The SAFE/BECU Merger Of Equals? "Na[b]h" ....

  After the merger: "Faye Nabhani will serve as Market President for the Greater Sacramento region..."

  

😎 Won't be allowed to drive, only honk the horn!

  Local license... and charter will be revoked in the California "region"!

The Devolution Of Cooperative Principles Revisited...

  George Orwell masterfully described the erosion of values and the rise of exploitation in his classic novel Animal Farm.

Every civilized society, every social movement, every cooperative effort needs and creates a set of guiding principles - a social compact, a credo, a charter which explains shared beliefs and values. The animals of Animal Farm were no different: 

✅ ORIGINAL PRINCIPLES: 

1. Whatever goes upon two legs is an enemy.

2. Whatever goes upon four legs, or has wings, is a friend.

3. No animal shall wear clothes. 

4. No animal shall sleep in a bed.

5. No animal shall drink alcohol.

6. No animal shall kill any other animal.

7. All animals are equal.

✔ EVOLUTIONARY PRINCIPLE:  

1. All members are equal, but some members are more equal than others.

 

Over time, those principles somehow evolved into something different! "Isn't that what we originally revolted against?", some animals quietly asked.

 

So, what's the point? In the beginning, there were several essential ideas which formed the core values of the credit union movement: one member, one vote; cooperative; non-profit; equal service to each member; consumer advocacy; volunteer leadership; unstandard answers; shared concerns; us not me. 

   Checked the barn wall lately? 

When did we abandon the average man and woman - the working class?; change our focus to the primacy of the bottom line?; lower ourselves to worshiping before the false altar of market share?; begin acting in the best interest of "the credit union" - not the members?; and start offering excuses rather than solutions?

 

  Hey really, what happened... Who turned the hawgs loose?

The Other Side Of Mega-Me Mergers: Eulogy For Small Credit Unions...?

   Small credit unions are changing ... and disappearing rapidly.  

Badin Employees Federal Credit Union used to be tucked up against the Uwharrie Mountains on the banks of the Yadkin River, about 40 miles east of Charlotte - the hometown of banking giants Bank of America,Wells Fargo and Truist.

Badin is a company town. In 1917, Alcoa dammed the Yadkin River to generate hydroelectric power for a new aluminum ingot plant - the IA data center power guzzlers of their day! The lake and town, which sprang from those efforts, are postcard picturesque. Driving into town down Falls Road is a journey home, a journey back in time The town is just two blocks long, but makes the most of it. 

 In "downtown" Badin, the candy-striped awnings of the Badin Town Hall adjoin the police department and Masonic Lodge #637. Next up is the post office with its single wicket window, fleet of post office boxes, and a very active community bulletin board - a.k.a. "social media".  Shading the post office is Veterans' Memorial Park, with a cedar grove honor guard, for seven Badin young men who died in World War II.

And, out of sight up a short dirt road, is the best named roadhouse on the planet: The Bottom of the Barrel Disco and Cafe; now vacant, having recently burned to the ground.  Bet that last party was a great one. 

But, the center attraction  was the Badin Employees Federal Credit Union. The Credit Union was housed in a one story, red-brick building with blue shuttered windows and a "no-way-to-miss-it", bright burgundy door. The Credit Union always closed for lunch from 12:30 to 1:30 pm, but you could still sneak a peek into the office through the partially drawn, real-wood Venetian blinds. It was a comfortable, inviting looking kind of place; where you could sit a while, have a cup of coffee, and personally talk to the manager. Y'know think it through a bit with a friend.

Badin Employees Federal Credit Union was reliably prosperous with assets reaching $4 million,  18% capital, loans available to all, delinquency negligible. Everyone in town was a member; no local banks remained. Badin Employees FCU had achieved "market dominance" without ever spending a penny on member engagement, naming rights, nor resorting to self-important declarations of "our passion" for service.

Folks in Badin held strong opinions about their Credit Union. The members were just regular folks, who didn't need "thought leaders", "X", nor talk show radio to form an opinion! The "word around town" took care of all the "market-branding" the Credit Union ever needed. 

The beauty of credit unions used to be something you couldn't easily wrap, bottle, or "spin" - you didn't need to!  Credit unions were really member-owned, were really member-led, were really member-governed   

But Badin no longer has its credit union - or any credit union - to make a difference.  Guess the need is gone, gone the way of merger.  

😎 There is, at least, still an ATM at the Express Mart...

 Are we getting close to "The Bottom of the Barrel" on what's important in America ... including credit unions?

The SAFE /BECU Mega-Merger: A New Breed For Sacramento?

   Current SAFE CEO Faye Nabanhi.

       😎 After the merger... nothing will change. 

 plus 

                               We'll still be warm and fuzzy!  

 Just a routine merger of equals...

Is The SAFE Board "Courting" Disaster With The Mega-Me Merger?

                                The SAFE CU Board's "little red wagon"?

"Shareholders often bring breach of fiduciary duty suits in connection with Merger & Acquisition activities." 

 ✅  "The sale or merger of a company is a high stakes event for shareholders, management, and directors. 

✔  The role of the board is to seek an outcome that is the best available to the shareholders. 

✔  To meet the demands of this role, directors must fully understand what is required.

✔ Directors must deliberate and document fulfillment of the duties of: 

• (1) care, 
• (2) loyalty, 
• (3) and appropriate disclosure.

 ✅  "24% of all class action law suits include merger and acquisition related allegations."

  Lots of folks in Sacramento are gonna be "fixated" on the SAFE Board...

 

The SAFE Mega-Me Merger: Who Should DFPI Be Cheering For?

                     

❋ Cheerleader for the SAFE Board of Directors, or advocate for all SAFE members and guardian of the laws of California? 

✅ If you've been following this sad saga for a while you know that: The California Department of Financial Protection and Innovation (DFPI) has final decision authority on the the SAFE Credit Union Board's proposal to merge with Boeing Employees Credit Union of Washington State. But, you may have missed the key point!

✔ California law states that a majority of all SAFE members must vote in favor of the merger proposal for it to be approved.  If a majority of all 245,000  SAFE members do not vote in favor of merger, the merger is not approved!   [Got that?] 

✅ End of story? Not quite! Any final decision authority by DFPI occurs only after the legally required vote by all the members of SAFE CU.  DFPI does not approve a merger proposal in advance of a member vote, although the SAFE Board may seek to imply that it does. [Same sleight of hand SAFE used with that phrase "definitive agreement"!]

✔ So, DFPI by California law may overrule a vote of disapproval by the majority of SAFE members! 

😎 Can you think of any reason for DFPI to cheerlead on behalf of the SAFE Board over the objections of a majority - 122,500+ - of SAFE member-owners?

  Well, why not just ask DFPI now if it will overrule a SAFE member vote... and why?

With SAFE, California DFPI Will Set the National Standard For CU Merger Approvals

  

                 Let all SAFE members truly decide!

😎 Did you know that the infestation of blog trolls is not unique to North Carolina? Even California suffers from that vulgar plague! 

Those California stinkards are staunchly calling for DFPI to do its duty and let SAFE CU members vote on the merger-giveaway to Boeing Employees Credit Union in Washington State. They righteously call for democratic cooperative principles to be enforced by DFPI on this vote. 

"Fair is fair, justice is justice, the rule of law must be followed! "

 ✅ "Pursuant to Financial Code §§ 15200 and 15201, the following general requirements must be met in order to complete a merger. "[link]

✔ "1. Commissioner approval: The merger must be approved by the Commissioner."

✔ "2. Board of Directors approval: The merger must be approved by a majority of the board of directors of each of the credit unions that is a party to the merger ("constituent credit unions"), "

✔ "3. Membership approval:  a. Approval by majority of members:  

✷✷ "A Plan of Merger must be approved by a majority of all the members of a disappearing credit union, by vote or written consent. "

"Notice of the meeting must be given to all members entitled to vote on the merger, either personally or by first-class mail, not less than 30 nor more than 90 days prior to the date of the meeting. No membership approval is required of a state-chartered credit union that is the surviving credit union in a merger. "

 ✅ Yes, DFPI should follow explicitly the requirement of California law and let freedom and democracy shine for the members of SAFE Credit Union, the citizens of Sacramento, and the people of California!

😎 If 122,501 of the 245,000 members of SAFE CU vote to approve the merger, then both cooperative and democratic principles will have prevailed in California!

  Why argue with the trolls?  

DFPI On SAFE: Mega-Merger "MIA"?

                                         California's Finest Hour?

✅ DFPI says: "We believe that the combination of access, low fees, favorable state laws, and expertise and experience of the Department’s staff, make the state charter the charter of choice for California financial institutions." [link]

"The Department’s familiarity with the unique competitive environment that California financial institutions face, allows for informed decision making and understanding of “local” issues."

"California state-chartered financial institutions have closer geographical proximity to their primary regulator; therefore, communication is more direct, timelier, and more effective."

✔ Why has the SAFE Credit Union Board decided to shaft California and to abandon this "regolamentazione paradiso"?!

✅ From a commenter:  Anonymous May 7, 2026 at 12:59 AM "Regulators don't have grounds to not approve this merger." 

😎 Sorry, you've got that dead wrong!

[STATE OF CALIFORNIA – DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION
SUMMARY OF MERGER APPROVAL PROCESS  [link]]

 "1. Commissioner approval: The merger must be approved by the Commissioner."

✅ Here are the "grounds" to not approve  Scorecard to date: In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] and now this questionable "34% increase in money returned to them", 7) absence of an independent market valuation creates fiduciary breach legal target [link], and 8) there is a better offer! [link].

😎 Is the California DFPI "missing in action" (MIA) on the SAFE mega-me?

  Or  just "missing it altogether" (MIA)? Heads up, Sacramento!        

The SAFE Credit Union Board of Directors: Me First?

 

✅ Why you should want to serve as a SAFE Board member: "Benefits of Serving on the Board of Directors".  [link - see "Board Governance"]

 ✔ "Serving on our Board provides opportunities to network, grow your personal brand [?!], support initiatives that resonate with you while serving our members."

 ✔ "These experiences will help you advance in your career and life."

  Meet our "personal brands"!!!  The [link] SAFE Board of Directors 

😎 For credit union boards, priorities are important! First things first!  1) enhance your personal networking, 2) grow your "personal brand" [?!], 3) support your personal initiatives, 4) advance in your career... and oh yeah 5) "while serving our members"! 

 "People Helping People"? Or "People Helping Their Brand"?

The SAFE/BECU Mega Merger Mistake: Time For DFPI To Step Up? Way Past Time!

                                                      An Unhealthy Situation?

✋ SAFE Credit Union is a California community asset, hand-built over 85 years by its 245,000 member-owners in Sacramento.  Twelve SAFE Board members have voted to give that asset away - without any dialogue with the other 244,988 shareholders.  

The California Department of Financial Protection and Innovation (DFPI) has full authority to require the SAFE Board  to make that dialogue happen, prior to any approvals.  ✔ "It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on. "

😎 Why does California DFPI continue to sit on its' hands? Other watchdogs and regulators actually do step up on behalf of consumers when CEOs and boards overreach. Case in point:

✅ Raleigh, N.C. 5/1/26: North Carolina State Auditor Dave Boliek on Sunday publicly called for a delay of the vote on the merger of WakeMed, the local, community-owned non-profit health system, with the larger for-profit Atrium Health. [link]  His statement read in part: 

✔ "WakeMed is the largest health system in North Carolina’s largest county.  This merger will significantly impact the cost and quality of care across Wake County".

"The rollout of the proposed hospital takeover raises questions. The lack of transparency does not instill confidence; in fact, it calls for greater scrutiny and explanation."

"Wake County taxpayers built the hospital’s original physical plant and retained through the Board ultimate say over any change in organizational structure. At this point in time, it’s highly doubtful that the average Wake County citizen is even aware of the pending takeover. The stated benefits published by way of a Friday afternoon press release should be subject to stakeholder input." 

"Whether you support this transaction or not, taxpayers deserve full transparency from their government. It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on.  It merits a transparent, deliberative process. "

😎 Hope this object lesson rings some very loud bells in Sacramento, because "it’s highly doubtful that the average SAFE member is even aware of the pending takeover."

  On behalf of 244,988 Californians, hope DFPI will stop sitting on its'... hands!

 

 

The SAFE/BECU Mega-Me Merger: Let The Members Choose!

  Heads Sacramento, Tails Tukwila...

Sample Ballot for SAFE Credit Union Merger Proposal

Name of SAFE Member:__________     Account Number:___________

Please read the Notice of Special Meeting for the members of SAFE Credit Union. The SAFE Board has tried to let you know what you need to know, when you needed to know it. [link]. You know, we know, who knows best!

✔ Mark your choice [1 only], sign and submit this ballot: 

[ ] Approve the proposed merger with Boeing Employees Credit Union as unanimously endorsed by the SAFE Board of Directors.  The merger requires the transfer of all SAFE CU deposits, loans, and $400+ million of your ownership equity to BECU. Corporate control and regulatory supervision will also be moved from California to Washington State. SAFE Credit Union will cease to exist. Or...

[ ] Alternative recommendation for SAFE members: Maintain the current California state-charter for at least ten years, with headquarters remaining in the Sacramento area; retain current service facilities, employee staffing levels, and the Sacramento-based leadership structure for at least 5 years; fund a new share account at BECU for up to 10,000 existing SAFE members, who require BECU service; and distribute a "Lets Stay Home Special Dividend" of $150 to each of the 245,000 SAFE members of record as of 12/31/2025. Or...

[ ] Do not approve the proposed merger.

✖ Signed:___________ Member's Name:_________ Date:_____

  Heads up, Sacramento!

The SAFE/BECU Mega-Me Merger: The Illusion Of Choice

   As a credit union member, ...  feel free to choose!

✅ Credit unions have long championed our unique difference as member-owned cooperatives versus investor-owned banks.  What is that unique difference? It's the "one member, one vote" democratic right to choose.  In this instance, SAFE members' democratic right to vote on the demise of SAFE Credit Union.

😎 What should be done if that boast of a democratic right to choose appears to be a sham - "a Hobson's choice"? [As in "Take it, or leave it!"]

✔ "A Hobson's Choice" is a free choice in which only one thing is actually offered. The term is often used to describe an illusion that choices are available.

The SAFE Board of Directors has voted unanimously to merge SAFE Credit Union, one of California's finest, with Boeing Employees Credit Union located in Washington State. [link]

✔  The SAFE Board and CEO claim the merger will bring indistinct benefits to SAFE members.  Independent assessments find otherwise:

 ✅ The "Otherwise"  Credibility Scorecard: It has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] with the questionable "34% increase in money returned to them" claim [link], and 7) the absence of an independent market valuation creating a fiduciary breach legal exposure [link].

😎 SAFE members will have the chance to vote on the proposed merger and dis-memberment of their credit union, what will their other choice be? 

 "Dis-memberment"?! Yikes...

The SAFE/BECU Mega-Me Merger: Fox In The Hen House?

  This could get interesting!

😎 Looks like the SAFE members may have a better choice...  much better! 

✔ An interesting email:

 

"From my experience, SAFE Credit Union is offering exceptional value to both the membership and the Sacramento community. Please forward this proposal to the SAFE Board as an alternative for inclusion on any future merger ballot."

 

"Recommendation for SAFE membership vote:" 

"1) Agree to maintain the current California state-charter for at least ten years, with headquarters remaining in the Sacramento area.

 2) Agree to retain current service facilities, employee staffing levels, and the Sacramento-based leadership structure for at least 5 years.

 3) Fund a new share account at BECU for up to 10,000 existing SAFE members, who require BECU services.

 4) Immediately fund $500,000 dedicated to First-Time Home-buyer Grants, bringing this hallmark program to the Sacramento region. 

 5) Immediately fund an additional $1 million investment toward philanthropic initiatives  

 6) Provide immediate funding for 3 million meals through local Sacramento area food banks.

 7) Pay out a "Lets Stay Home" reward of $150 to each of the @ 245,000 SAFE members of record as of 12/31/2025. "

✔ Sounds like a good solution:  Just give the SAFE membership a choice! 

 

 "A fox is a wolf who sends flowers."

The SAFE/BECU Mega-Me Merger: What if the "The Numbers" Don't Add Up?

                                  Bull's-Eye? ... or BS?

😎 The SAFE Board is clearly scrambling to justify the giveaway of SAFE Credit Union to Boeing Employees Credit Union in Washington State!

✅ From the SAFE Annual meeting [link] : "Through the combination, it is expected that SAFE members will see a 34% increase*** in the amount of money returned to them when compared to other institutions through lower fees, improved interest rates and more upon completion of this combination, up from $47 million to $63 million annually."

*** The estimated annual member value figure is based on SAFE’s 2024 financial metrics and represents the overall financial advantage members receive compared to other financial institutions. Amounts are rounded and provided for illustrative purposes." 

😎 Let's "parse" that claim by SAFE out!  [* To parse: to analyze a statement to discover its real implications]  

First, let's simplify that claim and eliminate the quantitative gumbo-mumbo-jumbo, which mostly seems intended to confuse, rather than enlighten. Here's the reworded summary:

✔ Simplified wording: After the completion of the merger, SAFE members should expect a 34% increase in the amount of money returned to them - up from $47 million to $63 million annually - based on SAFE’s 2024 financial metrics. [Miss anything? Reread it carefully! Was anything eliminated other than nonsense?]

✔ So, 1) not going to argue with the math - $63 million/$47 million does in fact represent an increase of +34%, nor 2) whether or not the "expected" increase is realistic, nor 3) why use 2024 rather than 2025 as the base year, nor 4) even try to figure out how "other financial institutions" figure into all this, nor ask who those "others" are. [As McCartney said, "Let it Be"].

 ✔ Do need to point out that SAFE's annual reports state: 

2024 -"SAFE paid $34.6 million in dividends to members with savings and checking accounts" - dividends being the main way CUs "return money" to members . [link - page 9]  

2025 - "SAFE paid $67 million in dividends to members with savings and checking accounts. [link - page 12]

✔ If SAFE claims after the completion of the merger, that "the amount of money returned to the members" will jump to "$63 million annually" - should the SAFE member be pleased?

😎  The 2025 annual report states SAFE members  received $67 million in dividends last year. That "expected jump to $63 million upon completion" of the merger may please the folks in Tukwila, but in Sacramento - not so much.

✅ Here's the Credibility Scorecard to date: In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] and now this questionable "34% increase in money returned to them", and 7) absence of an independent market valuation creates fiduciary breach legal target [link]

😎  Bull's-eye BS!... "for illustrative purposes", only!

   There's more... 

The New SAFE/BECU Mega Merger Meme: Fiduciary Doody?

                                             No Strings Attached? 

The questions continue to grow over the impartiality of the decision by the SAFE Board to cancel the charter of SAFE Credit Union; and, to hand over $4 +billion in California member-assets to Boeing Employees Credit Union of Washington State - for free!  85 years of thriving, homegrown, Sacramento-based success and ownership - up in smoke for no apparent reason.

✔ Now even the propriety of the SAFE Board has been directly challenged [link]. Another concern  added to the mounting list of prior questions. 

✅ Here's the Credibility Scorecard to date: In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], and just added 6) the "faux-ish" Board commitments of April 21, 2026 [link].

😎 If you subscribe to our current "dog-eat-dog, anything goes" financial era, then it is hard to find fault with Boeing Employees Credit Union in this merger. They are getting a steal - literally! That's not surprising, since Boeing Employees Credit Union hired the top merger and acquisition (M&A) consultant in the U.S. - Jefferies [link] - to advise them.This merger is a "pure play" [link] for Boeing Employees Credit Union!

✔ The SAFE CEO and SAFE Board of Directors don't seem to have received equally astute M&A advice - if any - from their consultants on "this deal" - and it shows!  

✅ "Q: Why does a private company - like SAFE Credit Union - need an independent valuation?"  

"A: For private companies without publicly-traded stock, an independent valuation is the only reliable way to get an indication of value.  A value assessment can assist owners with compliance, legal issues of fiduciary duty, developing strategies and goals; and, also help you better understand what is working and what isn’t."

😎 Time to add breach of fiduciary duty as Lucky #7 to the list above?

  Has the SAFE CEO told the Board about their liability in all this? If not, go ahead and make that #8! [link]

The SAFE/BECU Mega Merger: More "Me/Me' Than Meets The Eye?

  ...Who nose?

We sniffed around a little yesterday on the question of what actually went down this week at the SAFE Annual Meeting [link].  Clearly some believe the SAFE Board has a "leg up attitude" toward  SAFE members' rights and the survival of the Credit Union.

✅ The financial logic underlying this merger with Boeing Employees Credit Union in Washington State certainly has lots of leaks. In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], and 5) if necessary, there are several better merger candidates in California [link].

✔ All of Sacramento and 245,000 existing SAFE members are losing out in this "deal".

✅  From the SAFE Annual meeting link above: "With that in mind, SAFE shared with its members at its annual meeting on April 21, 2026, two meaningful commitments that will benefit Sacramento-area members and the community immediately upon completion of the combination:" 

• For members: $500,000 dedicated to First-Time Homebuyer Grants, bringing this hallmark program to the Sacramento region. This grant program provides eligible members up to $8,000 to put towards a down payment or closing cost assistance for first home purchases.
• For the community: An additional $1 million investment added to the $500,000 SAFE traditionally gives annually toward philanthropic initiatives that reflect what matters most to SAFE members and the Sacramento region community."
  

  😎 Let's "parse"* those two out!  [* To parse: to analyze a statement to discover its real implications]   

  1) The $500,000 First Time Homebuyer Grants is a commitment by the SAFE Board to give SAFE members back $500,000 of the equity which already belongs to them, which is good. It will reduce the amount of the members' money being given away by the SAFE Board to Boeing Employees Credit Union from $400+ million to $399.5+ million. 

  2) The additional $1 million philanthropic investment commits to give $1 million more of the members' equity than planned for one year. This too is good! It will reduce the amount of the members' money being given by the SAFE Board to Boeing Employees Credit Union from $400+ million to $399+ million.

   3) At face value, these two commitments, taken together, appear to reduce the giveaway of the credit union by the SAFE Board from $400+ million to $398.5 million. Creating a somewhat better - really, really bad deal!

   4) Note however, that these two new commitments are not effective until after the merger is completed. So the current net financial benefit of these SAFE Board "commitments" is zero. Suppose that the SAFE Board hoped the members wouldn't notice!

   5) Either way the SAFE membership is out $400+ million and the Sacramento community is left "hy & dry-ant".

  .   Frankly, it's lookin' more and more like a "double leg lifter" by the Board!  

The SAFE/BECU Mega-Me Merger: "We/We" Knows Best?

  .... Oh, really? "The combination between BECU and SAFE Credit Union is proceeding smoothly and according to plan."
  [link] .💣💣💣 During the SAFE Annual Meeting on April 21st, the SAFE Board attempted to defuse a rising member uproar over a secretive - seemingly insensible - merger, which has become a ticking time-bomb of reputation risk and a PR debacle.  ✔ Here's how well that SAFE Board bunkum went down! [take a look -link]Although the merger with Boeing Employees Credit Union has been over a year in the planning, SAFE members have never been engaged, consulted, nor involved in the process. The SAFE Board and CEO chose to surprise announce the merger as an "fait accompli" in November, 2025; yet, continue to refuse to inform SAFE members of the details of their "definitive agreement" [link]. With that "Sorry, it's a done deal" hubris,  SAFE senior leaders appear to have adopted the infamous, CU imperial "we/we" governance doctrine.  For SAFE member-vassals that means, from now on: "We will let you know what you need to know, when you need to know it."  The proposed merger, if it proceeds, will extinguish the charter, local focus, and independent existence of SAFE CU forever. A successful, 70 years of local control and operations discarded by a cavalier Board, backed by timorous senior leadership .Blunt indifference to the opinions of SAFE members and to the best interests of the Sacramento community at large, now seem to define the new/new vision of the Credit Union: ✅ "At SAFE Credit Union, you are a member, but please don't act like one!"    "After the confrontation, the source said security was called..."  Is that what you meant by:  "... proceeding smoothly and according to plan." ?
  

The SAFE/BECU Mega-Me Merger: Pssst...!

   😎 Have You Heard What Happened At The SAFE                  Annual Membership Meeting This Week?

                         🐈 Here take a look [link] !

                           🙀 "Me-Me-Me" Meow! 

 More like "Me-Me-Me" Me-ouch!

The SAFE/BECU Mega Merger: The SAFE Annual Meeting - "Showtime In Sacramento!"

                                                             🎉🎉🎉  The 2026 SAFE Credit Union Annual Meeting 🎉🎉🎉                       Tuesday April 21, 2026 at 5:30 p.m. [link]                                                All current SAFE members are invited to attend!

✅ Credit Union mergers have become the most controversial topic within the credit union movement - signaling the end of an era, the end of an idea? The SAFE/BECU merger - surprise announced without SAFE member input in November, 2025 - has become the poster child for that debate. 

The SAFE CEO and Board have refused to release financial details of the proposed agreement to the SAFE members - the owners and shareholders of the credit union!  SAFE member-owners had never called for the merger, nor has any member group advocated that it be pursued. Who actually benefits from this merger?

The SAFE Annual membership meeting tonight should shed some much needed light on the controversy. Merger critics from the SAFE membership have broadly sounded the alarm all across California!

 ✔ Get ready, get out the popcorn, it looks to be "Showtime in Sacramento"...!

😎 According to the management "Me's", the pluses: 

 "This partnership is a powerful alignment of purpose and potential that leverages our strengths and recognizes our shared values," said Faye Nabhani, President and Chief Executive Officer of SAFE Credit Union. 

😎 According to the SAFE "member mutineers", the minuses:

1. The loss of California regulatory jurisdiction and consumer protection. The transfer of $4.3 billion in assets belonging to 245,000 SAFE member-owners to an out-of-state credit union and the termination of SAFE’s charter will completely eliminate DFCI oversight. Consumer protection under the BECU charter will become the responsibility of the Washington State Department of Financial Institutions (DFI). There will be no accountability to former SAFE members, all of whom are citizens of California.

2. The transfer without member-owner compensation or benefit of all current resources and future earnings of a successful, locally supported eighty-five year financial enterprise has no economic rationale. The gifting of all SAFE assets, all future control, and all future earnings to BECU based solely on vague future promises is nothing less than a legally sanctioned theft of SAFE member resources. The true market value of SAFE Credit Union is $600 million to $800 million.  SAFE members-owners will receive nothing from this transaction. All $4.3 billion in SAFE Credit Union member-owner assets will be handed over to BECU. All $345 million in member-owner equity will be taken from member-owners without compensation.

3. The loss of critical competitive advantage and local owner governance. 
SAFE Credit Union’s competitive advantage is its unique responsiveness to its member-owners and the priorities of the local community. This has enabled SAFE to establish a dominant regional market position that cannot be easily replicated. When SAFE becomes a branch operation for BECU, this will be lost. Governance will be relinquished to an out-of-state entity which will dictate all services, products and pricing. The interests of SAFE Credit Union member-owners and the Sacramento region will become a secondary consideration for BECU. BECU’s sole interest is in gaining control of an established institution without investing the time and resources necessary to secure a market position in a major metropolitan region outside of its current service area.

4. Breach of fiduciary duty and a manipulated democratic voting process
A violation of fiduciary duty has occurred because the SAFE Credit Union Board of Directors deliberated in secrecy and has not acted in the best interests of the member-owners. The fiduciary duty of care and loyalty to the membership has been disregarded. This board does not represent the best interests of the member-owners because it has subverted and manipulated the democratic election process by deliberately excluding the membership from board representation. 

  "Growth for growth's sake is the ideology of a cancer cell."