Here we go again...
SECU Board Chairman Chris Ayers stated boldly - and without blinking much - in the SECU Fireside Chat [link...at 7:42] video that LGFCU had been "strategically planning to become independent for years".
Well, if LGFCU had truely been planning to make an abrupt move to independence at the end of 2022, wouldn't you have bet that CEO Dwayne Naylor and staff at least had a strategic plan on how to make LGFCU members loans? Sure you would!
Take a look at the status of the current LGFCU strategic plan for lending as of April 4, 2023...
[Sorry this didn't display earlier. If you can't quite make it out; it's a screen-shot of a LGFCU senior exec asking - on a credit union list serve - for help in finding a third party consumer lender and processor...3 days ago. A blank pix and a "?" work just as well...]
... How does one strategically plan to jump out of a plane without a parachute! No more branches was wacky, no more loans....nah, there is, to quote Chairman Ayers, some "for years planning" underneath all this somewhere - hopefully so!
If they were truly planning this for years, they would have something better than what is being present to the members. I have been a member of LGFCU for years. As a member, I would stay with them if they said their hand is being forced and they are working on solutions. I am shocked if this is the best they can come up with after "years of planning".
ReplyDeleteEveryone would benefit if those two would just quit talking…
ReplyDeleteOr just quit.
DeleteIf LGFCU had been planning this for years, then things would be going much SMOOTHER… anyone with eyes can see this is rushed
ReplyDeleteAs an operations employee (SECU side), I can tell you, the separation was definitely NOT planned. It's been an absolute cluster you-know-what trying to help LGFCU become independent so far in 2023.
DeleteHonestly, I pity the LGFCU/Civic staff who have been tasked to pull this off in 12 months. God speed and good luck to them because it seems impossible. They also are dealing with their (rightfully) PO'd 400k members along the way.
I would like to get answers from these two guys about WHY the advisory board members were/are being withheld much information over the last couple months… why were managers specifically told NOT to inform advisory board members about RBL, LGFCU, etc months back? Aren’t they there to be sharing their voice and I don’t know… advise?
ReplyDeleteYou should ask them! Send an email or show up to the annual meeting and ask.
DeleteGood questions! But I don't think these two guys would give us honest answers. But maybe, there is a remnant of honesty left in our other five seated directors or previous directors who knows this New Direction is wrong for SECU and North Carolina.
DeleteI would like to see Hayes, the complete Exec Team and BOD to be asked to resign. Don’t know what it would take to replace them but I bet you they would not be missed. I want my old SECU back.
ReplyDeleteMembers are seeing the damage being done now. In one month, Risk Based Lending has gotten their attention. Willing to bet, SECU has lost more good auto loans than they have made the past 30 days. Long term SECU Members have already caught on to this shift/decline in service and they want their old SECU back as well.
DeleteAmen!
DeleteAmen!
Delete