The discussion of the proposed acquisition of SAFE Credit Union by Boeing Employees' has heated up! The takeover has gained notoriety not because it is unique, but because it may foreshadow the demise of credit unions as cooperative financial alternatives. The irreversible paradigm shift, the canary in the cooperative coal mine.
"The new credit union will bring more value and benefits to our members and the communities we serve, with enhanced technology, increased community support, and more convenient banking services for members through all stages of their financial journeys."
✔ Let's check that statement out: [link here for broader 'Scorecard"]
1] Better rates YES ◻ NO ❎
2] Lower operating costs YES ◻ NO ❎
3] Enhanced technology YES ◻ NO ❎
4] More branches/ATMs YES ◻ NO ❎
5] Retain local ownership/control YES ◻ NO ❎
6] Assured increase in community support YES ◻ NO ❎
7] In-state California regulation YES ◻ NO ❎
8] Return of capital to SAFE members YES ◻ NO ❎
9] Member dialogue prior to agreement YES ◻ NO ❎
10] Will strengthen the Sacramento area YES ◻ NO ❎
✔ Without merging, every SAFE member can join BECU for free! But then, Ms. Nabhani and friends couldn't collect those mega-$$$ millions in merger payouts!
at some point the door will be shut and the members won't be invited back in ...
ReplyDeleteThe ultimate measure of a man is not where he stands in moments of comfort and convenience, but where stands at times of challenge and controversy.”
ReplyDelete--Martin Luther King, Jr.
Not sure how she looks in the mirror each morning. Love to hear her rationalization. It's got to be a doozy.
ReplyDeleteCEO Faye Nabhani stated these reasons to pull-the-plug on SAFE as a locally controlled, independent home-town business...
Delete1. Money in my "bank" account
2. Money in my "bank" account
3. Money in my "bank" account