The SAFE/BECU Mega Merger: More "Me/Me' Than Meets The Eye?

  ...Who nose?

We sniffed around a little yesterday on the question of what actually went down this week at the SAFE Annual Meeting [link].  Clearly some believe the SAFE Board has a "leg up attitude" toward  SAFE members rights and the survival of the Credit Union.

✅ The financial logic underlying this merger with Boeing Employees Credit Union in Washington State certainly has lots of leaks. In prior posts, it has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to giveaway a financial institution worth between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], and 5) there are several better merger candidates in California [link].

✔ All of Sacramento and 245,000 existing SAFE members are losing out in this "deal".

✅  From the SAFE meeting link above: "With that in mind, 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, bringing this hallmark program to the Sacramento region. This grant program provides eligible members up to $8,000 to put towards a down payment or closing cost assistance for first home purchases.
• 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 region community."
  

  😎 Let's "parse"* those two out!  [* To parse: to analyze a statement to discover its real implications]   

  1) The $500,000 First Time Homebuyer Grants is a commitment by the SAFE Board to give SAFE members back $500,000 of the equity which already belongs to them, which is  good. It will reduce the amount of the members' money being given away by the SAFE Board to Boeing Employees Credit Union from $400+ million to $399.5+ million. 

  2) The additional $1 million philanthropic investment commits to give $1 million more of the members' equity than planned for one year. This too is good! It will reduce the amount of the members' money being given by the SAFE Board to Boeing Employees Credit Union from $400+ million to $399+ million.

   3) At face value, these two commitments, taken together, appear to reduce the giveaway of the credit union by the SAFE Board from $400+ million to $398.5 million. Creating a somewhat better - really, really bad deal!

   4) Note however that these two new commitments are not effective until after the merger is completed. So the current net financial benefit of these SAFE Board "commitments" is zero. Suppose that the SAFE Board hoped the members wouldn't notice!

   5) Either way the SAFE membership is out $400+ million and the Sacramento community is left "hy & drant".

  .  Frankly, it's lookin' more and more like a "double leg lifter" by the Board!  

• 
  

  
  

   

   

   

   

   

   

   

•