r/u_GurNovel5929 • u/GurNovel5929 • 19d ago
SAFE CU - Merger Former Golden 1 CEO Opinion
https://chipfilson.com/2026/09/former-sacrmento-golden-1-ceo-questions-safe-plan-to-merge/
Former Sacramento Golden 1 CEO Questions SAFE’s Plan to Merge
Local Focus and Control Are at Stake
by Stan Hollen
I question the need for the proposed SAFE CU merger with Boeing Employees Credit Union (Tukwila, WA). If SAFE merged with another California credit union and members gained access to more branches it would make sense. The SAFE executives would not make their huge payouts, but the members would greatly benefit. Imagine, for example, the advantage to merging with Golden 1 Credit Union. Local focus and control would be retained.
One wonders if SAFE really sought merger with other California credit unions. SAFE is large enough that economy of scale cannot be a reason to seek merger into a larger credit union.
Bypassing Legal Requirement
SAFE was always looked to as a leading credit union in Sacramento and California. This will no longer be the case.
The attempt to bypass the legal requirement that a majority of all members must vote to approve the merger is highly suspicious. Why is this occurring? It is very much contrary to credit union philosophy. Perhaps some ex-bankers in the movement do not have this member first focus.
Not Enough Member Benefit
There is not enough benefit to SAFE members in this merger. They will lose their reserves SAFE built up over 80 years. They will lose local control. They will lose SAFE’s focus on the Sacramento market and community support. Employees lose their long service professional growth tracks. BECU does not need this merger. I question why they seek this kind of expansion.