Helping SAFE Members Make An Informed Choice?
By California law: 15201. (a) The merger shall be made pursuant to any plan agreed upon by
the majority of the board of directors of each credit union joining in
the merger, and approved by the affirmative vote of at least a majority
of the members of the disappearing credit union, in person or by proxy,
at a meeting of the members called for that purpose... "
" Notice of the meeting shall be given to the members, either personally
or by first-class mail, not less than 30 days prior to
the date of the meeting."
CEO Faye Nabhani has refused to release 1) an explanation of why a merger is required for SAFE at this time, 2) a copy of the "definitive" [her words] agreement to merge with BECU, 3) any supporting documents from "her consultants" [her claim] which analyzed the pros/cons of the proposed merger, 4) any explanation of why BECU was chosen as the best merger partner, and 5) [once the necessity to merge was identified ] what other proposals were solicited and evaluated.
✅ With no merger vote meeting date yet announced, plenty of time remains for CEO Nabhani and the SAFE Board to correct the unseemly, undemocratic and unforced governance error of ignoring the SAFE members rights to be fully informed on why their credit union is being "sold out" - actually, given away!
✔ The California Department of Financial Protection and Innovation - the credit union regulator - should act also to require full disclosure to protect SAFE members, all state-chartered credit unions, and the State of California.
SAFE members deserve better than an unconcerned CEO, a SAFE Board ignorning fiduciary duty... nor, heaven forbid, a rubber-stamping regulator, oblivious to the best interests of California.
They should be sued to high heaven ...
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