One of the polite requests made in the SECU 2022 Annual Meeting Resolution was for the SECU Board to simply explain its goals in seeking a merger with Local Government Federal Credit Union (LGFCU). (see the 3/22/2023 post for text).
As many of you know, the partnership between the two credit unions goes back over 40 years and was created to provide access to local credit union services for North Carolina municipal and county employees. The partnership benefited both credit unions, by enabling SECU to eventually reach every county in North Carolina through a cost sharing agreement. A cooperative partnership focused on the best interests of the people of North Carolina, over any "corporate ambitions" of either credit union. Both credit unions subscribed to the idea that "Members Come First"! And, what a success that ideal has proved to be, with LGFCU now serving 400,000 members with total assets of $4 billion.
The answer from the SECU Board about the merger proposal was: "SECU never made a "formal" offer to merge with LGFCU."
Mr. Dwayne Naylor, the newly appointed CEO of LGFCU said the following about the merger proposal: