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 SAFE Board of Directors and CEO Faye Nabhani stated these reasons to pull-the-plug on SAFE as a locally controlled, independent home-town business: "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 ❎
✔ Perhaps the SAFE Board and CEO should come out of hiding and fulfill their fiduciary responsibility to the Sacramento community by explaining their reasons for pulling-the-plug on 85 years of success ? YES ❎ NO ◻
