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...

 

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!