... Fast Cash?
✅ Benefits Plan Will Impact WesCorp Losses
By Heather Anderson | Updated on December 16, 2009
Two "unusual expenses" are preventing executives from projecting year-end numbers, Chief Financial Officer Jim Hayes told members yesterday in Western Corporate Federal Credit Union's monthly financial webcast. WesCorp discontinued its defined benefit plan as of Nov.1, - [under Mr. Hayes' watch!] - and may expense $14 million related to the plan this year, he said.
Additionally, WesCorp will expense $500,000 to cover potential legal costs associated with the negligence and breach of a fiduciary duty law suit filed against current - [including Mr. Hayes] -and former WesCorp employees and volunteers ["that" Board], Hayes said.
.... is "this Board" paying a smiling bonus?
✅ It was publicly known when Wescorp failed that the fired CEO Bob Siravo received a $6 million benefit payout from Wescorp. It is not as well known how much "other employees" at Wescorp benefited from cashing out on a conserved and bankrupt credit union. Do y'all happen to know?
✅ BTW, would y'all tell us (we're member-owners y'know) why you sent Andrews FCU a check for $6.5 million in September, 2021? The rumors floating around Andrews FCU about buying out his contract, paying off his loans, signing and recruitment bonuses can't be true, can they?
✅ Might be helpful for "this Board" to send the staff and membership another one of your "all signatures" letters of "explanation".
✅ In case you "don't remember" what you approved, the exact figure is $6,568,261.85 . Look forward to you killing off those rumors, before you finish killing off the soul of SECU!
What the hockey puck did I just read?
ReplyDeleteYou just read the Same Board who implemented Risk Based Lending on your members - wasted over Six Million dollars of our money just to walk Hayes out the door at AFCU and into North Carolina to destroy our lives. Insanity! Accepting their resignations is actually too good for them, they should have to pay back what they cost us North Carolina workers.
DeleteTheir website is cute, but how are they gonna debunk this? Are you just going to call Mr. Blaine and the employees that agree with him “cowards”?
ReplyDeleteThe first coward is their 6.5 million dollar hazy baby who after all the big talks ran away instead of staying and fighting. No face.
DeleteWow…. So disturbing!!!
ReplyDeleteBet “this board” will tell you that they cannot comment on things you’re not supposed to know about.
ReplyDeleteWTF!?!?
ReplyDeleteWHAT? This imbecile is worth 6.5 million??? THIS board paid 6.5 million to bring this bozo "INTO" our doors? No wonder he was strutting around like a peacock.
ReplyDeleteWhat did THIS board see him in to do that when we are all "STILL" waiting for a measly pay raise. Being the 2nd largest credit union, bet even external candidates were ready to come in like any other regular employee.
Loyalty is NEVER rewarded. That's why pompous Bombastica and his side kick cronies came in at a higher position than the one they held or came in and promoted themselves. And all for TOP dollars. Disloyalty always pays big bucks. No wonder they introduced FREEDOM COUNSELING.
What's the motivation here? How's the board going to answer this? Why was this nugget hidden away all these months? WHO gave such a GLOWING recommendation that board spent $$6,568,261.85 of members money without letting the members, the OWNERS know?
Freedom Counseling needs to be struck from the language of an SECU employee. Culture needs to watch their own learning points, bullying is not allowed at SECU.
DeleteIt's not just culture club. The new management hired also go around threatening the same to their subordinates and long term employees have just up and left because of this ill treatment. They need to be reined in. When questioned the answer is this is how it was in our previous work places, it's the standard. They only got that position because the hazy regime wanted to be surrounded by like-minded people, NOT because the long term employees were ineffective. And the legacies in the top have started doing the same.
DeleteNow we have all seen how effective industry standard has helped improve SECU. This is industry standard talk needs to be reeled in so employees can breathe and do their work.
Industry standard is well below SECU standards. The past two years and these employees Haze Admin brought in is proof of that statement.
DeleteJustEmmaBeingEmma
DeleteThis is a jaw-dropping post!! If this is true that the board paid Andrew's $6.5 million to get Jim Hayes, when we had so many qualified employees they all need to resign immediately. Everything else this board has done is shameful but this is the cherry on top. They all must resign and resign now. You've wasted member money, pushed forward your lies, and severely damaged the reputation of this great organization. We are better off without this board, Gym Hayes, and many others brought in that have tried to destroy SECU with their ineptitude. Please resign, you are volunteers. Why stay when you are not wanted? To the others, please leave like Gym Hayes has before you do anymore damage.
ReplyDeleteThe dedicated and true SECU employees will rebuild and restore SECU. NO NEW CULTURE NEEDED!
This BOD has gotta go and go now. They are the cancer and it needs to be treated.
ReplyDeletePREPARE FOR THE FLYER CAMPAIGN, BOD
ReplyDeletePlease God don’t put them on the atms because managers will have to spend their nights and weekends driving around taking them down. Instead, hand them out at the door of every office
DeleteI'm here for this! We have to figure out how to let members know what is going on!!!
Delete$6.5 million to bring Hayes in so that SECU can lose $3 billion, charge members 11% on a car loan, gut the branches, lose excellent employees, screw the contact center, hire SVPs of absurdity, and outsource IT after they've added hundreds to the department. Outrageous! What is in it for the board?
ReplyDeleteYea, what’s in it for the BOD, just can’t figure that part out?! What are they getting in return & when will we all find that out?
Deletehaven't figured it out yet but it's getting warmer ...
Delete... follow the money it always reveals the truth. Which is what the board is trying to hide.
Drip, drip, drip .. leak, leak, leak...
Deletewasn't this board & CEO warned of the leaks within SECU by a previous CEO? He seemed to be amused at the presence of them, a tool used in keeping everyone honest, but of course you would have to be honest to appreciate them yourself.
INSIDE JOB / OVERLAY
ReplyDeleteMY OPINION….
1… How we got there … a few influencers on the Board with the wrong ideas riding and hiding in the clouds of the pandemic over the past few years.
2…The Bubble … 20 months of poor decisions and actions must be identified and addressed.
3…The Crisis … DIMINISHING … Member focus – SECU reputation – Staff confidence …
4…Accountability … The Board must see that Mr. Hayes is not the principal problem at SECU; he never was. Do the right thing.
5…Where are we now … risk continues to be high for the overall health of the membership.
*…. Action needed … The complexity and simplicity of the State Employee’s Credit Union seem to exceed the capacity of current decision-makers. Legacy management needs to be reinstated in all major areas.
Much better factual description of where SECU has been for the past two years than any of the wasted words coming out of Executive Team meetings
DeleteWill "this Board" dig in and stonewall? Or go? Leave the new/new election process in place because they just love doing the right thing for the credit union and its members, those folks of modest means who aren't smart enough to know what's good for them. Only "this Board" knows...
ReplyDeleteOh no, they did not! With that information the whole Board should be up for immediate dismissal - resignations or not. This needs to be publicized so the whole state can see just how worthless the folks on this Board have turned out to be. Would some one please give the two Board of Directors names who resigned after Hayes was hired, so we can at least recognize these two had integrity.
ReplyDeleteThey really think employees would put their names on these comments?😂😂😂 are you crazy, BOD? I love secu, but I also have to pay bills and if we start revealing who we are…we know the culture department will be jabbering us the moment we login and probably fire us.
ReplyDeleteOh, is the Board wanting to hear from employees now? Too little too late. Should have listened to former SECU Leaders in the beginning.
DeleteWould someone please wake me up from this nightmare? Has the Board revoked Gym’s approval authority so that he can’t do any more damage? Computer access removed? Send him home. He is not worthy of breathing the air in our buildings.
ReplyDeleteOver Six Million dollars just to Andrews Federal Credit Union for the ability to hire this pile of Haze. Just exactly how much of our money did This Board pour down the drain on this guy? We as members have a right to know. Our CEO should have come from within SECU in the beginning and we would not have lost all our money. The Board is accountable for all this mess.
ReplyDeleteIf $6.5 million was effectively the signing bonus, I wonder what his annual salary was?
DeleteWhat about the remainder of Hayes's contract? Is there a golden parachute? Since he resigned, does he forfeit that? Or was he offered a deal to leave? Opens up a lot more questions than answers.
DeleteAll these losses, how can they, the Directors and many on the Executive team still show their face?
Deletethat was my first thought, bet he took $$ on his way out the door. That's industry standard ...
DeleteThe executive team is still going around shamelessly. "BUSINESS" as usual right Bombastica?
DeleteThis executive team has had plenty of practice putting on a performance for the past couple years with their ring leader. They been taking care of themselves, not credit union business.
DeleteWho authorized and signed this 6.5 million dollar check?
DeleteI do wonder if the “legal” folks thought to write anything about recouping any of that “signing bonus” into his current contract.
ReplyDeleteSurvey says NO. No contingency since they are all too smart for THEIR own good.
DeleteI hate it for Ms Brady but if this can be proved - the waste of over 6 Million dollars of our money just to buy out Hayes's contract - this could change everything over the next few months. As a member I will not honor their next choice of appointment of CEO, they are clearly unworthy and incompetent to make decisions for the credit union on our behalf. Could a state wide petition from the membership be of any help in stopping this nonsense now?
ReplyDeleteas for Ms Brady...
Delete"It takes many good deeds to build a good reputation, and only one bad one to lose it."
Benjamin Franklin
unless there is an about face, she won't survive this turmoil as CEO. But hey Andrews FCU might be hiring, they probably have some extra bonus money laying around... I mean let the favors continue no?
DeleteWinning over those who really know you is often an unachievable goal.
DeleteWhere is the fiduciary responsibility of the Board to the member owners???
ReplyDeleteJust curious, who had the ability to authorize that payment? Who signed the check? Were those funds sent to Andrews by authority of the current board?
ReplyDeleteI am gonna have to come back and comment more later because I am mad and fill betrayed!! 6 million dollars really ? I have 5 year employees on the front line working to death. Putting in OT to try and keep up with the work and I can hardly get them to 48k a year. It takes weeks, months to get jobs posted and guess what when we do hire and train then they leave and do the same job for more money and you are forking over 6 million for a crook? I am at a loss! There is Nothing you can do or nothing LB can do that will gain my trust except go! The employees (backbone ) of SECU are fed up and done!!
ReplyDeleteThe moving forward email from the new (LB) indicted her past great leaders! Did you ever stand your ground to the board and Hayes , did you seek Mr Blaine or Mr Lords advice? No, not that anyone is aware of. You stood by and let lives get uprooted to good people, most you pretended to be friends with. Shame on you !I am sure Mr Blaine and Mr. Lord would have lead you in a positive direction. Leigh most employees feel your Hayes in a skirt. All eyes are on you!
DeleteThat schamltzy email hit all the marks. It was her personal marketing campaign.
I didn't like seeing Mr Blaine and Mr Lord's name being used in the same sentence as Gym Haze. Would be better for SECU if we could just erase the past two years.
DeleteGonna take some cold hard truth to get all this crap cleaned out at SECU. Using all the HR, Culture and Legal rhetoric you have in your vocabulary will not fix a thing.
DeleteThis information proves These Board members have no ethics. Their blind loyalty to their choice of CEO Jim Hayes proves they did not fulfill their Fiduciary duty to act in the best interests of the member owners of SECU. As things began to crumble and certain truths saw the light of day. We now have hidden pertinent facts regarding his hiring, seemingly continuing to point to more questions than answers. Exactly why and for whose benefit was Hayes hired?
ReplyDeleteThe difference between Jim Blaine and whatever you call the new secu…is Mr. Blaine has established credibility. He has led SECU to what it is. Without any controversy. The reason I came to secu, not knowing who JB was or how secu was ran, because I’ve always heard through word of mouth how great of a place it is to work. Do you ever hear people bragging about working for Wells Fargo, Truist, BOA, Allegacy, Navy Federal etc…not really besides their paycheck….Once I came here, I realized what SECU was…a pro worker culture that invested in its employees…when you invest in the staff and take care of the staff….you get good member service. There is a reason why people come in the branch to do just a simple transfer…they can use the app, but they want to see the employees. You can’t just automate that experience to cut costs. That’s why we are different. That’s why nobody likes the other places. It’s no secret that is the goal. Reduce staff. Cut costs. Enrich the c-suites. ITMs, chatbots, AI….wake up people. It’s not meant to coincide with the workers..it’s meant to reduce your labor value and eventually do away with your job
ReplyDeleteI can think of two possibly three Board of Directors who could still do the right thing at this week's Board Meeting. Question is would they be the ones to appoint the other eight seats which would need to be filled?
ReplyDeleteBombshell. Unbelievable. Unacceptable….. nail in the coffin
ReplyDeleteIs Hayes still going to the office? Until July 31?
ReplyDeleteHis new job starts July 31. I understand he is already gone from us. Thank God!! He literally should never been hired by this board. Anxious to hear what happens tomorrow night at their meeting. They all need to resign!!
DeleteHe was online today. Creating a false website trying to misrepresent the truth.
DeleteI’m still waiting to see his smiling face on the employees not working here anymore email.
DeleteMaybe Triangle Business Journal would give him some more print time to spread some more of that 1983 lie on technology or how those folks at SECU will never get their groove back now that he has left the building.
DeleteIf they want to print the truth, it should go something like this: Jim Hayes came to NC and underestimated the collective power of the Members and Employees who are willing to fight for the future of North Carolina State Employees Credit Union. Their credit union is more than a financial institution. It is a cooperative owned by it's members. It is a movement of people helping people started in 1937 and still going strong. It is an organization where doing the right thing will always be in style. It is an organization where Send us your Mama attracts more business than any tv ad or Superbowl ads. It is an organization where anyone wanting to serve others with a humble heart will always be welcome. And we're not much into the groove thing, or following fads and gimmicks, we don't mind going against the grain to fulfill our members' needs. State Employees Credit Union is where our members belong and where They will always be the ones who are the most important individuals in our credit union.
@10.13 I could not agree with your comment more. Send it to WRAL, CU Times and TBJ. Let’s get the SECU groove back and show this board who the real bosses are-THE MEMBERS.
DeleteYes to all the above. And get rid of the "this is the industry standard" lame excuse. Exactly what industry? And don't say banking. We were better than that until This Board brought in This Group who set about to destroy everything others have built.
DeleteSpot on! All those phrases that Ms Garland's loves to hear. Time to go Alice, your services are no longer needed at SECU. You've spent your last dollar of our money.
DeleteNot that Jim is gone it's time for his pals to be purged from SECU. Bunch of puffed up peacocks.
Deletedrip drip drip the information keeps coming and it ain't looking good ... wonder if we'll get to see the year end reports or will those be sequestered by the board and legal?
ReplyDeleteIf I were a Director, I would be concerned about the rest of the story leaking out...washing their hands won't make a difference. Resignations is all that is left for them.
DeleteCan’t wait to see Hayes on the daily no longer employed mug shot list!!
ReplyDeleteCan’t wait to see if they actually list him!!
DeleteAnd all his cronies following his.
DeleteHayes should be posted on there just like everyone else who has left has been!
DeleteWhen employees who worked for years and 'retired' got on the list, this 6.5 million dollar scum bag who took off after causing a huge loss should definitely be heading the list.
DeleteThis needs to be reported to the local media across the state. Our fellow members need to know what is going on at SECU so we can save this organization. Folks please post and share on Facebook. What the board has done needs to be brought out of the shadows.
ReplyDeletePaying off his LOANS??? Signing bonus? What exactly was the Hayes starting salary? Better yet, we need to request the information on all salaries paid to the Hayes Executive Team members. Since we own the place, can't we as members request this information and it have to be provided upon request?
ReplyDeleteIs their Board Meeting on Tuesday or Wednesday of this week?
ReplyDeleteI am in shock reading this. How in the world did this board have such authority to pay $6.5 million to buy out his contract just to bring his sorry a$$ into our SECU? And how was this done in secret? Where are the flyers? I’m ready to pass some out to get this board out!
ReplyDeleteThis proves nothing this group decides should be implemented at SECU, they have already done enough damage. A group of high school kids could have done a better job than these people, not meant to reflect badly on teenagers, I have two myself and I know they wouldn't have thrown away over 6 Mil. on someone like this CEO. Disgusting,!
DeleteDid they purchase his house in Virginia as part of a relocation benefit? Still egregious, but tells you to look for the money in a different place.
ReplyDeleteSigning bonus itself sounds wrong. Why would anyone pay off his loans? Was he that impressive that they do payoff his loans too to make him come here?
ReplyDeleteWHAT WAS & IS THE BOARD SMOKING? Must be something legit good. Damn!
Hey Board, before you resign. How about raising those deposit rates? Been waiting since January for a bump, quit wasting our money and return the profits back to us. You have already wasted enough of our money on Hayes and Team.
ReplyDeleteSo, they "allegedly" paid $6.5MILLION for Jimmy. How much was paid for his friend Carl Seabrook who is also from Andrews Federal Credit Union 🚨🚨🚨🚨🚨🚨, H&R Block Jarred, Emma and Bomba's good friends from First Citizens? Who I might add are placed in EVP and associate EVP positions (not at all suspicious). I'm pretty sure none of these folks took a pay cut coming here. Nothing says corruption than hiring your best pals, place them in C-Suit positions, give them sign on bonus, immediately give them full PTO that the rest of us peasants have to build and tell us not everyone will get a pay increase. Bull shit!
ReplyDeleteToo much money been flowing into the wrong hands at SECU to honor any decisions this Board has made. Got to question just how much of this everyone on Executive team knew and went along with for their own personal gain?
Deleteand then tell the "legacy" workers to go find your groove somewhere else after years were spent building up this organization. Talk about a slap in the face... well that's what the new/new brought with them!
DeleteJust saw this 6.5 mil payout to Hayes' former credit union. What the $$$$! So in essence this Board paid off AFCU for allowing them to bring Jim Hayes in to sabotage our credit union? These directors need to get out of our credit union before they are thrown out. We have had enough of their arrogance and ignorance.
ReplyDeleteBrady bunch: The most inept people with a big chip on their shoulder and boosted egos who know everything and lack nothing. They are doing exactly what people like them normally do. Going about doing their BUSINESS.
ReplyDeleteUs simpletons: We dunderheads should do exactly people like us normally do. Get them ALL out and go about our BUSINESS.
Every single hazy era hire and promotion needs to be rolled back to be fair to all long term employees. The sign on bonus, relocation expenses need to be cut out and if possible get reimbursed from those who benefited by this.
DeleteIn the same breadth, all the non techies in tech area needs to be corrected. This happened pre-haze era too and has only gotten worse. High time this is fixed, so going forward correct decisions can be made and SECU can start healing & recovering by gaining the trust and ground lost.
What does SECU Legal mean not reminding all these folks North Carolina is an employee at will state - don't really have to give a reason for dismissal from employment - unless of course you were stupid enough to sign on a bunch of employment contracts. Were you?
Delete@ 10:30 AM
DeleteAny guesses?
Looks like Mr. Hayes' Contract was for two years. Amazing how quickly one can wreck a place with this Boards' encouragement. 85 years of wild success and then Hayes and this board come along....
ReplyDeleteLeigh Brady and this board will not survive all these outrageous unbelievable actions and decisions made at the expense of OUR credit union, with OUR $$$. They need to be reminded we are MEMBER OWNED not CEO or BOARD owned. They all have to GO!!! Brady and this board have lost all credibility - the sooner they are gone, the better. Annual meeting will be a total blast this year - if they let any of us in the building!!! We can't afford to wait until October!!!
ReplyDeleteSo this board hired Hayes for 2 years, to bring NCSECU up to industry standards, according to Alice Garland's favorite phrase. and he's working out his 2 year contract. wonder how many $$$$$$$$$$ this board will pay him on August 1? -unfortunately its us schmucks who are paying for the wrecking and destruction of NCSECU, Thanks to Alice and her industry standards.
ReplyDeleteSo let’s break this down even more. We have been on a hiring freeze, oops pause, oops we’ve been hiring all along, oops we can’t keep our story straight….and our members money has been used to buy this clown and his minions! His buyout alone to Andrew’s could have resulted in 144 employees starting at 45k. Yes, read that again! 144 additional employees for a year! EVERY SINGLE PERSON ON THIS EXEC TEAM AND BOARD MUST GO!
ReplyDeleteBrady bunch has NOT put a stop to this hazy era destruction. They are plowing straight ahead.
ReplyDeleteWHY are there new contracts being signed STILL? One would THINK after all this chaos, hazy running away and a brand new - interim or not - CEO taking over, the Brady bunch would put a HOLD on all contracts and decision making processes and re-evaluate every single item. If it NEEDS to be had/done, SECU can wait a little longer - it has already waited this long, a little more additional time is not going to hurt. They were not hesitant to put a hold on low-level hiring (but binge on top-level hiring).
This is what happens when you receive handouts. You HAVE to return the favor. Else you are in trouble.
So here we have it - the answer to questions in a previous post comment. What is the board’s first move and what is to follow? Continue BUSINESS as usual. NOTHING is changing.
The cloyingly sweet “Moving Forward” email already gave a clue: “As we continue our ongoing efforts ……….” And the closing remark: “I look forward to working together as we continue to deliver …..”
No where does it even hint about I will also take the time to do an in-depth review to ASSURE all the decisions that had been made or in progress are to - like she said - “enhance their lives and financial well-being while maintaining our fiscal strength.” That would have gained at least a degree of wait-and-see trust in me.
TOTAL FAILURE.
They are actually doing a review of all in-flight and proposed projects for prioritization and strategic alignment
DeleteIf they are actually doing a review of all in-flight and proposed projects for prioritization and strategic alignment, how come a contract just went through the signing process?
DeleteWait, so they actually plan to THINK before buying another thing?
DeleteHow long will these contracts lock SECU in for???????
DeleteBrady bunch has NOT put a stop to this hazy era destruction. They are plowing straight ahead.
ReplyDeleteWHY are there new contracts being signed STILL? One would THINK after all this chaos, hazy running away and a brand new - interim or not - CEO taking over, the Brady bunch would put a HOLD on all contracts and decision making processes and re-evaluate every single item. If it NEEDS to be had/done, SECU can wait a little longer - it has already waited this long, a little more additional time is not going to hurt. They were not hesitant to put a hold on low-level hiring (but binge on top-level hiring).
This is what happens when you receive handouts. You HAVE to return the favor. Else you are in trouble.
So here we have it - the answer to questions in a previous post comment. What is the board’s first move and what is to follow? Continue BUSINESS as usual. NOTHING is changing.
The cloyingly sweet “Moving Forward” email already gave a clue: “As we continue our ongoing efforts ……….” And the closing remark: “I look forward to working together as we continue to deliver …..”
No where does it even hint about I will also take the time to do an in-depth review to ASSURE all the decisions that had been made or in progress are to - like she said - “enhance their lives and financial well-being while maintaining our fiscal strength.” That would have gained at least a degree of wait-and-see trust in me.
TOTAL FAILURE.
She is not acting CEO until July 1st
DeleteYes. All the more reason for NO contracts to be signed and major decisions made. Is this the fal
DeleteYes. That's why NO contracts should be signed and decisions should be made. This falls into the no man's land and everyone walks away Scott free with no one to take responsibility?
DeleteExactly. So why is there no moratorium on this? Is this board that incapable of understanding something as basic as this?
Deletethis story just shows you how the elites live ... they have no clue what it's like to worry about everyday things like food, shelter etc... we just fund their cushy lives ... "let them eat cake" ....
ReplyDeleteThey have no clue how miserable we are…. Literally come in and give this job EVERYTHING we have, we know the mission… but everyday is becoming a struggle, working for pennies…. I feel like I don’t respect this institution anymore and that is heartbreaking, I’m embarrassed to say I work here some days…. And then to read THIS! Unacceptable!!!!! We’re exhausted and I just don’t know how much longer I can hold out!!!!!
ReplyDeleteAgree! Sometimes, I think I got through the pandemic to deal with this? Swindlers. I'd like to see the whole board held liable.
Delete