Tuesday, October 11, 2022

2022 SECU Annual Meeting: How it All Got Started

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.