SECU Financials - Slip Sliding Away

 To: SECU Board of Directors

 

Dear Chairman Ayers,

'Course everybody and his cousin in North Carolina are awaiting anxiously to find out if you and the SECU Board did the right thing on risk-based lending last night!

.... but appreciate that you and the SECU Board are hesitant to inform member-owners about what's going on at your credit union ....got to be careful about being too transparent with members, right?

And, understand that  "Legal" now has to tell you what to do and how to think...so everybody's cool, patient - don't worry -  members can wait for your decision. Hey, take your time, no members get hurt until you go ahead with RBL.

In the mean time... slip sliding away?

A little chart of asset growth over the last few years...

Time Period	Total Assets
12/2018	$38.8 Billion
12/2019	.$41.3 Billion
12/2020	$47.3 Billion
12/2021	$51.6 Billion
01/2022	$51.8 Billion
12/2022	$50..9 Billion
01/2023	$50.2 Billion

        

  SECU had 85 years of uninterrupted year-over-year asset growth! 

     What happened?...is this in your Strategic Plan?

Might want to raise savings rates before more folks fly south - and north, and east, and west!

 

 

 

SECU Risk-based Lening # 11

 To: SECU Board of Directors

Dear Chairman Ayers,

You could have easily avoided this...

The State Employees Association of North Carolina (SEANC) Governors' letter (representing @ 46,000 N.C. state employees) to Chairman Chris Ayers and the SECU Board rescind risk-based lending - now! - (passed unanimously 2/18/2023):

...looks kinda like the first duck has hit the fan.

Hope The SECU Board has reached the point where it can positively confirm to all members on Wednesday that... [link -top left, wait for "Hank! to load"]

 At the Board meeting tonight, just remember your mission statement: "Do the Right Thing!"