To: SECU Board of Directors
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| Nothing "formal" of course... |
Dear Chairman Ayers,
Your inept hedging on the issue of SECU proposals to merge with Local Government FCU (LGFCU) will soon come home to roost to the detriment of you and the entire SECU Board - and of course to SECU's reputaion for forthrightness. Your "delicate" wording almost implies that no proposal was made, which as you and the entire SECU Board know, is not true.
LGFCU's Annual Membership Meeting is to be held on Friday, March 24, 2023 at 12:30 pm in the Raleigh Marriott Crabtree Valley. You and the SECU Board have forced LGFCU into a difficult box with your "informal" proposals last year to merge. With your "offer", SECU moved from being a trusted partner to a wolf-in-sheep's clothing predator to the good folks at LGFCU. You're kinda the new Brando, the new "Godfather" at SECU - "make 'em an ["informal"] offer they can't refuse".
And, having failed with the "informal" in-your-face merger proposal, it appears you are now slinking around the State Legislature seeking approval for "anybody can join" authority . Why that would mean in the future all LGFCU members could be eligible to join SECU! How coincidental! How cynical.
The dilemma for the Board at LGFCU is the loss of access to SECU branches - a deterioration in service which most of LGFCU's 400,000 members don't like and certainly don't want. LGFCU has told its' members "no branch service in the future". Instead, LGFCU will convert over to its' CIVIC FCU platform in 2024. Most folks are pretty sure that approach won't work - and certainly will fail, if SECU receives statutory approval from the Legislature to allow anybody and everybody to join.
LGFCU has tried for 5 years to develop CIVIC FCU into an all-digital credit union - it hasn't worked. Since CIVIC FCU was chartered in 2017, the credit union has barely reached $100 million in assets and now has less than 5,000 members - that's after 5+ years of operation. As a comparison, over the same 5 year period, LGFCU has added 80,000 members and increased assets by almost $2 billion to $3.9 billion. LGFCU is definitely between a rock and a hard place - and so are its' 400,000 members!
Reckless leadership always has consequences... in this case for hundreds of thousands of North Carolina county and municipal employees.
Guess..."If you can't join 'em , beat 'em" [up] - right? "Informally", of course...
Gotta vote Chris Ayers out. Unfortunately we are stuck with him until 2025.
ReplyDeleteI would think 2+ million members can force him and/or others off the board?
DeleteQuestion is will they?!
DeleteSECU's Hazy BOD: We don't want to be the next Blockbuster!
ReplyDeleteCornerstone: How about Twitter 2.0?
SECU's Hazy BOD: Take our (members') money!
#giveusourtiesback
ReplyDeleteMorale is very low in the branches
ReplyDeleteIt’s not any better in the operations departments. I don’t know anyone in my department that’s happy about the direction we’re going.
DeleteAs odd as this sounds, it's nice to know that it's not just branch level employees who are dissatisfied with what the credit union is turning into. I hate it's affecting us all negatively. As stated above, branch morale has absolutely tanked.
DeleteTalking about morale being low, just read the most recent reviews from employees on Glassdoor, not good. Employees who have worked at SECU for years and took all the modules and advanced modules, additional certifications, etc are getting overlooked by management as they scurry to bring in people from the outside. These people come in with no background of how the credit union operates, no history or experience working in different areas of the organization and they get everything they need and want right away. I would not be surprised if they justify laying off employees who have been there just to help offset the billions in assets that has suddenly disappeared in the last year.
ReplyDeleteHistory repeated. Go read reviews for Andrews FCU
DeleteEarly on from the visible concern of most SECU employees, they most likely did read those and alot more - it's a shame our BOD's didn't have the digital capabilities to do their own research. All this mess could have been prevented!
DeleteHuge lack of trust in the branches. Can’t believe anything that is said. They’ve taken the fun out of out jobs by creating specialist roles and devaluing the rest of the employees. Lies from the beginning from Hayes or at least not the whole truth. We all know the truth about LGFCU and the real reason behind tier based lending. The MLO scene is an asinine mess and waste of money. All the previous MLOs -now just mere MSRs- could be doing the job without overstaffing or understaffing of any branch. The MLOs are getting paid big bucks to sit around and wait for someone to come in or call and work 9-5 unlike the rest of the branch staff working 8:30-5:30 taking lots of members. We can all take an application and a paystub. We need value added back to our branch jobs and we need Hayes and the leadership to acknowledge we aren’t as stupid as they think we are. Even though most of the senior staff left the branches in Dec of 21-Aug of 22 in the push to hastily choose a path (non low life branch). It’s truly angering. We need better leadership. Notice how most of the praise on LinkedIn is from OUTside of SECU? You know they surveyed employees on our feelings and trust? Those results were never shared. So much for transparency. Bet they had their eyes opened if everyone answered truthfully!
ReplyDelete