Saturday, June 10, 2023

SECU Transparency - Obtaining Monthly Financial Statements 

✔ Dear Mr. Blaine,

SECU provides updates on our financials to members in a number of ways:

  1. Detailed and audited annual financials in SECU’s Annual Report;
  2. Financial status report, updated quarterly, on our website; and
  3. Financial summaries shared quarterly in our Grassroots newsletter.

We will provide monthly summary financial statements that include balances for the major categories of assets, liabilities, equity, income, and expenses, to members on request through the Finance Department after the monthly Board meeting. The reports will be generally available the last week of the month.

We don’t get a high number of requests for these, so we’ll put a reminder out to our teams to make sure this is clear moving forward.


Rex Spivey 
✔ Dear Rex Spivey,

Thank you for your prompt explanation and response.

1) Would you please send me a copy of the April 30, 2023 financial statements?
2) Would you please provide the email address members should use to contact the Finance Department to request a copy in the future?
3) Will future member requests be fulfilled by email or by regular mail?

Thank you!
Jim Blaine



  1. But its June.........

  2. I have a feeling the practice of releasing this information going forward is about to change drastically….

    1. Prepare for another memo! The funny part is this blog is always two steps ahead and they are reactive. We should all hope for strength for Rex. This is a difficult situation for him to be in. My preference is you flood the inbox of the other guy hired off the street by Haze to be the mole in accounting. Let’s ask him for all the financials and see if his responses are prompt and eloquent as Rex’s. Let’s put Haze’s buddies to work!

    2. You think Mr Simple Math is capable of interacting with members?

  3. I remember the days when the monthly's were set on my chair ... charge offs were virtually nil ....

  4. "When you can't make them see the light, make them feel the heat."

    Ronald Reagan

  5. For all of you members and employees that always believed SECU to be a leader (if not THE leader) in deposit rates in the financial industry here’s where we are today. From March 2022 to present the Fed has raised rates 5.0% while SECU has raised it’s IRA rate a paltry 1.55% and their money market rate only 0.85%. From industry leader to back of the pack.

    Why? Because they desperately need to increase the Margin. What’s that you may ask? That’s the difference between deposit rates and loan rates. That difference (the Margin) pays for EVERYTHING at SECU from extravagant outside hires, to trips to Hawaii, to high priced “consultants, to the light bill, employee benefits and everything in between.They are losing assets and their expenses have increased dramatically. They need more money, the members be damned!

    And let’s not forget, loan rates have gone up like a rocket ship with the implementation of Discriminatory Based Lending further increasing the credit union’s margin. Where’s all the money going that both Savers AND Borrowers are getting screwed? These actions do not pass the smell test. It’s ineptitude or malfeasance, take your pick.

    #GiveUsOurTiesBack (see 3/9 post)


    1. this is all planned, they are manipulating our financial systems for their benefit

    2. The last time rates were like this, we were paying more than 4% on money markets and 5% on certificates. But, we put members first back then.

  6. Exactly WHAT and HOW MUCH is being hidden from the SECU Membership in This Hazy New Direction THEY are taking Us? It is becoming more and more TRANSPARENT, This New Administration is being allowed by This Board to withhold information from the MemberOwners of SECU.Their actions brings about the question WHY? I understand CFO Spivey had to ask permission to release this information that is already Owned by All the Members of SECU. For the past 86 years, SECU financial reports have always been made readily available upon request by any MemberOwner. As a SECU MemberOwner for the past 25+ years and a Credit Union Member of another Credit Union for the past 39 years - I am fully aware of Who Owns my Credit Unions. By the way, I received the Financials from my other Credit Union's Branch Manager the very same day I requested them which was Friday 6/9/23. This Board needs to realize I am not the only SECU Member who understands the urgency of taking corrective action now. This is Our Credit Union, the cooperative spirit of North Carolina State Employees founded SECU and we will maintain ownership. This Board needs to remove This CEO who has caused nothing but problems for the greatest credit union in the nation since his arrival in September 2021. You, This Board holds the power to do that. This credit union belongs to us, not Jim Hayes. The SECU employees deserved better than what you have given them. We, the MemberOwners deserve better. It is time to give SECU back to North Carolina.

  7. This blog really has been 2 steps ahead of the Hayes admin. For a villain ceo, he isn’t very good in execution.

  8. This old adage is still true: “If you dance with the devil, you are going to get burned.”