the concepts of "fiduciary duty" and personal liability with them. And mention, how tenacious California class-action lawyers are when they smell blood in the water...
That contested $400 million in member equity at SAFE CU can feed a lot of sharks.
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