Mr. Dwayne Naylor, the current CEO at LGFCU, has proclaimed that the move to an all digital, no branch credit union structure (in less than 12 months) is at heart a quest by the LGFCU membership for independence. Not unexpectedly, Mr. Naylor has heard loudly otherwise at his Independence Summits; directly from the membership all across North Carolina; and from the folks at SECU, who have let him know his members already are "moving on and not coming back!" LGFCU members say he isn't listening...
Not sure why the LGFCU Board - which is a good one - is ignoring the members whom they serve? That has not been their track record over the last 40 years - as 400,000 members and $4 billion in assets clearly proves. Sure can't find a "leap into thin ayers" scheduled in the LGFCU Strategic Plan [link...LGFCU Strategic Plan].
If the LGFCU Board doesn't realize what's "going down" with the LGFCU membership, a couple of calls to long time credit union members will confirm that support for LGFCU is in "freefall" - and the descent will accelerate as "ground zero" in March, 2024 approaches.
What happened? As you'll note from the highly uncertain and ambiguous "answers" provided on the LGFCU website [link LGFCU..."Independence"]; while LGFCU may have been thinking about "independence" for 40 years, it definitely didn't have a thoughtful, nor tested, plan in place. The 4/7/2023 post noted, for example, that LGFCU is only now looking for a consumer loan and processing system.
Something doesn't seem to be "quite right" in all this. Why keep bringing it up? Because as "The Purple Duck" asked in that 4/7/2023 post: "Who would strategically plan to jump out of a plane without a parachute?"
The skeptics continue to suspect that LGFCU didn't jump, they were "pushed" .... by you know who.
This is not meant as a put-down, but 'tech savvy' is not an adjective I'd use to describe most of the LGFCU members I've served over the past 15-plus years.
ReplyDeleteObviously the LGFCU leadership and Board already know this too, but their hand was forced by Gym Haze and Airs.
Agreed. The majority of LGFCU members at our branch are NOT tech embracing people. They are upset and rightly so. We've suggested them joining with SECU if eligible but that's not possible for most. (Although, I'm not sure if coming to the SECU side is really much better. Thanks Gym & lemmings for running everything into the ground!)
DeleteOf course pushed by Jim Hayse and Chris Ayers. mafioso style. They gave them an offer that must refuse. It's also my understanding that LCCU is also wanting to part ways.
ReplyDeleteThe most important characteristic of any leader is trustworthiness, lose that and the game is over. Dwayne had every opportunity to do the right thing and at the end of the day he whiffed. What's happening and what will happen to LGFCU members is sad and disheartening but maybe they're better off. Who wants to trust an organization that has a leader that will lie to you. Shame on you Dwayne.
ReplyDeleteLGFCU members deserved better, sadly it appears they are not going to get it.
Many LGFCU are opening accounts with SECU (most are eligible through family member, etc.) so they can continue to have in-person/branch option--they have an established relationship with branch employees and this relationship is absolutely key to LGFCU AND SECU's success! The flight of LGFCU members is real!
ReplyDelete"There is a difference!" Our relationships with our members and ability to have empathy for individual circumstances is absolutely key to our success. We used to be so proud to boast that EVERYONE received the same interest rate despite unfortunate things happening to good people--which may lower their "golden ticket" credit score. We have done an amazing job with loan growth through recessions, COVID and other obstacles. WHY are we hyper-focused on market share and getting "A-paper back" when we have been extremely successful with giving EVERYONE the same opportunity to get the same rate? Growth for growth sake-no thank you! Our charge-off ratios are fantastic compared to "industry standard". Serving with compassion is our culture, whether is be lending or collections or financial counseling. Employees are struggling "getting on board" because they don't understand why we need a 180 degree transformation? Did LGFCU BOD realize that they were going to be forced into RBL as well?
At the LGFCU summits it was stated that SECU receives $70 million annually for servicing LGFCU. When questioned about the impact on financials at the Fireside Chats, Jim Hayes stated it would be a "wash" because of the cost of updating technology for LGFCU...a deeper dive into this math would be most transparent and assist with the urgency of this independence.
Oh, and 100% they were told to be out in 12 months per a LGFCU employee, who also said something about "falling on the sword"....??
It didn't have to be this way. #integrity
Charge off ratios were perfect until Jimmy decided to move them to a collections dept with 40 ppl. Boy oh boy was that a cluster.
DeleteJust sickening to think of all the great credit union leaders we have lost this past year because they would not be a part of the Haze New Destruction Plan. And replaced by ones that don't even know the difference between a credit union and a bank. Board of Directors need to wake up, this happening of direction/destruction is on your watch. Is this what you owe to SECU Membership?
DeleteI think after they “escape” or land, they will come out and speak the truth as to what really happened. Unfortunately at the time, they need good terms with Little Jimmy and SECU to allow a smooth transition. And I personally think the public should hold Jim Hayes accountable for LGFCU’s future and failure, if it comes to that. I don’t care if he is not their CEO
ReplyDeleteI agree. I think there is no question they were either pushed completely or offered an option that was too costly. If they had an option, I don't blame them for running in the opposite direction -- away from new SECU leadership. I feel for the members for losing branches, but SECU is going downhill.
DeleteJim Hayes and his Executive team minus one have done everything within their power to tear down SECU. But that was not enough for Hayes and followers, they went after LGFCU to destroy their credit union as well and it appears on this, they have succeeded.
ReplyDeleteThe SECU Board of Directors led by Chris Ayers who voted Hayes in as CEO on a 6 to 5 vote are responsible. Within the first 6 months, they should have realized the huge mistake their hiring decision was and limited his power to do more damage to the credit union. But, they have not acted on behalf of the Membership and continue to aid in the destruction.
SECU employees can't be bought out to get on board with their New Direction, because this new direction is taking the organization downward and backward at the same time. Standing in the way of this new direction are the majority of 7000 employees who have the inside knowledge of just how much damage has been done to our Members and Our Organization over the past year and a half.. Those who will not withhold the truth from Members and Advisory Board Members when asked, "what is happening to our credit union?" SECU Member Owners deserve to have an answer, we cannot afford to fail them in the way LGFCU Members have just been failed. The cost is too high, SECU is Our Credit Union, Member owned and Member ruled. And we owe them our Member Owners the truth, for without them we would be just a bank "the new direction".
This tells me 5 Board of Directors got it right on the hiring decision of Haze, are they still with us and if so, where are their voices. SECU Members are counting on you. Airs don't matter, we've already seen he can't be trusted to take care of our credit union. For whatever reason he has fully aligned himself with the CEO who came in to bring SECU to it's knees.
DeleteI would be interested to know who voted for him and who did not. Is that information available somewhere?
DeleteYeah, but it was typed in Transparent Sans
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