The SAFE/BECU Mega-Me Merger: Rigging Elections In California?

    Following the law?

June 10, 2026: WSJ Opinion: "Is California's Election 'Rigged'?" The Journal had a field day with the recent political back-and-forth on the abrupt fluctuations and snail's pace vote counts in The Golden Bear State.  The gubernatorial contest along with the LA mayoral race especially have sparked much controversy about the fairness of California election laws.

  

✅ Rigging elections in California? Get ready for more controversy. This round will feature SAFE Credit Union!

The proposed merger of SAFE CU with out-of-state Boeing Employees' CU is now "under review" by California's watch-dog credit union regulator, DFPI. A warning to SAFE members: Better watch that "watch-dog"! It may become a "pet poodle"! 

SAFE members, by law, will have the right to vote on the proposed merger; but, DFPI may choose to ignore the results of the member vote - and the law. That sounds like a rigged election, doesn't it? 

Is "the fix in" at DFPI? Here's what to look for:

✔  First note, that SAFE members did not request this merger! Pulling the plug on SAFE was a surprise attack by an aloof Board, backed by moribund management. The merger proposal will hurt SAFE members. [link]

✔ California law explicitly 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!   

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

As required by the law, shouldn't a must vote by the majority of all SAFE members be the real "definitive agreement" on this rogue merger issue?

Under what specific rationale and protocols would DFPI choose to override the SAFE members' must vote under California law? 

😎 Throwing out a legal, democratic vote by the SAFE membership? Wouldn't that be rigging an election in California?

  Why would a DFPI "may" override be more important, than a democratic member "must" vote?   

The SAFE/Wahington-Based BECU Mega-Me Merger: Spinning A Tale?

  

🦚🦚 Sacramento! Get ready for Was-Safe CU® 🦚🦚 

✔ Spreading our wings! 

✔ Strutting our stuff! 

✔ Feathering our nest! 

✔ And, proudly showing our ...  

                   

✔ All for you!

 

   Wow! Mission "Me"?

Why Did The SAFE Board Vote To Sack The Credit Union?

                                              If so, is Sacramento being "Sac"-ked"?

The discussion of the proposed acquisition of SAFE Credit Union by Boeing Employees' has heated up! The takeover has gained notoriety not because it is unique, but because it may foreshadow the demise of credit unions as cooperative financial alternatives. The irreversible paradigm shift, the canary in the cooperative coal mine.

The SAFE Board of Directors and CEO Faye Nabhani stated these reasons to pull-the-plug on SAFE as a locally controlled, independent home-town business:  "The new credit union will bring more value and benefits to our members and the communities we serve, with enhanced technology, increased community support, and more convenient banking services for members through all stages of their financial journeys."

✔ Let's check that statement out: [link here for broader 'Scorecard"]

1]  Better rates                                           YES ◻    NO   ❎

2]  Lower operating costs                             YES ◻    NO   ❎

3]  Enhanced technology                              YES ◻    NO   ❎

4]  More branches/ATMs                               YES ◻    NO   ❎ 

5]  Retain local ownership/control               YES ◻    NO   ❎ 

6]  Assured increase in community support YES ◻    NO   ❎

7]  In-state California regulation                  YES ◻    NO   ❎

8]  Return of capital to SAFE members         YES ◻    NO   ❎ 

9]  Member dialogue prior to agreement      YES ◻    NO   ❎ 

10] Will strengthen the Sacramento area     YES ◻    NO   ❎  

✔  Should the SAFE Board and CEO come out of hiding and fulfill their fiduciary responsibility to the Sacramento community by explaining their reasons for pulling-the-plug on 85 years of success ?     YES  ❎     NO ◻    

 What's to hide, when Sacramento has so much to lose?

The SAFE Mega-Me: A Malware Merger ?

              Technically speaking, this merger doesn't compute.          

An oft-harped "reason" used to justify merger is management distress over outdated technology and the "overwhelming" costs required to go "digital".  Seems to make sense...  until you think about it.  Failed leadership, not old technology, is the usual culprit in the decline of a credit union.

In the case of SAFE Credit Union, last century technology is not a problem creating a need to merge. Actually the opposite is true. How do you know? Because SAFE CEO Faye Nabhani says: "In her role with SAFE Credit Union, Faye was the strategic leader and executive sponsor of SAFE’s core system conversion to Fiserv DNA, completed in April 2022. "

Not so with Boeing Employees Credit Union which has not made the latest transition to its Fiserv DNA software - a high risk, highly expensive, and often member-disruptive opportunity for misadventure. The proposal to merge will be a step back in tech-time for the member-owners of SAFE.

So, lets add "Issuing A Blank Check For A Future Tech Wreck?" to round out our Top 10 list of reasons that the Board/CEO give-away of SAFE Credit Union  just doesn't add up.

✅ The "Mal-Merger"  Incredibility 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 over $400+ million [link] without member compensation, 3) the current cost of operating SAFE is superior (much lower!) [link] than BECU, 4) current services/rates at SAFE are equal or better [link] than BECU, 5) if necessary, there are several better CU merger candidates in California [link], 6) the SAFE Board 's "future" community commitments of April 21, 2026 [link] and questionable "increased returns" claims [link] are "faux-ish", 7) the absence of an independent, arm's-length market valuation of the merger has created a fiduciary legal exposure [link], 8) the lost of local independence and autonomy [link], 9) no greater access to branches [link], and 10) less advanced technology [link]. 

  Ten outa' Ten! A Bo Derek Merger!

           Malware, Malarkey, Malpractice... Malfeasance?

The SAFE Mega-Me: Most SAFE Members Don't Want To Leave Town!

 An Easy Choice For SAFE Members!

             "We're Globally Local!" 

                              or...

   

           "We're SAFE At Home!" 

                

   Heads up, Sacramento!                       Why Not Play It SAFE?

The BECU/SAFE Merger: "Be-Safe CU" - Rebranding The Mega-Me ?

 

   

   

                 Be-SAFE Credit Union                                               "We're Globally Local!"

    

 

 Bye-bye Sacramento Credit Union?

The SAFE Mega-Me: The Board's Timeless Commitment To SAFE Members?

 

      Report From the Board Chair and the CEO

                         "SAFE’s Board of Directors, focused on responsible stewardship and the continued delivery of value to members, moved forward at the end of 2025 with a proposed combination with Boeing Employees' Credit Union ." 

"The Board and SAFE leadership are committed to ensuring that members are included, heard, and respected. Members can expect to receive informative updates about the combination and instructions on how to participate in the member vote well in advance. SAFE will encourage member engagement and participation in the process by inviting members to ask questions and discuss the combination directly with the Board of Directors and SAFE executive leadership."

😎 What's the holdup? 

 Perhaps it is... time for a change?

 

More SAFE Mega-Me Merger Malarky... #9 And Counting!

"More branches in locations that serve more members."

  [link] 

✅ "When can I start using both credit unions’ locations? "

 

✔ "BECU and SAFE are both members of the Co-Op Network.  Even before the combination is complete, you can continue to utilize the existing shared branch benefits provided by our mutual participation in the Co-Op Network Shared Branching Network.

 

   Over 5,600 Shared Branches - Feel right at home in all 50 states. Easy access to your money wherever you go.

 

😎 Q: So, how many of BECU branches do SAFE Credit Union members already have access to.... prior to the proposed merger?  [link]

 

😎 A: That's right:  ALL OF THEM! 

 

 Why not buy The Brooklyn Bridge instead? 

                              [It's still for sale! - link]

The SAFE Mega-Me: Gittin' Their Mojo Back?

  Keep "Powers" in SacTown!

✔  Hasn't been hard to document that the proposed mega-mess merger between SAFE and Boeing Employees of Washington State is a "Cat-5" financial mistake. 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].

✔  Time to add #8 to the list - Local independence and autonomy are better for SAFE and California!  SAFE CEO Faye Nahbani recently announced several promising new initiatives for SAFE members including "Green Energy" and mortgage rate, closing cost and refinancing discounts! [CUDaily link]. Even free MLB tickets!!! [link]

✔ Great moves! Play ball!   But you know, Ms. Nahbani simply - once again! - confirms that SAFE does not need to merge with Boeing Employees "... to bring enhanced value to members", and "... to continue to make meaningful community investments" [link].

😎 Granted for Boeing Employees, the proposed merger will "... extend BECU’s community-focused banking to new markets across a broader geographic footprint." [... and pick up $400+ million in free pocket change!]

Why should SAFE's 245,000 members have to give up a $400+ million local community asset to help fuel Boeing Employees' "me-me"  narcissistic ambitions ?

 The Sound of Music? [link] or The Sound of Money? ... dough, Faye, me-[me]?                                                          

The SAFE Mega-Me Merger: "Here Come 'Da Judge"...

   Oops, Blue-handed? "Court will not force merger."[link]

May, 2026 [link]: "The merger would have united two credit unions with $13.5 billion in assets and more than 1,400 employees, creating the fourth-largest credit union in California."

"A merger between San Diego County Credit Union and California Coast Credit Union is not expected to move forward, following a judge’s decision issued Thursday afternoon. The merger, announced about a year ago, faltered for several reasons."

✔ "The court explained... writing that if the merger went ahead through a court order, SDCCU would be exposed to certain liabilities, lose autonomy and have to spend a lot of money on new hires, which would impact its ability “to operate and govern itself.” 

 Are mega-me mergers... "glutton-free"?  

The SAFE Board Of Directors Decides To Change Horses... The "Tukwila" Trojan?

 They came "bearing gifts", board seats and retirement packages! So, let's all welcome them to Sacramento!

✔ Trust us!  In our secret agreement, we've taken care of everything - ourselves, our members and our community.  [😎 ανοησίες! ["B.S"]] 

✔ “The worst of all deceptions is self-deception.” — Plato  

 What could go wrong?

                              

 

The Sell-Off Of SAFE Credit Union: Some Choices Matter

  Sacramento [link]

✅ This "Merger of the Me's" can't be just a "whatever" decision; its impact on Sacramento will be massive and irretrievable.

For Sacramento, massive economic transfers out - out of your control, out of your communities, out of your sight.   

✔ Local is the place of friends and family, it is the place of your homes, your jobs, your communities. Why be apart from what's around you, why be separated from it... a local credit union echoes and amplifies the community.

  Some Choices Matter

 ❇❇ [DON'T MISS THIS!!!!... link]  ❇❇

✔ Why abandon something special, something better; for something less? [link].  

✔ Why would you cede control of your destiny to outsiders?

✔ Why not choose to be part of something bigger, not just something big?

✔ Why not pursue a more virtuous goal - us rather than me!

✔ Why not chase a nobler vision for Sacramento? 

😎  Some Choices Matter ... "Bring it Home!" [e-r-r, "Keep it Home'!]

  Sell-off? ... or sell out?

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...