✅ Yesterday's post [link] led to a lively - and lengthy! - commentary on the voting/approval process for the SAFE Board merger muck-up. Here's how it ended:
2:52pm You commented: "Not sure if SAFE hired someone to help with due diligence, but if they did, they should get their money back."
So at least we both agree that the merger is a really bad deal for SAFE members.
Take it you too would vote "NO" if you were a SAFE member!
Yes, IMO its bad for both SAFE members and Boeing members. As a SAFE member I would absolutely vote no.
😎 What was the SAFE Board thinking? As required by law, the majority of SAFE members are not going to vote for this merger mistake...
The SAFE Board is "(fill in the blank)".
Negligent
ReplyDeleteFor sale
ReplyDeletein a world of hurt
ReplyDeletekilling or credit union w/o reason
ReplyDeleteSOL
ReplyDeleteshameful or shameless
ReplyDeletea terrible joke
ReplyDeletehttps://www.safefed.org/board-directors
ReplyDelete7:38 - well that is the wrong SAFE credit union. But I remember reading SAFE CA is the CU that touts "opportunities to network, grow your personal brand, and support initiatives that resonate with you" Growing my brand and network serves me, not members. Initiatives that resonate with me"? 10% CD rates and 1% loans resonate quite well. So you mean if I'm a SAFE Board member, I can bring and advocate for my own agenda? Is that what happened in the board merger vote? Merger not good for the members, but resonates with me? In their own words they are highlighting conflict with a board member's fiduciary duty of loyalty, which is to always put members interests above their own. So what happens when something resonates with me, but isn't in the best interests of membership? How do they vote? One certainty - the SAFE board members who voted to approve the merger, will take boeing seats, and then see their board pay increase from zero to 125,000 a year will no doubt grow their Seattle network. What they do to their own brand will be a matter of perspective, I guess.
DeleteSee 8:30 am post - There is another CU called SAFE in South Carolina. The 7:38 am post links there.
ReplyDeleteHere is a link to the California SAFE CU website:
https://www.safecu.org/about/safe-management