... Pssst!
It's All Really About The Members! Really, Trust Me.
✅ We've been taking a look at the credit union merger cash-grab blossoming nationwide [link - Godfather series]. Been using the SAFE/BECU merger proposal as an example to demonstrate the questionable economics, the lack of full and fair member disclosures, and the less than inspiring due diligence, which seem to underlie many of these hook-ups.
Clear confirmation of the predatory self-aggrandizement underlying these - "better-for-the-members" - fictions is now on full display in Southern California! California Coast and San Diego County credit unions have gotten into a major, merger cat brawl - in court and under oath !
Here are some quotes:
✔ California Coast Credit Union and San Diego County Credit Union (SDCCU) announced merger last year that’s turned into a legal spat .
✔ As the integration began, SDCCU says it uncovered serious governance and compliance red flags
✔ Cal Coast CEO Todd Lane said “I am a dictator and I run a dictatorship” according to sworn statement by SDCCU Chief Risk Officer Carolyn Kissick. “It doesn’t matter what I say or what I think, he’s going to do what he wants to do.”
✔ SDCCU has proposed putting its CEO, Teresa Campbell at the helm and take a 9-2 board majority, which in turn led to lawsuit by Cal Coast attempting to force merger consummation
😎 San Diego is literally stealing the show in California! If you want the raw truth about credit union "mega-me" mergers read it all right here: [link - "Stay Classy"]
