Wednesday, March 22, 2023

SECU/LGFCU Merger Proposal - Here's What The Annual Meeting Resolution Said And Asked.

Verbatim Excerpt From The 2022 SECU Annual Meeting Resolution:  (overwhelmingly approved by the SECU members)

"2) Proposal to Merge Local Government FCU – SECU made an unsolicited offer to merge with Local Government Federal Credit Union. It is not clear why. LGFCU has been a strong partner with SECU for over 40 years in seeking to extend credit union services to N.C. local government employees, particularly in rural, economically strained counties. The offer to merge was rejected by the LGFCU Board of Directors and appears to have created such a climate of mistrust that LGFCU will discontinue working with SECU in the future.[see note 1 below]

If this separation occurs, local government employees – our fire fighters, policemen, first responders included – look to lose access to the SECU branch system, which they helped create. As an aside, the offer to merge if accepted would have been illegal, based on a 1981 ruling by the NC Supreme Court. [see note 2 below]

The fate of three other partner credit unions – N.C. Press Association CU (for North Carolina newspaper employees), Greater Kinston CU (the last existing N.C. African-American controlled credit union) and Latino CU (focused on North Carolinians of Hispanic backgrounds) – is yet to be determined.

Q: How would this merger have been beneficial to the current member-owners of SECU?"


 Notes:  Subsequent to the SECU Annual Meeting :

  1. The LGFCU Board voted to discontinue working with SECU beginning in March, 2024.
  2. The LGFCU Board voted to no longer provide branch service to fire fighters, policemen, first responders, and all other LGFCU members.'s what the new CEO LGFCU Dwayne Naylor said about the 2022 SECU Member Resolution, at the SECU Advisory Board Fireside Chat Meetings in November 2022. Check it out [link on NCSECU You Tube, Fireside Event -Full - 25:26]:
Mr. Naylor: Sorry I was not at the SECU Annual Meeting [25:26]..."because before the Resolution passed, I would have argued to have removed #2 because there was no factual evidence of that being true. I'm trying to stay away from the word lie." 
...Mr. Naylor is going to be given an opportunity very shortly to explain his interpretation of "lying" and what actually did occur with the "informal" [according to Chris Ayers] proposal to merge ... it should be interesting. Stay tuned!





  1. I believe Dewayne is against a wall here! He needs SECU to transition!

    1. I have little sympathy for him. He used the very paintbrush to paint himself into this corner. I hope LGFCU members hold him accountable Friday. It's THEIR credit union.

  2. "... because there was no factual evidence..." If I told my parents that there was no factual evidence that I broke their lamp, let's just say that wouldn't go over well.

  3. All of this is one big cluster. Who wins? Not the members that's for sure.

  4. Correct answer is No benefit for current-member owners of SECU. Biggest Losers: LGFCU Members. There is a but...Haze or maybe Laze would show growth of members and assets to SECU's bottom line...get the picture? "I am only focused on Growth."

    Can someone on the BOD or Executive Team please explain to him in technical terms he will understand, SECU is already 2nd largest in the nation and OUR Only focus has always been on our Members and Service.

    1. Growth to Jim Hayse means money. Lots of money. He wants that money. Why else does he want to open SECU up or started RBL charging "lower tier" members higher interest rates.

    2. My apologies, because I always want to be fair. His exact quote from Strategic Meeting 2021/2022: "I don't intend to have our credit union shrink in the future...growth is the only thing on my radar."

      As CEO: your radar should be directed toward SECU, our Membership and our Employees. I hate to mention the word some don't like to hear, but this method has worked quite well for the PAST 85 + years.

    3. So you saying the Board put someone in that SEAT who is all about self gain, a big thank you to Mr Ayers and the other 5.