🔎 Quick summary of "The Candidate Search" series :
✅ 1) 2008 U.S. financial collapse - working folks get screwed big-time, guilty
parties and regulators go free. ("Inside Job")
✅ 2) Corporate credit unions collapse
costing CUs $6 billion - worst failure in credit union history.
✅ 3) An expansionist, open membership $26 billion Wescorp is the cause for most of the $6 billion loss. SECU's bill for Wescorp failure $120+ million!
✅ 4) The "current/former" SECU CEO had a 10 year senior leadership/regulatory role at Wescorp prior to its collapse.
✅ 5) Member credit unions sue Wescorp management and board for losses.
✅ 6) Federal regulator NCUA closes bankrupt Wescorp.
✅ 7) NCUA Inspector General faults Wescorp management, Board and federal regulator for failure.
✅ 8) Federal regulator, implicated in collapse, voids credit unions' lawsuit.
✅ 9) When confronted with facts, SECU "this" Board implies NCUA endorsed their CEO choice.
✅ 10) When confronted with facts, "all signatures, all smiles" SECU Board fully endorses "current/former" SECU CEO.
✅ 11) "Current/former" CEO sends "this Board" a kiss-off letter announcing departure.
✅ 12) "This" Board Chairman Chris Ayers thanks and profusely praises "current/former" CEO for his leadership at SECU.
Knowing where the "problem lies"...
.... SECU's incredible "this" Board.
... makes one want to cry, certainly nothing to smile about!
I'm definitely going to need therapy for all this new/new, will "this" board pay me $6.5 million, I think that's what it will take .... ;) trust me, this will go to the therapist ....
ReplyDeleteThe dirty dozen facts. The dirty dozen - minus one - this board
ReplyDeleteOne question I have is: What happens if the Membership votes "No" on the elections for the sitting Board Members that up for re-election at the Annual Meeting.
ReplyDeleteI have a feeling they better chose a bigger venue for this years annual meeting! :)
they're not concerned with the membership, they've shown us that. The more road blocks they can install the better they feel.
DeleteVoting “no” isn’t an option. If there are only the 3 people running that the nomination committee selects there isn’t a vote.
DeleteThis board is a rogue board. 11 people have taken over management of NCSECU. The eleven rogue board members have discarded 85 years of service to the members with "industry standard" procedures that financially hurt members, employees, and Local North Carolina communities. All of whom benefited from a credit union run with unusual integrity and service by Mike Lord and Jim Blaine and previous boards. As soon as Mike Lord retired, this rogue board immediately began destructive policies in pursuit of "industry standardization". There is no oversight for this rogue board. NCUA is in the thick of things, don't know where the current state regulator is, but Rose Connor supported H410. MEMBERS WE ARE ON OUR OWN. This rogue board has set the terms completely in their favor with the new election procedures. The idea is to intimidate, coerce, and badmouth former employees (including Jim Blaine and Mike Lord) so that it will be smooth sailing to reelection for ALICE GARLAND, JOANNE SANFORD, AND THOMAS PARRISH. This rogue board and Brady-Hayes have already begun the misinformation campaign. “It's all the Federal Reserve’s fault”, Brady-Hayes whines about the decline in assets.(Other credit unions grew during the same period!) “The yacht never left the dock.”, Brady-Hayes declare.How does that linked in post look to members with a senior executive shooting a money gun, with TEAM SECU printed on the side? Members are appalled at the total in-your-face look of that photo. Is that MY money? This rogue board has lowered my savings rates, introduced risk based lending and raised my loan rates. Now they’re shooting my money out of a money gun on a yacht and post it on linked in and senior management LIKES it? Brady-Hayes are too out of touch with the membership of the credit union. This rogue board in cahoots with Brady-Hayes have created a new/new saying, “Some people helping some people.” Now what about that 6.5 million????? Who helped themselves to that? THIS ROGUE BOARD approved it. What will be their excuse, that they failed to mention two years ago, for that little bitty thing?!!! This rogue board is beyond the bounds. What members are finding out, is that THERE ARE NO BOUNDARIES. It is up to us to roust these despicable actors (yes they are acting like they are decent people while they rob members and local communities with the assistance of the new/new legal department). Turn them out, Knaves all!!
ReplyDelete"The yacht never left the dock." .... this yacht left the dock 2 years ago ... and yes that is the members money coming out the gun ...!!
DeleteIf that yacht post with the money gun were posted by an employee of a bank, doubt anyone would've looked twice. But, SECU is better than that. At least, it used to be.
Deletepeople of modest means is who this credit union is SUPPOSED to serve
Delete"This" Board must go and take the entire Brady Bunch with them!!!! Sooner rather than later - we can't wait until the October annual meeting to try and begin to sort this out. Will there even be an annual meeting??? WOW - what will that be like this year??? Are any of the Board members and Miss Brady willing to be held accountable??? Are any of them capable of actually telling the truth??? Since there was no disclosure during any of this I can assume the answer is a big fat NO!!! THEY all need to sit in front of US and feel the heat, hear our wrath and pay back OUR money!!!
ReplyDeleteTrying to find the email for this board. I'd like to bombard them with requests from members to rescind the new/new election procedures, first, and second, resign. What a mess a bunch of rogue actors have made of a great institution. Bet Jim Hayes and his NCUA buddies are laughing all the way to the bank. How is this board getting payback? They can not be paid legally, so how are they getting $$$? Why else would this board want to wreck NCSECU? Is it to merge with another credit union and then they could get money? What is going on? And why didn't they meet Tuesday night? ALL silence. and it didn't look like the vote for Brady was unanimous. Maybe there is some dissension?
ReplyDeleteBoard's email: Board.Corporate.Secretary@ncsecu.org
Deletetell em to rescind RBL while they are at it
DeleteTwo questions about @2:39 post
Delete1. Was there no Board meeting Tuesday night? Why after 86 years has it become common place for This Board's meetings to secretive?
2. Was all members present when Ms Brady was voted on for the CEO position? Was it not a unanimous decision, as in the last decision on Hayes?
DeleteHave these idiots given us another illegitimate CEO? What the **** is this bunch doing to our credit union? I say call a meeting of the members and throw them all out. Then investigate exactly what has taken place with our money over the past two years! #secu.members.unite
DeleteThe previous letter of support to employees about Jim Hayes wonderful job at NCSECU was unanimous. The press release for the hasty appointment of Brady-Hayes made no such claim. Just reading between the lines...
DeleteBoard emails: Let's give 'em a heads up:
DeleteChris Ayers, Chair cayers13@hotmail.com
Alice Garland, VC garland525@gmail.com
Bob Brinson rsbrinson@gmail.com
Jo Ann Sanford sandford@sandfordlawoffice.com
Jennifer Haygood jennhaygood@gmail.com
Mark Fleming flemingibx@yahoo.com
McKinley Wooten mwootenjr@yahoo.com
Mona Moon mmm312506@gmail.com
Stefanie Williams stelfanie@charter.net
Ben McLawhorn@ benmclawhorn@gmail.com
There was not a board meeting last Tuesday. Apparently it will be next week. We can all cross our fingers that their will be resignations! who knows who was present when they hastily put Brady-Hayes in as permanent (not interim) CEO over the weekend. Previous press releases and emails touted "unanimous" but the one announcing Brady-Hayes did not. Maybe it was, but they had been bragging so about unanimous that it was conspicuously absent. Hayes apparently caught them flat footed once again...
DeleteFor any BOD who could possibly be wearing down from the position your Chairman has placed you in for the past two hazy years. It does matter how many were present for this spur of the moment Saturday afternoon meeting. Believe it or not, NCUA does have strict guidelines for voting on a credit union CEO (easily found on the web by NCUA search). It's a little bit more than voting for Board Chair or Room Monitor.
DeleteAfraid haste made waste for This particular State Employees' Credit Union Board 2023. If there were any members like myself in the state who was willing to give This Board another chance, This Board just wasted that last chance. You absolutely failed us in your first selection for CEO.
DeleteOn this Saturday, where was your pause, the rethink, the timely consideration for the next CEO of our credit union. No notification to the membership of CEO Hayes resignation prior to announcing a replacement. Nothing except immediately replaced with Ms Brady who the Board passed over for CEO in 2021. Haste and Waste - two words your members are getting tired of hearing when our money and our credit union is involved.
As a state employee of NC, I know exactly what would happen to me if I cost the state almost 7 million dollars not to mention all this bad publicity SECU is getting because of these directors' leadership (?). And I fear when all the numbers are tallied, the total cost to SECU members of this one hiring mistake will be astronomical. We know there are six whose name is attached to that 6.5 million dollar check whether they signed on the line or not. Their vote to hire the former CEO wrote that check. Their names are recorded in the minutes, they own the consequences of bringing Jim Hayes into our cooperative. At the point the SECU membership is at now, I would suggest either those resignations come next week or we take action toward removal of the directors responsible. I don't recommend waiting
Deleteuntil October and allowing them to run their (extremely questionable on the timing) new voting process. SECU has been a source
of hope, pride and financial strength for the state workers and their families in our communities and our state for many, many years. Ownership of this credit union does belong to these 11 individuals, this credit union belongs to us, the members of SECU. As one of many proud member owners of SECU, I am asking for those resignations. Our credit union must move on from this disgraceful place This Board has subjected all of us to over the past two years.
this board needs to publish the name of the electioneering firm they hired and just what the procedure will be.
ReplyDeleteAnd who is on the nominating committee. Ayesr was supposed to announce june12 but I can't find it anywhere
DeleteElection rules state votes will be verified by membership. In this age of massive scams and fraudsters, how are SECU Members going to feel about their credit union account information being turned over to an outside electioneering firm for the purpose of verifying their vote?
Deletegood point 5:13 ... the employees were told their survey was confidential only to find out that wasn't true....
DeleteDear 5:13, Good question! Employees aren't even allowed to confirm if someone is a member to another party.
DeleteI'm quite sure they haven't worked out the actual details of the new election process.
Who is on the nominating committee for this board? The Chair was supposed to announce the nominating committee June 12 according to this board's guidelines. This board won't cut nay slack for self-nominees. guess it's a requirement for a rogue board with 3 lawyers.Is it on the website? Doesn't seem to be...
ReplyDeleteI believe the member/owners have one shot to reverse course, else "this" board/C-suites will be off to new height$ ... they already don't talk to us (unless they're talking down to us). It won't get any better The BOD's/execs are anxious to control every aspect of their plebs’ lives thinking they know best...
ReplyDeleteSo tell me, what is the BOD bringing to the table for the member/owner of State Employees Credit Union?
ReplyDeletenobody...members are irrelevant and don't know what's good for them. Only "this board" (wish I could get the italics in here) knows what's best for everyone!
Deletenothing they're just taking money from them
DeleteEmail received: "The whole recruitment of Jim Hayes sounds very suspect—and who gave the permission to uproot everything? Was he just a tool of the board or just in over his head. .
ReplyDeleteHe reminds me of someone who arrived after the play was over but came on stage to take a bow anyway."
bravo!!
DeleteBroadway Haze, showman extraordinaire! All an act, very poor reviews! Audience is puking! Hey Board ...WTF!
DeleteProbably took a selfie of his a$$ as he took the bow.
DeleteFrom my chair, I was very uncomfortable in the board meetings I attended during the last six months while Mr. Lord was CEO.
DeleteCommunication from the Board to staff was very shallow.
It felt like a new PLAY was already charted to uproot everything.
I talked to Jim Hayes the first week he was onsite and was alarmed at the agenda he carried.
It sounded like everything was broken.
Ridiculous!
My opinion is… He arrived after the decisions were made.
Obviously, he was managed for a few weeks via the Board and maybe some staff members.
That selfie showed his best side. stop being a bully.
Delete@ 8:28 could that uncomfortable feeling be compared to being in a room with a snake?
Delete(SECU is not the same without you.)
Was Hayes just a highly paid stooge? Maybe that comment from yesterday about it all being planned to get Brady in after the short-term damage guy leaves is true.
DeleteFollow the money
DeleteWe often see a plan before we lay eyes on the master plan.
Deletesounds like the board shopped around until they found their guy to do their dirty work.
Delete"It sounded like everything was broken." So, is that what caused all this? The Board thought everything was broken and had to be fixed?
Deletethere were several members of this board pushing for an outside hire so that NCSECU could be brought "up" to "industry standards." After watching Inside Job, "Industry standards" is shorthand for graft and corruption--from this board to senior management to the regulator. and everyone involved gets a free pass...
Deletewell that wasn't true then, "Ridiculous" is right, but it is true now thanks to This Board. this Board is breaking everything--making sure nothing will work right. who are they gonna bring in to be the savior? surely this board knows it is not Leigh Brady, who was the number one behind breaking everything, whispering in the Boards ear for her ambitions. How's that going on meeting strategic plan goals? when will this board release new data? Will this board make us wait for NCUA quarterly data to come out? Can't hide bad stuff forever... And of course we know "It's all the Federal Reserve's fault." because Jim Hayes and Leigh Brady told us so.
DeleteFormer USSR: Only persons from the Communist Party may run for office. Russia today: The government is an authoritarian and managed democracy : CCP: Only persons who belong to the CCP may run for office. Sound familiar???
ReplyDeleteI believe at anytime the board can dismiss the CEO. Sometimes damage is still done but 2 years in they still hadn't done anything as far as I'm aware... good question to ask them.
ReplyDeleteHayes is this board's puppet...Pinocchio
Deleteso tell me what happens when the CU goes all digital and you don't "get on board" as a member/owner/employee? Can they cancel you? asking for a friend....
ReplyDeleteThis Board hired Hayes and then hired Brady-Hayes permanently! sounds like Inside Job
ReplyDeleteClearly this Corrupt Strategic Plan by the SECU Board was hatched prior to August 2021 - pre Hayes. This Board had already turned their back on CEO Lord and several other legacy SECU Top Executives from Salisbury St. in 2021. For some reason this Board was not interested in hearing any bits of wisdom on CEO selection from these established leaders of the #2 largest credit union in the nation.
DeleteFYI: Ms Brady was SECU’s chief HR and communications officer in 2021.
Don't care if there are three bri$$iant lawyers and two BFF neighbors on This Board - someone from inside SECU had to be involved in the mapping of This Board's new direction.
More and more keeps floating to the top. Time to remove these Floaters from the cesspool This Board has created in our credit union.
Since I have noticed an appreciation for the classic songs on this blog...
Delete@8:33 I Can See Clearly Now the haze is Gone...gonna be a Brady day
Resist. Reject. Refute.
ReplyDeleteRRR - Roar Rise Revolt
Deletethis information on Hayes, NCUA and this board's hiring of Hayes is numbing. How could this board hire Hayes? All this information is in the public domaine. Why would this board hire such an unethical and unsuccessful man in his field to run NCSECU-- always respected for integrity? Greatest con job in the history of credit unions...why aren't all 11 resigning after this? Hayes fled ASAP but he is still there?? why didn't this board tell him to pack his suitcase? Why????? but no answers about anything from that lawyered up bunch of what??incompetents or crooks it's hard to know. Are they both
ReplyDeleteThis Board probably wasn't ever lacking in ego, arrogance and elitism - but what we are seeing now is a Board that has been PUMPED UP with some rotten ideas for SECU. Who was the pump operator?
DeleteAyers ? Garland? Handford ? Brady?
Did the board bring in the Culture Club to use propaganda and try and brainwash all the employees in to destroying the credit union? The are being used to destroy the great culture SECU had and run off all the legacy employees. Was the survey used to identify which managers/employees were resisting? They know who said what now. Meanwhile they are a scam. Promoting themselves into high paying positions in less than a year stealing the members money.
ReplyDeleteSpeaking of classic songs … fitting…Culture Club lol
DeleteKarma Chameleon
Desert loving in your eyes all the way
If I listen to your lies, would you say
I'm a man (a man) without conviction
I'm a man (a man) who doesn't know
How to sell (to sell) a contradiction
You come and go, you come and go
Karma, karma, karma, karma, karma chameleon
You come and go, you come and go
Loving would be easy if your colors were like my dreams
Red, gold, and green, red, gold, and green
Didn't hear your wicked words every day
And you used to be so sweet, I heard you say
That my love (my love) was an addiction
When we cling (we cling), our love is strong
When you go (you go), you're gone forever
You string along, you string along
Karma, karma, karma, karma, karma chameleon
You come and go, you come and go
Loving would be easy if your colors were like my dreams
Red, gold, and green, red, gold, and green
Every day is like survival (survival)
You're my lover (my lover), not my rival
Every day is like survival (survival)
You're my lover (my lover), not my rival
I'm a man (a man) without conviction
I'm a man (a man) who doesn't know
How to sell (to sell) a contradiction
You come and go, you come and go
Karma, karma, karma, karma, karma chameleon
You come and go, you come and go
Loving would be easy if your colors were like my dreams
Red, gold, and green, red, gold, and green
Karma, karma, karma, karma, karma chameleon
You come and go, you come and go
Loving would be easy if your colors were like my dreams
Red, gold, and green, red, gold, and green
Karma, karma, karma, karma, karma chameleon
You come and go, you come and go
Loving would be easy if your colors were like my dreams
Red, gold, and green, red, gold, and green
Karma, karma, karma, karma, karma chameleon
Fake Culture Club = waste of members' money and employees' time!
DeleteTheir message - legacy employees are no longer welcome at SECU.
Our message - we are not leaving and turning our members over to you.
Get over yourselves!
If Leigh really wants to prove herself and her love for SECU as she stated in her recent email she will address the issue of long term employees being treated like outsiders. It is just the saddest thing to see people that have devoted their entire careers to this organization being treated like dirt! This is a massive problem in IT. Josh Bomba has zero respect for longevity!! He could care less about the people that have helped to build this Credit Union. In fact it is very clear that he wants us all gone! He must be worried that we will take issue with the endless unnecessary spending!!!
ReplyDeleteHe could NOT care less is what I think you mean. Boombastic gives ZERO cares for SECU - what is was or as it stands now. My wish is for a complete overhaul. Get rid everything corrupt (Brady, BOD, and Gymmy's crew he brought in) so we can begin being THE credit union our great membership and hard working, dedicated employees built!
DeleteFirst to go has to be this board that is acting in ONLY this board's self interest--sure expected more from some of them, and yet those members are signing on. What has happened? Why don't the BOD speak, write to the membership a sensible explanation of the what and the why of all the new policies? This board won't even give us the underlying numbers on why they made the changes they made. Why won't this board let members see the presentations they saw? Maybe that information would convince us too. We are seeing some numbers that don't look so good for members. RBL rates being one, and most of us can't "bring our momma" to cosign our loan to get a better rate!( that has to be the most revealing speech ever made --) How did they arrive at these new election procedures helping the member participate? Why the need for the electioneering firm? And why is it a secret who the firm is? then we could look and see how they have run other board's elction and this board doesn't want that? why are they stonewalling? Have they really gone rogue?
DeleteWe've all heard the comment "Fake it until you make it.", but who does this Bomba guy think he is and why do we treat First Citizens Bank rejects like they're the cream of the crop? It makes no sense to me. Josh has zero respect for the long-time employees who shed sweat and blood under the highly commendable tutelage of Mr. Chris Ayer (not to be confused with the buffon Chairman of the board Ayer"s"). Mr. Ayer highly respected SECU, its members, his IS staff, and all of the other employees at SECU. He was an exemplary model of the type of leadership that you want in an IS Department. I am a former long-time employee in the Information Services department, and I experienced first-hand how Mr. Bomba has abused his position as CITO. The “us versus them” mentality is very much alive in this one. He portrays himself to Executive Management as a charismatic, trustworthy, innovative leader who is as inclusive of existing employees as much as he is of his new hires (mostly from First Citizens Bank). However, witnessing his behavior in IT firsthand as someone who worked at SECU for half of their 2+ decade career in IT, Josh is not living up to that standard for the department. I have personally witnessed multiple accounts of dishonesty, non-equitable treatment of employees and unprofessional conduct. I have also heard numerous stories from other employees who I completely trust who have witnessed similar behavior and unprofessional “dressing down” outbursts from Josh. I have first-hand knowledge (heard with my own two ears) of Josh telling an established SECU group from long before his time at SECU that if there was a disagreement between their group and a group led by one of Josh’s First Citizens Bank hires, that “his” group would always win, and he didn’t even need to hear both sides of the story. That is not the behavior of a true leader. That is completely unacceptable for an officer of such a great organization who embraces the motto of “Do the Right Thing”. This guy needs to go along with Ms. Brady and the 8 board members who haven't been replaced yet.
Delete#ReplaceBombasCITO
Bomba and his other First Citizens Bank rejects/cronies are highly overpaid, disrespectful, wolves in sheeps' clothing who are in way over their heads. However, they do seem to fit in nicely with the new CEO (Ms. Brady). I've never met such a self-righteous, holier than thou, attention seeking glory hound, with no actual substance, as her. How does someone who failed so miserably at leading the HR department attain the CEO position? Her response to Mr. Blaine's question about her top 10 priorities as CEO was mind blowing. She's going to talk to some people and see what they think needs to happen. She doesn't have a clue how to run an organization of this size. Also, what else needs to happen to get it through that thick skull of hers that the Members don't want the agenda that she/Bomba/the board are pushing. This isn't a bank. This is a not-for profit cooperative that is "collectively" owned by its MEMBERS (not Leigh, not Josh, not the board).
DeleteSo what if you've been at SECU for 35 years. Big freakin' deal. President Biden has been in politics for over 50 years but has still managed to be the most inept, clueless, disgraceful, useless, dishonest, incompetent president this nation has ever endured. During Ms. Brady's tenure as COO, SECU had a company come in to tell us everything that we were doing wrong with our HR department and employee benefits. It was highly touted by Ms. Brady as she seemingly took credit for the resulting improvements instead of taking ownership of the fact that the discovered issues all took place under her watch over the HR department. Was there any admission of gross mismanagement by Ms. Brady or any apology offered? No. Ms. Brady did what she always does. Takes credit for other people's work, buries her head back in the sand and then dares anyone to challenge her authority. What the h*** happened to our beloved Credit Union? These folks are running the place into the ground. They're going to take us from #2 to #222.
I just have to ask one question of the Board, the Executive Team and all Others actively involved in the destruction of SECU over the past 2 years, were those goody bags, power trips, perks and extra dollars worth IT?
ReplyDeleteFolks keep talking about goody bags. what's the reference to?
Deletethere appears to be some serious ethical questions
ReplyDeleteabout this board and NCUA .... when you "lose" 3 BILLION dollars someone needs to explain .... else we are left to believe we've been robbed from white collar folks!
I guess "this" board wasn't content with slow and steady growth and felt the need to "gamble" our money on questionable (Risky) investments ... and with RBL ... sounds like we have some loan sharks running things ... next thing you know they'll be charging you to use your ATM you paid for to get your money, you know "Industry Standard".
DeleteThey wanted to fall in line with the why not #1 credit union talk started by Bombastica's cronie Lee Chalk and endorsed by Bombastica. Wanted to make some quick bucks. If only it was that easy!
DeleteJ HAYES is the problem. He could’ve easily changed or in this case maintained the course. Chose not to and instead took us into turmoil. Not equipped to lead large institutions especially those ingrained in cities with a large culture and community presence.
ReplyDeleteHe can’t grasp that . Impossible. He’s not built that way. Wrong bet BOD you got it wrong . He was never and will never be that person. No amount of selfies and posts or branch visits will solve his lack of community understanding and the definition of culture and tradition.
Respectfully, as bad as Hayes was, he was still a puppet. The BOD is the real problem. And as the facts come out they look worse and worse.
DeleteNow it's on Brady and the BOD. Brady could get this train back on the tracks. Key word - could. But will she? Doubtful. She's got a lot of work to do if she wants to "listen to folks/teams across the state" - or whatever she said. 🙄 I'm so ashamed that our credit union is being ran by a bunch of slimy, deceitful, money hungry weasels that definitely do NOT DO THE RIGHT THING!
DeleteDo you really think Brady will change ANYTHING after that dog and pony show with Hayes the other day? she may be a large part of the reason we are in this mess. Lots of folks, employees and members, WANT to believe she will turn the current direction. sure looks like she is a large part of what's happened at NCSECU over the past couple of years, starting before This Board hired Hayes. they all need to resign for that deliberate hire of Jim Hayes from WecCorp. And why did they send 6.5 million dollars to Andrews Credit union? It is all so wrong, it borders on criminal. They refuse to talk to us about any of this. Why? Where is the transparency this board touts?
Delete