... but mega-me merger mistakes ain't! At least not for Sacramento!
A commenter on yesterday's post [link] correctly noted the SAFE Board did give "an update" at the SAFE Annual meeting in April!
✅ Here's what was promised by the SAFE Board in that informative merger "update" [link to full text]:
"SAFE shared with its members at its annual meeting on April 21, 2026, two meaningful commitments that will benefit Sacramento-area members and the community immediately upon completion of the combination."
"For members: $500,000 dedicated to First-Time Homebuyer Grants. This grant program provides eligible members up to $8,000 to put towards
a down payment or closing cost assistance for first home purchases." [at $8k a pop that would potentially help 62.5 of SAFE's 245,000 members ... immediately upon completion of the combination."]
"For the community: An additional $1 million investment added to the $500,000 SAFE traditionally gives annually toward philanthropic initiatives that reflect what matters most to SAFE members and the Sacramento community." [The rest of the $400+ million in SAFE member equity will go to Tukwila and Boeing Employees' "... immediately upon completion of the combination."]
✔ Why doesn't the SAFE Board give the $1.5 million back to Sacramento folks now? Why wait until "... immediately upon completion of the combination?"
😎 If you will give me $400+ million bucks, I will give you back $1.5 million "immediately upon ... "! H-m-m, what's the return on investment (ROI) for that "mega- duh" deal? How would you calculate it?
The SAFE board would have been better off negotiating a payout of capital to members as part of the merger. Boeing doesn’t need their capital, or their employees abd expenses for that matter as they should be a 40 billion CU on their own massive base. Instead, try and manipulate SAFE members and position the grant and community dollars as some sort of benefit only possible if they merge. If that’s the case, then I wonder if Boeing members are asking the Boeing board why their capital is being spent on some other market and member base. Too bad they don’t get to vote. SAFE can afford this spend now and it’s despicable the SAFE board is holding the member’s own capital hostage from them and their community.
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