To: The SECU Board of Directors
Dear Mr. Ayers,
Hard to run out of blog material with articles about SECU like the one in the Triangle Business Journal (3/6/2023):
TBJ - 3/6/2023
"Hayes said adding small-business lending is not a growth play. Instead, it’s service add for existing members. “We’re not looking to go out and compete with banks,” he said. “I don’t think we’re going to be financing John Kane’s new high-rise.”"
You know one of the benefits to the membership of those "All Employee" emails which Mr. Hayes has been sending out? Folks are able to keep up with what the CEO is actually saying internally, rather than publicly in the press. Here's another example:
"I'm more convinced than before that we need to build a 12/15 story building on Computer [that's Computer Drive in Raleigh - currently a branch site] overlooking North Hills and the [Interstate] 440.... it sure seems like that is going to be a real up and coming area for years to come. Affluent area. High Profile...seems like a really great place for everyone to be looking at our high rise office building."
[Perhaps Mr. Kane should take care...clearly SECU has ambitions in the building development arena as well as commercial lending!]
Chairman Ayers, one would assume that you and the SECU Board endorse and support this activity (an attitude!). Are you sure banks won't feel threatened? And, how do high rise office buildings in Raleigh help improve the economy in North Carolina's rural counties - over which you express such great concern?
Hey, there's more to come from misinformation in the article, but let's not waste time if the TBJ just got its facts mixed up. Is the SECU Board standing firmly behind these quotes or have you already asked for a retraction? Let us - the member-owners - know!
Here's looking at you ...and that high profile, affluent area Raleigh high rise in the future!
Mr. Hayes and the SECU Board appear to be changing SECU's culture alright. From one of substance to one of appearances and image (to the detriment of the members I would add). An old Texas saying comes to mind.....All Hat and No Cattle.
ReplyDeleteMr. Hayes has been back tracking the day he was brought on board.
ReplyDeleteYou say backtracking I say "B.S the day he was brought in".
DeleteJim is in it for the profit. Not our members, not for NC and most definitely not for SECU. He talks about building on the existing foundation of SECU. Psh! More like tearing it down and turning it into a monster. Boy oh boy does he like to spend esp on these new made up executive and EVP positions. These positions are mostly filled with folks from First citizens Bank and other commerical lenders. Heck, the person in charge of branches and MSS is from H&R Block!!
ReplyDeleteMaybe the H&R Block guy can bring back the tax preparation service
ReplyDeleteWait a minute, the guy running the branches from H&R Block cancelled the branch tax prep service because he couldn't figure out to make it run smoothly?
ReplyDeleteNo, one of the first things Jim disband our taxprep services and be done with Tax prep program. H&R Block guy came later.
DeleteProfit driven is definitely true. Members are speaking with their money, nearly $1billion in deposits walked out the door in January alone! Runoff the deposits to increase profits.
ReplyDeleteEveryone at first were open minded when he arrived. Then, real quick, folks started to be concerned. His emails to all staff are not professional. Multiple senior staff either "retired" or forced to move positions, no more promoting from within, outsiders from commerical banks in senior management positions, wanting to open SECU on Saturday, business accounts, managers forced to read a book about emotional intelligence, Cornerstone,"growth" driven. "Rebranding" SECU, dissolved the LRC, etc.... Morale is at an all time low because nobody knows what is going on or where as a company are we headed.
DeleteAgreed, except one thing. I think most know where the company is headed and don't like it.
DeleteJim Hayes already running to the press with an article “SECU Jim Hayes is getting the credit unions groove back?” In the traidbizjournal…Is that why all your employees went from loving this place to hating it overnight when you came here?
ReplyDeleteMight ask the H&R guy if he still owns stock in HRB. Shot at 100,000 new tax returns at @ $250 a pop sounds like a $25 million gift to NC HRB's
ReplyDeleteHayes is all fluff. Everyone knows Cornerstone is actually managing the place (Hayes can't handle it) and they have ZERO understanding of who we are and how to put members first.
ReplyDeleteCornerstone is a total joke! They are terrible advisors and our BOD should be taking a closer look at WHY they got brought in in the first place. They fail to present valid options and they DO NOT present all of the facts before making a recommendation. A joke just like the big guy and his cronies. No wonder we are being called Second Citizens now. Disgusting.
DeleteSeems like the board hired Jim Hayes, and he is doing exactly what the board wants him to do. He is irrelevant--it's the board who hires and fires the CEO and sets policy. he just does whatever they want him too. He's all air
ReplyDeleteAgree with that last one. Layoff the hired help; he is irrelevant. The Gang of Eleven need to be recalled, sooner the better.
ReplyDeleteWhat’s the process to recall the board?
DeleteThe damage is done. There is really no going back to Jim Hayes or this board. Employee trust between board/executive mgmt is done. Jim is basically in damage control at this point. No well thought out moves just sporadic terrible decisions every few weeks. I would say it’s just the board that’s the issue but Jim Hayes has a track record for doing this. He wrecked WesCorp and ruined Andrew’s Federal. This is nothing new
ReplyDeleteWhy did the board hire Hayes? I read it was a 6/5 vote in that Charlotte businees article. Unbelievable a board would do that.
ReplyDeleteI’ve heard that he was hired because he stated that he would not replace the executive board. However, half the board is now composed of external hires. Legacy employees don’t even bother applying for advanced positions anymore because it’s obvious that they want to bring in outside hires. Morale is awful and all we get from the executive board is lip service. They like to tell employees they are important, but their actions say something else.
DeleteJust look at all their LinkedIn profiles! Every single person is from outside SECU.
DeleteI worked while Mike Lord was there, he seemed to be a humble, hardworking guy. Hayes has the air of a politician. The modern version of shaking hands and kissing babies is apparently posting selfies with employees on LinkedIn. This used to be a place that honored humble, hardworking people. Now it’s become a place where outsiders can come in looking important in their power-pose headshots, nominate themselves for a few awards, kids each other’s butts on LinkedIn… and then they’ll all move on once the damage they’ve caused becomes apparent to members.
DeleteLet’s hope the NC State employees association can overturn the decision of RBL. If we can get that reversed…may the dominos start to fall?
ReplyDeleteWhat actual power and influence does this trade organization have?? None apparently, as RBL is still effective.
DeleteMy cousin knows someone who works there and they told me there is some serious issues in their technology departments too. Jim's lack of leadership seems to have a trickle down effect.
ReplyDeleteThat big building will cost alot gotta raise rates!
ReplyDelete