An oft-harped "reason" used to justify merger is management distress over outdated technology and the "overwhelming" costs required to go "digital". Seems to make sense... until you think about it. Failed leadership, not old technology, is the usual culprit in the decline of a credit union.
In the case of SAFE Credit Union, last century technology is not a problem creating a need to merge. Actually the opposite is true. How do you know? Because SAFE CEO Faye Nabhani says: "In her role with SAFE Credit Union, Faye was the strategic leader and executive sponsor of SAFE’s core system conversion to Fiserv DNA, completed in April 2022. "
Not so with Boeing Employees Credit Union which has not made the latest transition to its Fiserv DNA software - a high risk, highly expensive, and often member-disruptive opportunity for misadventure. The proposal to merge will be a step back in tech-time for the member-owners of SAFE.
So, lets add "Issuing A Blank Check For A Future Tech Wreck?" to round out our Top 10 list of reasons that the Board/CEO give-away of SAFE Credit Union just doesn't add up.
✅ The "Mal-Merger" Incredibility Scorecard: 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 over $400+ million [link] without member compensation, 3) the current cost of operating SAFE is superior (much lower!) [link] than BECU, 4) current services/rates at SAFE are equal or better [link] than BECU, 5) if necessary, there are several better CU merger candidates in California [link], 6) the "faux-ish" Board "future" community commitments of April 21, 2026 [link] and questionable "increased returns" claims [link], 7) the absence of an independent market valuation of the merger creating a fiduciary legal exposure [link], 8) the lost of local independence and autonomy [link], 9) no greater access to branches [link], and 10) less advanced technology [link].
