Verbatim Excerpt From The 2022 SECU Annual Meeting Resolution: (overwhelmingly approved by the SECU members)
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 :
- The LGFCU Board voted to discontinue working with SECU beginning in March, 2024.
- The LGFCU Board voted to no longer provide branch service to fire fighters, policemen, first responders, and all other LGFCU members.