Saturday, March 11, 2023

The Uniqueness Of SECU - Worth Over $1 Billion + To SECU Members and North Carolina - (Note Pinocchio Update 3/12/2023)

 To: SECU Board of Directors

Dear Chairman Ayers,

*UPDATED 3/12/2023 - If you click on the link below to Dr. Jackson's report, you now receive the following message: "The page you are trying to access is no longer available". Wonder why the report "disappeared" suddenly after 5 years? More transparency by Mr. Ayers and the SECU Board? Seems to be a clear pattern developing here...not a pretty picture! 

Jennifer Haygood ImageStelfanie Williams

*Blocking a Blog is just silliness; but... you would have hoped that the two SECU Board members who work at UNC and Duke - Ms. Jennifer Haygood and Ms. Stelfanie Williams - might have objected to the censorship of an academic report from a university professor. But it appears a "Brave New World" attitude is par for the course on the SECU Board these days. Not sure that either university would endorse this "brown-shirted" approach to "transparency" - would the members, do you?

______________________________________________________  Do you know Dr. William E. Jackson, III? Dr. Jackson is currently a professor of management and finance at Culverhouse College of Business, University of Alabama. He is one of those scary-smart kind of people - MBA from Stanford, MA/Phd in Economics from the University of Chicago (nothing much scarier than ecoonmics via UC!), Google Scholar, Federal Reserve Consultant...and my favorite the Smith Foundation Endowed Chair of Business Integrity at the University of Alabama. Easily a peer of you and the members of the SECU Board, right?

While at the Kenan-Flagler business school at UNC-Chapel Hill, Dr. Jackson did a study of "The Financial Value of Membership in SECU" (2018), which you probably don't know can be found on the SECU website. The link is below: 


...the value of that "There Is A Difference" to SECU members was over $1 billion in 2018 (see table 3, page 10 for summary). Hope you and the SECU Board won't, through your current "new ideas", depreciate nor destroy that value.
And, y'know that little tax prep service which was dropped because it only served @ 100,000 SECU members - (and yes required some excellent, nimble, innovative management skills from branch leaders to "Do the right thing")...

...  in 2018 that one service alone saved 93,000 SECU (yep, less than affluent!) members over $16+ million (see page 12).

Isn't leaving $16 million bucks in the pockets of North Carolinians worth a little extra effort on your part?



  1. The thing about the internet is it's never gone:

    1. That link is to the 2014 study Dr. Jackson did. He did a study each year for several years. Wonder what the numbers would look like now?

  2. Good grief, I keep thinking that Hayes, Brady and the BOD's childishness has a limit somewhere but to their "credit" they keep proving me wrong.

    The members deserve better.