😎 Remember this...?
SECU Board Chairman Chris Ayers
stated boldly - and without blinking much - in the SECU Fireside Chat
[link...at 7:42] video that LGFCU had been "strategically planning to become independent for years".
... what actually occurred is that Chairman Ayers and "this Board" triggered LGFCU to flee in fear from a predatory "new/new" SECU.
With the following results:
✅ LGFCU Net Income for Financial Year 2022: + $36,445,000
😎 "Abrupt" declaration of indepence by LGFCU (November, 2022) - long planned!
✅ LGFCU Net Income for Financial Year 2023 (as of 6/30/2023): -$9,009,000
... somehow that really doesn't look like "a plan".
... with "this Board" there appear to be no punishments nor shame, but in real life - as you see - there are consequences.
Will writing the state credit union regulator or the Attorney General help to make a case against this board and their lack of fiduciary responsibility to the members assets and financial well being? We know the elections are coming up but that is 3 out of 11? How is a case made for fiduciary irresponsibility to the membership? This board has done almost irreparable financial damage to both NCSECU and LGFCU as institutions and to the memberships of both. "Industry Standard." They can't even manage that.
ReplyDeleteAssets and earnings down at Civic also.
ReplyDeleteLooks like they had to borrow $500 million to support their balance sheet.
ReplyDeleteLGFCU lost $8.9 Million in second Quarter alone. What lead to those losses?
ReplyDeleteAs for LGFCU
ReplyDeleteThe biggest Balance Sheet issue I see is $2 Billion of Mortgages at 3.25% Assets. That is a concentration of ~50% of assets tied up at 3.25%. That is wreckless in my opinion. At those rates they will be stuck with them uness someone sells their house or Foreclosure. Which leads me to my second concern which is a greater than $25 million increase in Mortgage Loans that are 60+ days late.
Total Loan 60+ days late jumped from $40 million to $70 million in just 3 months. That is not typical of other NC Credit Unions in this same period.
CIVIC's Delinquency Ratio went from .25% in 1Q to .60 in 2Q, which is not good either. Their concentration in Mortgage loans is not quite as bad as LGFCU but it is still high.
Gross negligence at the top with amateur hour at SECU board level
ReplyDeleteExactly there is a difference between a volunteer and an amateur...these guys are amateurs and proving it plainly for all to see and at multi-million cost to us.
ReplyDeleteThose two guys are a pair, way past silly looking/sounding.
ReplyDeleteyes. those two ran this board and a used to be over 50billion dollar business off the rails. sub par performance and are completely unable to own that it is their fault and nobody else's. Dug in more stubborn than a mule. which of this board has that reputation??
ReplyDelete