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]