Wednesday, August 16, 2023

For The Future Of SECU - It's Now Or Never - Your Decision...

✅ As a member of SECU, if you have concerns about:

👎 A)  Negative financial trends at SECU over the last two years:

Total assets - continue to decline, dropping below the $50 billion mark - off over $3+ billion since June 30, 2022. Total deposits - same story, off almost $4 billion from 6/30/2022. 

✔  2023 operating costs are 24% higher (@2.35%) than SECU's traditional operating cost range of 1.86% of assets. That 24% increase in the operating expenses is costing members $220+ million more every year.

Delinquency and charge-offs - have soared in an improving N.C. economy.  In 2023 loan losses have more than doubled ($100+ million dollars) over the levels experienced in prior years.

👎 B) The noticeable deterioration in member service and less than superior rates, especially on member savings accounts (check for yourself!) 

👎 C) The clear decline in the "quality" of  SECU leadership:                                                                              

Then please do this:

See that little email box over to the right? Please send me your email address and let me send you an official nominating petition to sign and return

1) What you're being asked to do: To sign the petition to permit a contested election for the SECU Board seats. The election starts September 1.

2) What you're not being asked to do:  You're not being asked to endorse any candidate or issue, or position. But, a contested election wil permit  members to hear an open discussion of issues and the future direction for SECU. Listen to the discussion, then vote for who will represent you best.

3) Why you are being asked: Because members are concerned about the above trends and the future direction of SECU. The last 2 years have witnessed much turmoil and uncertainty at SECU. The SECU Board has lost the trust of much of the staff and has experienced a decline in support from members. This situation needs to be openly addressed in this election.

4) Why a contested election is needed: If different candidates are not permitted to run; then the incumbents will simply be reappointed without discussion, nor debate. That's not good for SECU members - nor democracy.

Here is a brief summary of the three SECU members who are seeking your permission - and petition signature! - to seek self-nomination as a board candidate. All 3 candidates have been vetted and are qualified by the SECU Nominating Committee: