The SAFE Board Sells Out Sacramento (SOS!)... And SAFE Members?

              Mind if we make off with your money? 

✅ According to the merger rules of the National Credit Union Administration: "The net worth of a credit union belongs to its members.  Payments to insiders, especially in the context of a voluntary merger where a credit union could choose to liquidate and distribute its net worth among its members, are distributions of the credit union's net worth.” 

✔ I GOT MINE!  The SAFE CEO and senior staff will pocket $14.56 million when this deal closes. Two SAFE Board will haul in $750,000 in board fees ($125,000 for 3 years each!)

Although the CEO and senior leadership team have decided to rake off @$15 million of your net worth ...

✔ THE GOOD NEWS:  $400+ MILLION IN CASH IS STILL UP FOR GRABS!!  WANT YOUR SHARE? 

The 250,000 SAFE members could collect up to $1,600 in cash each (@ $6,400 for a family of 4!). The SAFE Board and staff should look after SAFE members, instead of just themselves!  NCUA explicitly emphasizes the ownership rights of SAFE members to that $400+ million:  

 “... members' interest in the transaction extend beyond practical matters of access and service, because the merging federally-insured credit union's [SAFE's!] net worth belongs to the members."

The SAFE Board has the option of distributing that $400+ million to SAFE members - leaving the money with you in Sacramento where it belongs - and proceeding with the merger, if they still desire to do so.  

 

BECU would still make out like a bandit [link], acquiring $4 billion of SAFE's assets, branches and deposits all for free! BECU would become a $34 billion CU and remain very highly capitalized at @11% - well above the 7% well-capitalized, regulatory minimum required by NCUA. 

 

😎 Those "People Helping People" folks at BECU have no legitimate reason to pick your pocket!

 

✅ It's your money, why not keep it in your pocket and in your community? 

 

  Selling out SAFE, Selling out Sacramento... SOS, SOS!