✅ Credit unions have long championed our unique difference as member-owned cooperatives versus investor-owned banks. What is that unique difference? It's the "one member, one vote" democratic right to choose. In this instance, SAFE members' democratic right to vote on the demise of SAFE Credit Union.
😎 What should be done if that boast of a democratic right to choose appears to be a sham - "a Hobson's choice"? [As in "Take it, or leave it!"]
✔ "A Hobson's Choice" is a free choice in which only one thing is actually offered. The term is often used to describe an illusion that choices are available.
The SAFE Board of Directors has voted unanimously to merge SAFE Credit Union, one of California's finest, with Boeing Employees Credit Union located in Washington State. [link]
✔ The SAFE Board and CEO claim the merger will bring indistinct benefits to SAFE members. Independent assessments find otherwise:
✅ The "Otherwise" Credibility 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 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], 6) the "faux-ish" Board commitments of April 21, 2026 [link] with the questionable "34% increase in money returned to them" claim [link], and 7) the absence of an independent market valuation creating a fiduciary breach legal exposure [link].
😎 SAFE members will have the chance to vote on the proposed merger and dis-memberment of their credit union, what will their other choice be?
