😎 Got to looking at "This Board's" Annual Meeting Notice [here' your link]:
Pretty disheartening stuff - downright sickening to longtime SECU loyalists, to say the least - but there is always hope and optimism, perhaps that's what cooperatives and SECU in particular, are all about!
So read on through the manure looking for that glimmer of hope. And there it was on page 8 - "The Balance Sheet" for July 31, 2023!
GOOD NEWS! SECU's assets are back up over $50 billion!!! Take a look below:
😎 'Course then started wondering why "This Board" used 7/31/2023 financial numbers for a 6/30/2023 fiscal year-end financial report? https://secuvote.ey.com/
Well, that's pretty easy to figure out, since assets at 6/30/2023 were only $49.6 billion (total deposits $45.3 billion) - off almost $4 billion in the last 12 months. "This Board" was simply at it again, trying "to put lipstick on a pig" - been doing that ineptly all year long! At least "This Board" is consistent in its transparency efforts with the membership! https://secuvote.ey.com/
😎 But then it got a bit uglier! Wait a minute, how did assets grow to over $50 billion, when deposits continued to drop? SECU lost another -@$500 million in deposits (dropping from $45.3B to $44.8B) during the month of July, 2023 alone!? How can that be? https://secuvote.ey.com/
😎 Want to know what's really going on at your credit union? Take a look at the right hand side of the balance sheet ("Liabilities") and focus on the heading "Other Liabilities" at $1.197B - see it? Normally at the end of any month that figure ranges between $100 million and $200 million - but in July it jumped up by over $1 billion! What's going on? https://secuvote.ey.com/
😎 As it turns out "This Board" borrowed between $1 billion and $1.5 billion during July! Why would you do that when you're sitting on $16+ billion in cash and liquid securities (see left side "Assets") earning 2.35%? Unless you wanted to give the impression that the year-long asset losing streak had finally come to an end - it hasn't! Without the billion$+ borrowing, both assets and deposits at SECU continue to decline. https://secuvote.ey.com/
😎 SECU generally borrows from the Federal Home Loan Bank (FHLB). The FHLB is currently making financial institutions short term loans at a borrowing rate of @ 5.55%
BONUS QUESTION: Need to come up with $1.5 billion? Would you as a sensible person borrow $1.5 billion at 5.55% or simply write a check against your $16+ billion in investments earning 2.35%?
[Hint: If you guess the right answer, you will save yourself $48 million over a year's time - yep, that's right, save $48 million bucks!]
... but the really, really good news is "this Board" has borrowed an additional $1+ billion during August, 2023! [just another "Comedy of Ayers"?] https://secuvote.ey.com/
Okay employees. This is under Leigh Brady’s term as CEO. She is letting you know what kind of person she really is. She does NOT care about you as an employee. And she certainly is not doing her fiduciary duty when it comes to our members’ money.
ReplyDelete" What is a fiduciary?
DeleteA fiduciary is someone who manages money or property for someone else. When you’re named a fiduciary and accept the role, you must – by law – manage the person’s money and property for their benefit, not yours. " CFPB.gov
Now ask yourself did borrowing that money benefit the SECU Members in any way or was it necessary for maintaining member services? OR. Did borrowing that money simply put some already wasted- away dollars back on the SECU Balance Sheets? I know what I think, what do you think Ms. Ray's answer would be?
How about we put some limitations on This Board until the Membership meets in October?
she's as quiet as a church mouse ...
DeleteOur CFO has been tainted
ReplyDeleteJim’s mole is still the deputy CFO.
DeleteNot sure what that means, but I don't know who the deputy CFO is...have tried to alert the Board, and execs for that matter, how "leaky" SECU is - and has always been. (Makes for great internal controls btw!)
DeleteBoth the Board and execs are extremely vulnerable to liability when they misstep or "misspeak" because "everybody" has a recorder, a camera, and a "little secret e-mail file" (... just in case y'know.)
Hey folks, you're/we're all "on the record" these days, like it or not - know it or not!
Best beware...it's "A Brave New World"!
this board, the current CEO, the former CEO and the CFO. All engaging in unethical and possibly illegal actions with our money. Think this is the time to make a stand-- members and employees. not just voting. Writing Josh Stein, Kristina Ray, your local newspapers, your local tv stations, Business NC, the Assembly, every political blog you can think of, democratic and republican. This is about 2.7 million people in every single county in NC. State Employees' and their families, as much as this board and CEO Brady wish to deny that glaring fact. It is a common bond and member OWNED cooperative. The money came from NC and has stayed in NC until this board and CEO. This board wants to go regional and move our money of state. If this board has its way, branches WILL close and local jobs and money will go away. You think Ahoskie will matter when they want to compete with Wells Fargo? And doing a damned good job of it on the ethics front! "You cannot run away from weakness; you must some time fight it out or perish; and if that be so, why not now, and where you stand?" RL Stevenson.
DeleteI think he/she meant Jim (Gym) Haye's mole ....
DeleteThe not a cpa deputy cfo you mean?
DeleteNo doubt our CFO has been tainted too. First Leigh, then Jamie, now this. Jeez. Thank you for shining the light Mr. Blaine.
ReplyDeleteYou might need some clarity on who has been tainted - when you have a family and children to put through college - following specific directives from the Board and CEO does not make one tainted. And good luck with your Jamie jab, you will not get 1% of the employees or the members to buy into that idea. Let's stay focused on This Board, there's where all this mess started and where it should end. Very critical time, we need to stick with the facts and the truth.
DeleteIn total agreement with you @ 5:35, how many SECU lenders are sick over placing members in these RBL- rated auto loans? But the Directive came from This Board, the CEO and the Loan Admin Empire - our choice Comply and feed your family or Don't feed your family?
Delete"Very critical time, we need to stick with the facts and the truth."
Delete... and TOGETHER!
Maybe Leigh is just trying to feed her family too?
DeleteAt the members’ expense.
DeleteHARD TO SEE THE PIG FOR THE LIPSTICK ANYMORE
ReplyDeleteReally need the line item on the IT investments that are being paid out and for how long. The undisclosed NCR contract. Whatever else. How much does all of that cost and for how long.
ReplyDeleteWOW, just plain old wow, no words
ReplyDeleteWOW, just plain old wow, no words
ReplyDelete'A' for creativity, 'F' for stewardship .... matter of fact they should be sent packing along with their buddy Gym and don't stop to collect you golden parachute ... playing games with the members money ain't funny anymore boys and girls...
ReplyDeleteJust can’t believe the insanity of all of this! How much lower can they stoop!
ReplyDeleteWho would have made the call for borrowing the money? The CEO or The Board? Every decision they make just makes matters worse for all of Them and unfortunately for Us too!
ReplyDeleteOctober come quickly!
Who is running the accounting department now? Has this board decided that THEY are now the managers of NCSECU? Who decided to use the July financials for the June end of year? How can whoever is doing this be stopped? Will anyone, Brady? Ayers? Spivey? Answer some question? We all know you read this blog
DeleteHey Ayers, this is not play money from the game of Monopoly you id***s are playing with
ReplyDeletePut them out in October then work on putting them in jail.
ReplyDeleteFrom a legal standpoint, can they do this? No regulatory issues falsifying numbers?
ReplyDeleteQuestion would be was there a legitimate purpose for the huge loan? If not the term, Cooking the Books comes to mind and that would drift into the legal territory. If it was done solely for adjusting the numbers on the financials. SECU's Board best forget everything Mr.Jim Hayes taught them about credit unions.
DeleteThink how much these terrific money managers—this board Brady Nd Spivey could have put in the members pockets with higher dividends on savings. Ohh and guess what? Maybe all those wealthy members , with terrific credit scores, would not be closing their accounts at SECU and moving their assets elsewhere. Where does this board guys keep their brains? bet you have a good guess! Unless of course they are on the take…
ReplyDeleteTHIS BOARD JUST KISSED ON THE LIPS. TIME FOR THEM TO COACH SOMEWHERE ELSE.
ReplyDeleteKissed our lips? I don’t think their aim was that high! If they want to try again, they can sure kiss mine!
DeleteI have to ask, Did They really think this would go unnoticed? Big mistake, Huge! Sort of like the Hayes mistake.
ReplyDeleteHow about This Board postponing any further decisions until we can all meet in Greensboro and start over?
Make sure you understand what will happen at the meeting. Nothing. Most voting takes place before hand and their is NO NEW BUSINESS. Members can not bring anything up from the floor, and nothing can be put on agenda ahead of the meeting. One hour to hear comments from the members. Expect this board to sit there stonefaced and say nothing Then the annual meeting will be over. bye bye North Carolina State Employees' Credit union. Hello South East Regional Credit Union. Is that where you want to work? better talk to everyone you know who is a member and make sure Barbara Perkins, Michael Clements and Chuck Stone are elected to the board. It's our only hope. If Kristina Ray and Josh Stein do their job and regulate this board members might be able to bring up some new business-- as they have always been able to do at the annual meeting. 86 years but not this year.
DeleteSo, if I want to impress my family and friends, I take out a large loan, deposit the borrowed money into my checking account and show them. Genius!
ReplyDeleteSECU didn't used to hire people that were financially irresponsible. Now, they are showing everyone how to do it (be irresponsible that is).
DeleteNow You (the Board Members) and Executive Team are just getting downright sloppy.
ReplyDeleteHello!!! Jim Blaine has been reading SECU Financials since 1979 and is a CPA (while he states Inactive) that's kinda like him being retired. lol
Did you honestly think he wouldn't see those numbers on the financial sheets and know where they came from? Clean yourselves up Board and stop embarrassing all of us with your blunders or better yet, resign.
The 'New' culture at SECU is toxic now ... this will permeate through out the organization ... Good folk will become tainted .... One bad apple spoils the barrel ... 11 or more will attract mold and mildew and then there is no hope to save the good ones!
ReplyDeleteand it's happened over the last 2 yrs, I've seen good people leave and others retire earlier than planned!
DeleteThis sure seems like a downward spiral that won't end well.
ReplyDeleteDon't lose hope now, we have three wonderful candidates willing to serve and seeking election! We must keep our eyes on the prize - State Employees' Credit Union returning to the same Mission Statement and the same Values held from 1937 until September 2021. That's what made us Great, that's what made this credit union Different from all other Financial Institutions. Our world is changing and obviously some changes will take place BUT "the People part" (Members and Employees) should be non-negotiable. COVID took it's toll and This Board went rogue. Hopefully those October blue skies and bright Sun will be shining on a reborn SECU come Annual Meeting time.
Delete#SECU STRONG
SECU was the one place I could call and always expect to speak to a living, breathing person who I knew would help me. That's all changed now.
Delete... just read these board members bio's ... Holy smokes! did they get their degrees from a cracker jack box? Do these other boards they belong to understand how these people operate? Maybe they need to know if they aren't aware... Oh and how about where they work, do they have any idea who they are employing and the tricks they like to play? There might just be some other organizations getting disingenuous "Balance Sheets"!
ReplyDeleteYes Haygood specifically. UNC is at risk with her as CFO. Duke can't be proud of Williams helping exploit the downtrodden all across NC
DeleteCall me naive, but still holding out some hope for Haygood and Williams.
DeleteDon't overlook that good Chistian Wooten. Pure BS.
Delete“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you."
ReplyDeleteWarren Buffett
Hayes really did a number to us. I cannot believe the chaos caused
ReplyDeleteThis happened while Leigh Brady is running the show. She got the job mid June after Hayes resigned abruptly. Who was running the show in July when the money was borrowed? Hayes was gone. Or are either one of them running anything? Has the board started doing it all? Are Ayers Sanford and Garland stepping into management now? Not just setting policy? Where is Brady's voice in all of this? Any board members in disagreement? Why the united front from the board when their policies are failing the members? There is so much displeasure with the current policies that members are moving their money out of SECU. Billions of dollars. So much money is leaving that the board is panicking and borrowing billions from the home loan bank. They think we are all too stupid to realize what is going on. Why isn't the board changing course? Why isn't Brady? Moving people around doesn't change one policy. Neither does borrowing money and moving things around on the balance sheet. Eleven board members and one gutless CEO are destroying the best financial institution in North Carolina.
DeleteI don't want to think about where SECU would be had it not been for this blog, Mr. Blaine, Mr. Lord and all the others who have fought so hard to try and save our credit union. We owe them a debt which can never be repaid. Hayes and This Boards' intentions were to take self-profit off of what NC State Employees have built for 86 years and leave us with nothing. Vote these traitors out of our credit union. Recovery is possible but there is much work to do and it will take all of us and the SECU employees to upright this ship. Aren't we correct, Mr. Brinson?
DeleteLordamercy! These people are absolutely shameless!
ReplyDeleteClements. + Perkins +. Stone
ReplyDeleteWonder if any of "this board", or their family members, pulled a Pelosi and bought stock in any companies SECU signed contracts with over the past two years?
ReplyDeleteIf only SECU had an ethics policy and requirement to disclose for individuals in management.
These guys are like the Supreme Court, they don't need an ethics policy because they are above the rest of us and the law.
DeleteI swear the more education they get the dumber they become... my farmer buddy has 10 times the wisdom as these folks have ... what do they teach nowadays? On second thought, never mind don't answer that!
ReplyDeleteVery good point @ 1:03. Being educated and having wisdom are two very different things in the human thought process. I like to think one ability comes from the brain and the other ability comes from the heart. Great Leaders have both!
DeleteBe sure to tell your Farmer Buddy, German Farmers were instrumental in the very beginnings of the Credit Union Movement in the 1800's. Without them, we might not be having these conversations. Great time to thank all North Carolina Farmers!
the backbone of our society ... if you ate today thank a farmer!
Delete