No Strings Attached?
The questions continue to grow over the impartiality of the decision by the SAFE Board to cancel the charter of SAFE Credit Union; and, to hand over $4 +billion in California member-assets to Boeing Employees Credit Union of Washington State - for free! 85 years of thriving, homegrown, Sacramento-based success and ownership - up in smoke for no apparent reason.
✔ Now even the propriety of the SAFE Board has been directly challenged [link]. That concern is now added to the mounting list of prior questions.
✅ Here's the Scorecard to date: 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 give away a financial institution with a fair market value 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], 5) if necessary, there are several better merger candidates in California [link], and just added 6) the "faux" Board commitments of April 21, 2026 [link].
😎 If you subscribe to our current "dog-eat-dog, anything goes" financial era, then it is hard to find fault with Boeing Employees Credit Union in this merger. They are getting a steal - literally! That's not surprising, since Boeing Employees Credit Union hired the top merger and acquisition (M&A) consultant in the U.S. - Jefferies [link] - to advise them.This merger is a "pure play" [link] for Boeing Employees Credit Union!
✔ The SAFE CEO and SAFE Board don't seem to have received equally astute M&A advice - if any - from their consultants on "this deal" - and it shows!
