A Resolution to the Board of Directors of State Employees Credit Union
Annual Membership Meeting
October 11, 2022
State Employees Credit Union is a not-for-profit cooperative
created in 1937 to serve the financial needs of North Carolina state employees,
public school employees and their families. Each member-owner of the Credit
Union is entitled to one vote - an equal voice - in determining the operation
and governance of their cooperative.
Over the last 85 years, SECU has been faithful to its
founding principles in seeking to provide the highest quality of financial
services - on a fair and equitable basis - at the lowest possible cost to all
members in North Carolina. The results of those efforts have been remarkable. SECU
is now the second largest credit union in the United States with over 2.6
million members and assets topping $50 billion.
The members are served locally through 275 SECU branch
offices – with at least one branch in every North Carolina County. In both
urban and rural settings, SECU has been committed to providing a full array of
services – loans, savings, investments, insurance, tax preparation, financial
counseling – locally, on a personal basis, in each branch office. Additionally,
the Credit Union owns and operates over 1200 Cashpoints ATMs providing
surcharge-free, 7x24x365 day member convenience in almost every North Carolina
crossroads community. Mobile and call center services give members full global,
anytime-you-like access to their accounts.
Despite these extensive systems, SECU is efficient and enjoys
one of the lowest costs of operations among all credit unions – large and small
- nationwide.
It is also worthwhile to note that SECU is and has always
been operated on a safe, sound, socially responsible basis. The Credit Union
has an unblemished record of unqualified CPA opinion audits and is soundly
rated by both State and Federal regulators – and has never been fined for
inappropriate practices. Over the entire 85-year history, SECU has always
operated “in the black” and has experienced growth each and every year in both members
and assets.
Growth, however, has never been the focus of SECU. Growth
has come from exceptional service and convenience, highly competitive rates,
minimal fees, and the firm, very vocal support of SECU’s member-owners. Independent
surveys have consistently found a 98% member-approval rating for the policies
and practices of their credit union. This year Forbes business magazine has,
unsurprisingly, ranked SECU as the best credit union in North Carolina.
Most noteworthy, SECU enjoys a sterling reputation built
upon high standards and the dedicated work of a committed staff, active
volunteer advisory boards, and excellent leadership from the Board of
Directors.
SECU employees have been charged with putting the members
first in every financial interaction by the SECU mission statement: “Do the Right Thing”. The vision
statement of SECU: “Send Us Your Mama”
assures that each member will be served fairly and with exceptional care. SECU
members are treated as if they owned the place, which they do!
All staff are salaried and receive neither monetary nor
productivity incentives, which might influence their decision-making and
adversely affect their fiduciary responsibility to each member. Integrity has
always been the hallmark of the SECU employees. The staff are trusted and
respected by the member-owners.
