Remember the BusinessNC article on SECU published back on February 1, 2023? In the article, the current leadership at SECU put forward Darrin McNeill, as a member who desperately needed business/commercial services from SECU. The implication then, as now with H. 410 - "The Anything Goes Credit Union Act", was that Mr. McNeill lived in some sort of financial desert there in Raeford, NC.
Thought it might be wise to take a little closer look at that claim...since there are a lot of preposterous claims being made these days over at the State Legislature.
Darrin McNeill is the owner of Serenity Therapeutic Services, a
150-employee mental health services company in Raeford and a 33-year
SECU member. A very successful entrepeneur! He said in the BNC article he was disappointed that SECU hasn’t made business
loans. “I feel I’ve never received the type of service from [other
lenders] as I have from SECU.” Is it too obvious to point out that "some local bank" has been helping Mr. McNeill become successful in his business over the last 33 years?
Don't know about the quality of the service at the banks in Raeford, but looks like there are at least 4 banks within @ 1 mile of Serenity's home office. [link]... not exactly a financial desert, right? Quality of service aside, what NC bankers have always claimed is that commercially-oriented credit unions would use their tax exempt advantage to under-price banks on the cost of services...and of course in "business", cost and expense control are king - price matters!
Creating Financial Deserts With H. 410