Monday, June 26, 2023

SECU New Culture/New Direction - A Question Of Trust, Part 4

 https://reporterslab.org/wp-content/uploads/2017/01/politifact-pants-on-fire.png

  Baseline. Prior to September, 2021, SECU had an uninterrupted 85-year record of growth in assets and membership, un-besmirched by sanction or scandal.

Timeline.  ๐Ÿ”บSeptember, 2021 - "New/New" arrives at SECU. ๐Ÿ”บ2022 - Chaos Ensues. ๐Ÿ”บOctober, 2022 - Annual meeting resolution๐Ÿ”บNovember/December, 2022 - Fireside Chats

๐Ÿ”† Here was the question asked in the Annual Meeting resolution about the issue of merging with Local Government Federal Credit Union:

"2) Proposal to Merge Local Government FCU – SECU made an unsolicited offer to merge with Local Government Federal Credit Union. It is not clear why."

Here is the Fireside Chat video response provided by SECU Board Chairman Chris Ayers to the membership of SECU [you can find it here:  - link: Fireside Chat Highlights at SECU website]

 ๐Ÿ”†  Chairman Ayers: "SECU never made a formal proposal to merge with Local Government Credit Union."
 

 Chris Ayers Image  A Question of Trust...

Mr. Ayers

Ever since you made that statement to the entire SECU membership - which the video indisputably documents - I have had difficulty believing anything you say - and here's why.

As mentioned in a prior post (6/24 - Part 2); during 2022, I began "receiving calls" from SECU staff, members, and former credit union colleagues expressing concerns about the new culture, new direction at SECU.  Retired, my involvement with SECU was long past. I did not solicit, nor encourage the calls.

Quite a few of those calls - starting early in 2022 - were concerns about a proposed merger between SECU and LGFCU. Many of those calls came from a wide variety of folks involved with LGFCU. Having worked with LGFCU for decades, I know well many of LGFCU staff, leaders, and Board members - both active and retired. Mr. Ayers, that proposal to merge was made by the leadership of SECU with your full knowledge and under your direction as Chair of the SECU Board of Directors. 

The proposal included substantial discussions of the fate of LGFCU staff, rebranding of SECU/CIVIC, the clear "threat" of SECU open membership to LGFCU's future, and tactics to sway the decision by the LGFCU Board. Those discussions went on from January 2022 through the early summer of 2022, until the LGFCU Board rejected merger outright. Mr. Ayers, you were directly and intimately involved with the merger proposal over this entire period.

For the record, I hope in this era of never-vanishing emails, universal digital surveillance and tracking, screenshots, and the power of cellphones to record and photograph; that you understand I'm not "guessing" about the facts in this matter. Do you want me to mention the date, time, place of conversations and meetings? How about some prompts like Taverna Agora, City Club, The Capital Grille - what was on the menu, who ordered what. Or, how about the almost unending, statewide string of emails and direct calls during this period from LGFCU EVP Dwayne Naylor (now LGFCU CEO), complaining about the coercion and intimidation being applied to LGFCU?

There are numerous, highly credible folks who have been directly and indirectly caught up with the fallout from the SECU merger proposal, who will come forward to testify as to what actually occurred. No one - including me - wants to be involved with the mess you have created at SECU and LGFCU - but they will if necessary.  You are accountable for your actions.   

Under any measure of fairness, Mr. Ayers you did not tell the truth to 2.7 million SECU members about the merger proposal made to LGFCU. Your statement was a blatant, intentional attempt to mislead. Hope these statements are succinct and not too subtle.  

Look forward to your public response - whether formal or informal - to the 2.7 million North Carolinians who have in the past put their trust in SECU. 

That is one thing which you should not have "changed".

 

  ... looks like it is time to play: "Truth or Consequences?"



 

75 comments:

  1. It just gets worse and worse. He needs to resign ASAP. Can the membership bring a petition to the Attorney General demanding this board's removal because of fraudulent behavior and neglect of fiduciary duty to the membership of BOTH credit unions? Could a caretaker board be appointed until October? Given this board's amoral behavior, is there any chance that some will resign? How has this board become so dug in with being right, when all the numbers show how wrong this board's policies are? How can this board, Chair Ayers leading the way, continue to lie their way across the state?

    ReplyDelete
    Replies
    1. Don't forget this board led by Bob Brinson and Chris Ayers hired Jim Hayes, responsible for bad investments at Wescorp which led to Wescorp's failure--largest failure in credit union history, costing NCSECU 120 million. Jim Hayes then came to NCSECU and very first thing, starting making those same types of bad investments, approved by this board--led by Chris Ayers. (Mark Flening, NCSECU "this board" member took Jim Hayes to his investment club meeting! LOL) What was that 6.5 million dollar pay out to Andrew FCU all about Mr. Ayers? You've had 2 years to work up a good "explanation" for that one. "No formal buy out was made."?

      Delete
    2. It is a Lose/Lose situation for This Board. The should have resigned months ago

      Delete
    3. I still can't believe Bob Brinson would turn his back on the members and employees of SECU like this. So disappointing for me, I've always liked the guy.

      Delete
  2. Heard Brady is going on another "fireside chat" circuit to let "some people" (another invite only?) know how wonderful life is for "some People" at NCSECU. Guess it'll be Brady and Ayers this time. Will they ever talk to the membership? Will Ayers and this board publish the list of attendees so we can give our advisory board members the questions we want answered? Remember how much Ayers loves transparency... Hmm he is transparent, as a liar.

    ReplyDelete
  3. MARK YOUR CALENDARS AND SHOW UP TO LET AYERS KNOW HOW YOU FEEL!
    Our Exec team is organizing a meeting to provide opportunities for member Advisory Board volunteers to meet with and hear updates from our new CEO and member of our Executive Team and Board of Directors. The date of the meeting is July 13th in RTP. All of you should have received an invitation for this last week.

    July 13 (Thursday) – Research Triangle Park REGISTER NOW
    Sheraton Imperial Hotel Raleigh-Durham Airport at Research Triangle Park 4700 Emperor Blvd Durham, NC 27703

    SEE IF THEY HAVE THE ARROGANCE TO HAVE POLICE THOW MEMMBERS OUT OF THE HOTEL.

    ReplyDelete
    Replies
    1. See you there Chis and Leigh.

      Delete
    2. Someone said they are billing this as the "WE Are SECU" tour? Was that correct? They have gutted the credit union so badly, it has to be reintroduced across the state. Embarrassing!

      Delete
    3. Who is we in "We are SECU? Chris, Alice, Jo Anne, Bob, McKinley, Mona, Mark, Ben, Thomas, Jennifer, Stelfanie. Oh, Leigh.

      Delete
  4. Are any other meetings sceduled around the state?
    Let us know the dates and we can get plenty of members there to ask Ayers why he hired Haze and why he lied about LGCU

    ReplyDelete
    Replies
    1. Just Asking...why haven't Ayers, Garland, Handford and the others thrown in the towel and walked? Too much concrete evidence against them. Obviously none of them will have the opportunity to take anymore from us

      Delete
    2. The way I see it they used 6.5 Million Dollars of our money to sabotage our credit union and it worked.

      Delete
  5. Need to let WRAL know to bring the camera crew to record us being loaded into the paddy wagon by the cops!

    ReplyDelete
    Replies
    1. Don't have to rush the doors. Bring a 'what the duck?' sign and stand outside in the road

      Delete
    2. What the duck sign. Love it.

      Delete
    3. Can't foresee WRAL broadcasting a group of members chanting "What the duck?" on the evening news.

      Delete
    4. Sheraton rtp has a bar. Why don't we go early and prepare.

      Delete
    5. Great chance to get 500 signatures, if you know what I mean.

      Delete
  6. Bet they cancel it for "Lack of interest."

    ReplyDelete
  7. Logo hat for protesters now available.

    https://www.ebay.com/itm/164849762095?var=0&mkevt=1&mkcid=1&mkrid=711-53200-19255-0&campid=5338590836&toolid=10044&customid=b2b323c29d6511d51999475b4cadb0eb

    ReplyDelete
    Replies
    1. pretty good! wish there was one with the blog's purple duck!!

      Delete
    2. Is there a purple duck hat with a full ski mask, so employees can pull it down and join in the fun?

      Delete
  8. Is there an issue with transactions today at SECU? My pin has not worked all day.

    ReplyDelete
    Replies
    1. I was at one of the Raleigh SECU branches today about 11:30 am. There to open a Share Term Certificate at the new 5.1% rate. While trying to open the account, with the manager helping me, MARGO, kept going down. The manager apologized for the slow MARGO system and said this was not the only problem today, members had been complaining all morning about not being able to use their PIN at the ATMs. Problems with entering new accounts. Problems with not being able to use the ATM because the PINs were not being recognized. This was a little unsettling since I was there to open an account with some of my retirement money.
      While waiting for MARGO to come back up, I asked the manager if he had heard anything about the possibility of IRA rates going up. They are currently 2%, yes 2%!!. Some other financial institutions in Raleigh are paying as much as 4%. I explained that I had always been faithful to SECU and kept all of my financials there, but, I am seriously looking at moving my IRA to a credit union paying 4%. He said, I understand, you have to look out for your own well being. I'm sure many other members have considered the same; perhaps many have already moved. Was told that the question had been asked about raising the interest rate on IRAs and were told NO. No discussion of an IRA rate increase. Although I hope that changes.
      Got my business taken care of and was about to leave the very nice branch managers office and asked for one of his business cards. He told me they were not allowed to have business cards. What?? Unbelievable!! He had to write his name on a generic card and gave that to me.
      Ladies and gentlemen, the problems SECU is having goes all the way from the bottom to the top, or more appropriately stated, from the top to the bottom. And who has created those problem? You guessed it; the BOD and the recently resigned CEO. They have put so many obstacles in place that the branch employees are not able to overcome them. All they can do is apologize to the members/owners. And there is no one in place Centrally who can quickly and easily resolve the system problems. As I understand it, those knowledgable enough to do anything have been run out. What a darn shame. What is the answer??

      Delete
    2. To employees: point any questions about PIN issues to this blog. The answers are all here.

      To members: ask SECU to pay you interest on the money you can't get out for the term of the PIN issues.

      Delete
    3. @ 4:07 : so sorry your experience was that way, I don’t blame you. Your manager is right though, you have to do what is right for you. If you think employees are going to try and retain you, it’s not going to happen. We don’t want to bank or work here either at this point to be honest

      Delete
  9. Since Mike Lord our CU was never the same. They hired gym haze to play puppet and he’d played the part well.

    What do you expect from someone that really has no allegiance in the CU movement. He really did a number here in SECU.

    ReplyDelete
    Replies
    1. Yes he did, but he was one man in a huge organization. Don't give a pass to those right by his side who made it easy for him to destroy what took so many others years to build.

      Delete
  10. I'm on an Advisory Board and this is the first I'm hearing about this meeting. We, members, definitely need to show up in great numbers. Suspect it will be like the fiasco in Greensboro where "they" talk and we "listen" UGH!!!

    ReplyDelete
    Replies
    1. Must not have been one of the"some People" that got an invite. I'm sure they will be screening folks at the door if they don't cancel it first.

      Delete
  11. Is simply voting out Ayers and crew even enough, given the damage they've done? Surely they don't get to just walk away from this, no doubt now much wealthier than they were in 2021. Is there nothing that can be done to hold them accountable for their villainous pillaging of our great institution?

    ReplyDelete
    Replies
    1. I have really tried to keep those thoughts from my judgement of this board but with more and more coming out each week. There is no other reason a volunteer board of a non profit would be doing the things this board has done.

      Delete
  12. Meeting dates : July 12 Greensboro, July 13 Research Triangle Area, July 18 Wilmington, July 19 Greenville, August 16 Charlotte, August 17 Asheville

    ReplyDelete
    Replies
    1. Can you tell me where in Asheville?

      Delete
    2. Greenville too! We always like a good excuse to party down East. Go Pirates, except those ones on the Board!

      Delete
    3. please give all meeting locations

      Delete
  13. "Online account access is currently unavailable*. Please try again later.?" 4:48 pm

    ReplyDelete
  14. IN CASE ANYONE IS KEEPING SCORE, THERE IS CURRENTLY A QUEUE OF OVER 1600 CALLS WAITING FOR THE CALL CENTER AS OF 6:30PM.

    ReplyDelete
    Replies
    1. I am assuming that cards are being blocked after multiple pin try’s forcing members to call! What a mess! Someone needs to hold Bomba accountable since he was the one that forced so much of our IT talent out ! There has never been this many IT major issues! This is just embarrassing !!

      Delete
    2. Call Center Employees,
      Thinking of you all tonight. Don't know what to say except we're sorry for what you guys are going through. Sooner or later this craziness has to end.
      Your coworkers in the branvhes

      Delete
    3. Boombastic has really screwed our systems up. They are worse now than they've ever been. I'm glad they finally got smart and shut ATM's down from Raleigh. They have no clue how much of an aggravation all of this is. THANKS JOSH - GREAT JOB!

      Delete
    4. Bombs and Benesh are really making their mark on SECU.

      Delete
    5. This reminds me of the system failure we had over New Years with the thousands of share rejects. Bomba was on the Exec Panel call with everyone and couldn't say why the issue occurred, how many member were affected, the cost of the failure, but simply said it was the cost of doing business. Meanwhile the branch network was left with the responsibility of collecting the funds while the Exex team moved on with their New/New. He's a disgrace to SECU.