N.C. State Treasurer Speaks Out Against Un-SAFE Merger: A Raw Deal!

 

 "It does not take my expertise to know this is a raw deal."                         NC State Treasurer - Brad Briner *

✅ "My objections to the merger are threefold:"  [read full text here]

1. North Carolina and other states have witnessed multiple transactions involving a merger and we see the same results over and over – either higher costs or lower quality of care – and in some cases, both. 
2. The intended benefit of this transaction in capital investment over many years and the creation of a number of jobs, will likely occur without this consolidation. 
3. The effective sales price is ZERO. A promise of new capital investments and jobs that will most-certainly be created anyway means that authorizing this
   consolidation is selling for no real upside - and a lot of downside.

 😎 SAFE to say this sounds very familiar, doesn't it? 

* Briner was born in Dallas, Texas. He graduated from Phillips Exeter Academy, the University of North Carolina at Chapel Hill, and Harvard Business School.

  Yeah, but what does a State Treasurer know about finance? Just some nut, probably has a blog! 

The SAFE/Boeing Mega-Merger Mistake: "Can't Happen Here!"

   Comment Cluck-ery...

 ✅ Comments on the WakeMed post [link]:  "I by no means said or meant only a large CU COULD take us [SECU] over, it's that it WOULD never happen."

"What would be relevant and welcome is for you to challenge me on the actual point I was making, which is the notion of us being "taken over" by a small credit union is extremely improbable, silly, and not a practical reality." "It’s a theoretically possibility with as close to zero probability as it gets."  

   ... uh oh!

😎 Really hate [not really!] to bring this up, but in North Carolina in late 2024 - right under your beak! - CIVIC FCU took over Local Government FCU. [link]  The regulators called it a merger!

At that time:

• CIVIC had total assets of @ $120 million; LGFCU had @ $4 billion in assets. 
• CIVIC had @ 10,000 members; LGFCU had @ 400,000 members. 
• CIVIC was losing money; LGFCU had been profitable for 40+ years.
• CIVIC has in 2 years lost $1 billion in assets, lost 100,000 members and lost over -$175 million in net income.

😎 THIS MERGER WAS APPROVED BY ALL OF THE REGULATORS!

  Reckon they "missed something"... that everybody else could see?