There Is No 13th Floor In This Economy!

 ... Going up?

Ever noticed the omission of a "13th floor button" in the elevators of high-rise buildings and hotels? 

Most folks are still a little superstitious, whether we admit it or not.  For many, the absence of that button brings a lot of comfort and peace of mind.  Reassurance that there really isn't any "13th floor" to worry about. 

Same goes for the future of credit unions, our economy, the stock market, and the Strait of Hormuz. Not to mention the U.S. National Debt ... 

😎 If you take great comfort that  a "13th floor" does not exist, you definitely have a great future in modern day Washington politics!

          

       As a taxpayer, your share is almost $300,000+!  [link]

  Just thought you might need a break to relax a little, from worrying about all that credit union "stuff". 

 

 

The SAFE/Boeing Takeover: Reading Between The Lies... (e-r-r) Lines.

             "Is good for everything it should be good for! "                            

"From: SAFE Credit Union <@email.safecu.org> [from Faye Nabhani ]
Date: Tue, Aug 4, 2026 at 9:49 AM "

'An Important Milestone for SAFE Members "

Dear Valued SAFE Member,

"We’re excited to share an important milestone in the proposed combination between SAFE Credit Union and BECU. The National Credit Union Administration (NCUA), Washington State Department of Financial Institutions (DFI), and California Department of Financial Protection and Innovation (DFPI) have approved the proposed combination following a comprehensive review." 

"Regulatory approval marks a significant and exciting milestone. It reflects the successful completion of a thorough, independent review and confirms that the proposed combination meets the legal and regulatory requirements needed to move forward to the next step. Just as importantly, it reinforces the thoughtful due diligence and strategic evaluation that led SAFE and BECU to propose coming together in the best interests of members, employees, and the communities we serve."

"The next important step in the process is the member vote. "

 ✔ What did the State/Federal regulators actually "approve" ? 

1]  Endorsed this merger as a good deal for SAFE members?                  YES ◻    NO   ❎

 2] Warranted that this merger is a sound business transaction?               YES ◻    NO   ❎

3] Verified thorough "due diligence" by the SAFE Board?                       YES ◻    NO   ❎

 4] Prohibited the return of capital to SAFE members ?                               YES ◻    NO   ❎  

5] Validated  the SAFE Board's "comprehensive review"?                        YES ◻    NO   ❎ 

6]  Required future community support to increase?                               YES ◻    NO   ❎

7] Guaranteed lower rates/more branches for SAFE members ?                 YES ◻    NO   ❎

8] Ratified that SAFE had selected the best merger candidate?                 YES ◻    NO   ❎ 

9] Confirmed the effectiveness of member dialogue prior to agreement ?    YES ◻    NO   ❎ 

10] Attested SAFE met minimum legal/regulatory merger requirements ?                       YES  ❎    NO   ◻      

 Snake oil aside, regulators have not approved this merger... California law states that a majority vote of all SAFE members is required for merger approval.                       

The SAFE/Boeing Cure-all Combo: Reading Between The Lines... ?

   This "combination" is a potent remedy..

• for all pain and lameness, 
• for rheumatism and neuralgia, 
• for sciatica, sprains, and bunions, 
• for sore throat and inflammation,
• for bites of animals and reptiles, 
• for all pains and aches in flesh, muscle and joints,  
• for partial paralysis of the arms and lower limbs,
• and as a relief for tic doloureux. 

✔ "The proposed combination will preserve what you value most about SAFE—familiar faces, local expertise, and personal service—while creating greater opportunities for the future." - Faye Nahbani, CEO

✔ "As we look ahead, our priority remains the same as it has always been—supporting you on your journey to financial freedom." ... [and your journey to better health!]

  And of course it's SAFE... while it lasts! 

Why We All Should Support A Free Press! When SECU Won't Tell It's 3 Million Members...

                                         ... BNC Will! 

  August 11, 2026 [link]

 

Another competitive SECU board election? 

"The N.C. State Employees’ Credit Union is gearing up for its board election that concludes at the Oct. 13 annual meeting, with five people vying for three slots.

The credit union’s five-member nominating committee, including four board members, recommended Charles Stone, Michael Clements and Christopher Dillon, according to a letter to members on the credit union’s website.

Stone and Clements were elected in 2023 as part of a three-person slate that ousted incumbent directors favored by the sitting board at the time. Barbara Perkins, who was also elected in 2023, resigned from SECU’s board earlier this year, citing undisclosed policy differences with credit union leadership.

Two other retired SECU employees have self-nominated for the election and will be on the ballot after gaining the required 500 qualifying member signatures: Julian Hawes worked in Goldsboro, while Barry Browning was in Roanoke Rapids and Elizabeth City. SECU informed the two that they would be included, Hawes said today." 

😎  [But SECU won't let members know for several more weeks!]

"Christopher Dillon formerly worked as a senior assistant county manager for Wake County and as vice president of government affairs at the N.C. Railroad Co. He is not related to Chris Dillon, the chief judge of the N.C. Court of Appeals.

SECU is the second-largest U.S. credit union with assets of $60 billion. Its membership of 3 million makes up more than a quarter of North Carolina’s population.

Credit union members elect the 11 board members, with three or four seats opening each year. SECU directors don’t receive compensation except for expenses."

😎 [You're not supposed to know; so, be sure to keep it a secret!]

  Could cause problems? If members know what's going on?

 

The SAFE/Boeing Mega-Me Merger: It's Written In The Stars - Astronomical Growth?

   The Zodiac - Sign of the Crab?

The twelve astrological signs are Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn, Aquarius, and Pisces. The word cancer comes from the Greek word for "crab".

 Cancer is a word that scares most of us. We know cancer as a disease in which some cells grow uncontrollably  The orderly process of organic cell growth breaks down, and these abnormal cells grow and multiply when they shouldn’t. The cancerous cells may form tumors, which invade nearby tissues and can travel to distant places.

 Cancer cells kinda remind you of "Mega-me mergers" like SAFE and Boeing.  Mega-me's differ from normal credit unions in many ways. For instance:

• Mega-me's grow in the absence of any signals from members asking them to grow. Normal credit unions grow only when supported by their member-owners.
• Mega-me's ignore financial signals that tell them to stop expanding indiscriminately and refrain from destructive growth. 'Me-first-and-only" has high costs.
• Mega-me's invade other areas beyond their scope and refuse to stop growing when they encounter other credit unions. "Me" becomes more important than "we" to a cancer cell.
• Mega-me's suck capital from local communities and drain local economies to grow larger. This lets the "tumors" grow more quickly.  
• Mega-me's often hide from the regulatory system, much like cancer hides from the immune system. The immune system seeks to eliminate abnormal cells - with good reason.
• Mega-me's attempt to trick "the immune system" into encouraging their potential cancerous growth.  Some regulators unwittingly provide "immunity" to these cancers, rather than controlling them for the good of all.
• Mega-me's, like cancer become voracious, devouring normal credit unions without purpose, nor benefit to members. The focus of a cancer is to grow for growth's sake - despite the end results. 
• Mega-me's often rely so heavily on these abnormal, cancerous behaviors that they can’t survive without them.

  Today's Mega-me horror-scope: Crabby, moving sideways, with astronomical cooperative costs! 

The 2026 SECU Board Election: Members Will Have A Choice...

  ... but don't tell anybody!   Especially SECU members?

 ✅ SECU published the names of its' three, self-selected candidates for the 2026 Board election on July 10, 2026

✔  On August 4, 2026, SECU confirmed that Julian Hawes and Barry Browning  had been nominated by the members to also be candidates for the board.  

 

👉 [Good morning, Barry/Julian, Ernst & Young validated your petition. Since you validly self-nominated for this year’s election, your name will be placed on the ballot. Thank you]

 

✔  On August 6, 2026,  the member-nominated candidates - Hawes & Browning - asked when their candidacy would be announced to the SECU membership? [Fairness, equal time... and all that!]

 

👉 [SECU will publish the membership notice of the 2026 Annual Meeting on August 28, 2026, which will include the names of the candidates and information on how to vote.]

 

😎 A three week wait to let the 3 million members of SECU know they have a choice? Wonder why? 

  👉 Board "policy" ? 

 An informed membership? Or...  "We'll let you know what you need to know, when you need to know it!"

"Trolling" The Takeover Of SAFE CU: The Knives Come Out!

 Dumping SAFE ...              ... and Sacramento?

👺Unknown troll comments on "Informing SAFE Members Why The Boeing Takeover Is Beneficial..."     47 mins ago

 

👉 "Interesting article and press release where we hear from the Boeing CEO but not the SAFE CEO. Instead now they conned the local chamber in trying to sell this for them."

"Remember that extra $1 million that is being promised for community investment in Sacramento? First they are holding their members hostage with all these great benefits and free lunches that they could afford to provide now, but choose instead to make them conditional on the merger, and now they are holding the community hostage, too.  So how much of this extra million investment do we think the chamber gets in exchange for this quote? What other local chamber exec celebrates the loss of a local HQ and loss of local jobs? When is the last time anyone saw a merger press release with the local Chamber guy selling the deal to everyone?" 

"This whole thing is smoke and mirrors with all the usual promised benefits, but it’s simply a case of Boeing throwing their members money around to try to convince the market, community and SAFE members that after 80+ years of success, ceding total control to a random credit union in another state is the only way to survive."

"Shame on the SAFE board and shame on the chamber ceo for falling for this BS." 

"Boeing? Well played. I guess buying community support is ok when it’s for sale. Not exactly subtle in your approach, though. Easy to see through. Let’s hope the SAFE members see through it when they vote.' 

"https://thecudaily.com/washingtons-becu-californias-safe-cu-receive-reg-approval-for-deal-to-create-34b-credit-union/

"Robert Heidt, president and CEO of the Sacramento Metro Chamber, said the proposed merger would increase investment and access to capital in the region."

“SAFE has long been an important community partner and economic driver in the Sacramento region,” Heidt said in a statement. “This proposed combination with BECU reflects a thoughtful approach to growth that will strengthen the region through additional investment, expanded access to capital, and new opportunities for businesses and families.” 

 

 

 

  Better fasten your seat belts before  take-over... takeoff!

 

 

 

 

 

Informing SAFE Members Why The Boeing Takeover Is Beneficial...

   Faye Nahbani, CEO of SAFE CU... (that's current, soon-to-be former!) wants SAFE members to know why it's necessary to cash out.

❎ Having survived regulatory scrutiny, the Boeing/SAFE hook-up (the new "BSCU") will now proceed to the information phase. CEO Nahbani will be tasked with explaining the takeover to the 245,000 SAFE member-owners. She's off to a good start:

✔ "Your vote is the next milestone and is expected in Q3/Q4 this year. You will receive your ballot and have plenty of time to review and cast your vote." 

✔ Boeing will provide a value "we on our own cannot deliver." 

✔ "This is provable, it's demonstrable. You can see it in the data, you can see it in their statistics. It's factual which I love, I love data... it's undeniable."

    But that's only part of the story!  

✔ CEO Nahbani took the time to explain for SAFE members the necessity of the takeover in this thought-provoking, carefully-reasoned 30 minute interview. 

Hear the full story for yourself at this prior post [link].

  Be sure not to miss the "Comments" too! 

 

Boeing Takeover Of Safe Credit Union To Proceed...

  Boeing + SAFE! A "Shared Ambition" Or The New BS?

✅ PR Release: NCUA, CA DFPI and WA DFI grant regulatory approval for proposed combination of BECU and SAFE Credit Union  

SEATTLE and FOLSOM, Calif. (August 4, 2026) – BECU and SAFE Credit Union today announced that the National Credit Union Administration (NCUA), Washington State Department of Financial Institutions (DFI), and California Department of Financial Protection and Innovation (DFPI) have granted regulatory approval to advance the proposed combination of the two credit unions. This approval marks an important milestone in the combination process and brings the organizations a step closer to expanding the value, services and support available to their members.

✔ The next step is approval by SAFE members. Additional information about the benefits of the proposed combination and details on how and when to vote will be shared with SAFE members in the coming weeks.

The combined credit union will build on SAFE's deep local roots in Northern California and BECU's member focus and ability to deliver day one value to SAFE members. Together, they will accelerate investment in the products, services, and technology members rely on, while strengthening both credit unions' longstanding commitment to the financial well-being of their members and the communities they serve.

😎 “This combination is rooted in our shared values and a shared ambition to do more for our members, communities, and employees than either of us could achieve alone,” said Beverly Anderson, president and CEO of BECU. “For decades, both of our credit unions have helped members build financial well-being while investing in the communities we serve. That same commitment to putting members first will continue to guide how we move forward together.”

“We are thrilled to reach this milestone and be one step closer to bringing our two credit unions together,” said Faye Nabhani, president and CEO of SAFE. “This combination will build a stronger future for SAFE members, one that honors who we are while delivering more value. By combining with BECU, we can do even more to support our members' financial well-being for years to come.”

Subject to the outcome of the SAFE member vote, the combination is expected to close on January 1, 2027. Until that time, both credit unions will continue to operate independently.

 More information about the proposed combination can be found at www.becuandsafe.org and www.safecu.org/combination.

 

   Faye Nabahni: "You can see it in the data, you can see it in the statistics. It's factual which I love, I love data... it's undeniable."

The 2026 SECU Board Elections: A Choice For A Change!

   Despite The Odd-stacles...

✔ There Will Be A Board Election At SECU This Year! 

 ✅ "Tue, Aug 4, 2026 at 10:09 AM Board Corporate Secretary"

"Good morning, Barry / Julian"

"Ernst & Young validated your petition. Since you validly self-nominated for this year’s election, your name will be placed on the ballot. Thank you."

😎 Now, if the SECU Board will go ahead and rescind those 2025 "no amendment amendments"** our CEO Leigh Brady is so afraid to talk about... [link]!

 ** Bylaw changes raising the 500 petition signature requirements into the thousands... effectively ending any real opportunity for board elections.    

  Open, fair elections: isn't that how a democracy is supposed to work?

SECU Elections 2026: Members Sign On For Open Election!

   Democracy in action?

SECU elects 3 or 4 directors every year. In 2026, the SECU Board of Directors is following its usual pattern of putting forth only one candidate for each vacancy, although every candidate presented to the nominating committee was fully qualified to run. 

The problem with this practice of "one vacancy/one candidate" is it assures, if not challenged, that SECU members will never be allowed to vote for their directors, because no election will be held. This is what occurred last year in 2025; there was no election for SECU directors.

Additionally, incumbents have always been renominated by the nominating committee. The only way to crack this Board self-reanointment process is to obtain member signatures to petition to be on the ballot - currently 500 member signatures are required. 

This year, two fully qualified candidates not selected by the nominating committee - Julian Hawes and Barry Browning - have submitted the required petitions. Validation of signatures is underway.

✔ SECU members have once again voiced their preference to preserve their democratic right to vote.

 Wouldn't you always prefer to have a choice in life... in most everything you do?

The LGFCU/CIVIC Saga Revisited: Trigger Men?

 Consequences Or Truth? The Fireside Chaps!

   

One of the topics in the unanimously-approved, member resolution from the 2022 SECU Annual Meeting was concern over a proposed merger with LGFCU. Local Government FCU and SECU had partnered cooperatively for over 40 years to bring credit union services to municipal and county employees in North Carolina. LGFCU had grown to $4+ billion in assets with over 400,000 members. 

In the subsequent SECU Board "Fireside Chats", then current Board Chair Chris Ayers and soon-to-depart CEO Jim Hayes "pooh-pooh'ed" the idea of a merger proposal, fully supported by the soon-to-depart LGFCU CEO Dwayne Naylor.  

Written documentation from the universally-respected, former LGFCU CEO, Maurice Smith indicated otherwise [link]. 18 months later in 2025, Mr. Naylor led LGFCU/CIVIC to the edge and over to "Independence Day"!.

This blog suffers frequently from the viral affliction: "trollitis-extremis". One of those trolls does have a strong skill in balance sheet analysis, unfortunately unburdened by any social, moral, or ethical constraints. Here's his latest:

✅ "PREDICTION FROM LA (7/31/26):" ["LA" supposedly means SECU "Loan Administration"] 

"The NCUA will announce an assisted (forced) merger of CIVIC by the end of the year. Only question is whether it will be with us or not." 

"Assets are down 16% YOY while FTE is up 13%! They clearly vastly underestimated the cost of back-office to support their new digital model. " 

"Their 2Q loss widened to $25 million based on a larger than normal loan loss provision. NW Ratio dropped from 6.68% to 5.86%, below adequately capitalized."

"Surely the NCUA has been all over them and has already required a capital plan, but I wonder if they are modeling this. CIVIC cannot recover from this from normal operations." 

"Deposits continue to drop more than loans, and they had to increase borrowing to fund assets. That interest expense offset the lower dividend expense from shrinking deposits. The $75 million in investments can't be sold for liquidity because they have $9 million in unrealized losses would be a capital hit if they did. "

"Their reserve for loss is $48 million, or 1.7% of loans. That's the good news. That bad news is their annual loss rate is 2.50%. Said differently, they are on pace for $71 million in net charge offs. And, while they are taking losses, they still have $12 million in 90–180-day DQ, and $10 million in 180 day+ delinquency on consumer unsecured products."

"Their loan portfolio is horrible and highly toxic, which is why I predict an assisted merger. The NCUA will need to back stop losses to get any CU to take them." 
  "Only question left: Will it be us?"  

* YOY: year-over-year, FTE: full time employees, NW: net worth.  DQ  Dairy Queen delinquency.

  Wonder who "hijacked" this credit union? 

Look Out Sacramento! If The SAFE/Boeing Merger Makes Sense, Then Expect This Next...

 

  

😎"My first In-N-Out experience was practically a religious conversion. This local, family-owned chain remains the gold standard against which all fast-food burgers are measured." [link] 

✔ From the Sac Bee: "At In-N-Out, we've decided we're tired of being "The Gold Standard" in burgers for Sacramento and all of California. We have decided to give it up. Why be relevant and locally-owned,  when we all know "scale is more important than quality"! So "last-gen" to believe that the best is better..."

"Therefore, we are pleased to announce our plan to merge with..."

  "Big Mac" out of Chicago!                                    "We're Out, They're In!"

✔  "But, don't worry "nothing will change for now", same "culture" y'know, and all that ... "People Feeding People!" 

Say "Hello!" Sacramento to..."McSAFE"! 

   

We may not be better, 

... but we will be bigger!

 Big Mac-ramento?!? Nah, you're just clowning around, aren't you?    Aren't you...

SECU 2026 Election?? While We Wait For The Answer... Why Not Take In A Movie.

 The SAFE/Boeing Merger Odyssey! 

 

  

 A blunder of epic proportions? 

  

 Gambling everything on the wrong horse? 

 

 

 

 An odd, idiocy for ole SAC'ked City? 

 

 

 

 

 

 

 

 

 

 

SECU 2025 Election Process: Hate To Be A Paine, But...

A Doubting Thomas...

"It is only error, not truth, that shrinks from inquiry." - Thomas Paine
                                 
                     

   Well, you've heard from the trolls! [link]

✅ Now consider this: 

✔  First take a second for a quick refresher glance on where we started [link].

1. The truth is: When there are no member-nominated candidates, your vote does not count, as in 2025.  It does not count because there wasn't an election! Therefore, as a member you never got a chance to vote.
2. The truth is:  The nominating committee always renominates incumbents. The majority of the nominating committee - and chair in 2026 - are current board members. 
3.  The truth is: Out of 3 million members at most 4 members - 2 of whom were Hawea and Browning! - expressed an independent interest this year in serving on the board. No effort was made by the nominating committee to educate or encourage SECU members to consider applying to serve on the board.
4.  The truth is: The nominating committee is not limited to selecting only one member for each board vacancy. Other qualified applicants could also be nominated, but aren't.
5.  The truth is: The 2022 Annual Meeting was not "hijacked". The resolution [you can read it here] simply requested a review and a report to the membership from the Board on the changes being made. 
6. The truth is: That resolution presented at the 2022 Annual Meeting was unanimously approved and the motion to approve was seconded by an SECU board member - from the podium.
7.  The truth is: The nominating committee has selected 3 well-qualified candidates to run in 2026. Mr. Hawes and Mr. Browning are also well-qualified to serve on the board, if member-selected to run. In 2024, 31,000 members voted for  Mr. Hawes to serve on the board. 
8.  The truth is: The nominating committee did not select the "most qualified" board candidates from among all SECU members. The nominating committee, in their opinion, selected the 3 "most qualified" candidates from a pool of only 7 members - out of a universe of 3 million.
9.  The truth is: The nominating committee does not always select the "most qualified" candidates to seek a board seat, nor are they required to do so.
10.  The truth is: There is no reasonable explanation why our CEO, Leigh Brady, hasn't put to rest the issue of the approved bylaw amendment, which would increase the potential petition signature requirement dramatically.

 Hard to argue against the truth, isn't it? 

SECU 2026 Election Process: Troll Responds, Clears Up Stupidity...

     Link: July 28, 2026 at 7:14 AM

 ...!