For Immediate Release
Dateline: North Carolina
Highly Unusual Contested SECU Board Election
Contact: Mike Lord
In a highly unusual move, fifty retired members of senior management of State Employees’ Credit Union (SECU) [see story] have voiced public support for three member nominated candidates—Barbara Perkins, Michael Clements and Chuck Stone—to counter disturbing trends in the direction of SECU and to return the benefits of membership to all members. The large group of retired executives include Jim Blaine and Mike Lord, past SECU Presidents and CEOs.
The nominees seek to unseat three incumbent Board members. The fiercely contested election is extraordinary for the $50 billion credit union—the second largest credit union in the nation, which has 2.7 million members and branches in all 100 counties of North Carolina.
The challengers disagree with recent Board decisions on the direction of the credit union and want to raise interest rates on the Money Market savings account from the current rate of 1%, to 3 or 4%. They contend the low interest rate offerings resulted in a $4 billion drop in deposit and asset balances over the past year. The first declines in the 85-year history of the financial cooperative.
They also want to remove the controversial tiered interest rate scheme for vehicle loans put in place by the Board in which thousands of borrowers are charged up to 4.5% higher interest rates on loans. This rate setting convention discriminates against and financially punishes black, young and other borrowers with slight marks on their credit histories. Historically all SECU members received the same rates on the same loan products as a benefit of membership.
“We can, and should, better support our members,” said Mike Lord, retired SECU CEO. “I encourage SECU members to vote for Barbara Perkins, Michael Clements and Chuck Stone to help make this possible.”
SECU members aged 16 and older can vote online on the SECU website SECU Voting Portal - Disclaimer Page (ey.com). Online voting ends on October 3, 2023.
In person voting can also be done at the Annual Meeting on October 10 at the Koury Center in Greensboro, NC. Attendees must register in advance on the SECU website (www.ncsecu.org) to obtain an admission ticket. Additional information about other contested issues can be found at www.SECUjustasking.com
Feel free to copy the body of the blog and email/FB it on to your local paper with a request to please publish. Local editors listen to local folks...especially if you are a subscriber!
ReplyDeleteHere's where you find the email/contact info on your local newspaper under the "Directory" at the NC Press Assoc: [http://www.ncpress.com/directory/]
ReplyDeleteI seen a couple state workers working by my neighborhood and went out to talk to them. I told them I used to work for SECU and they both said they do their business with them. I explained our situation to them and encouraged them to vote for the new board members and to "spread the word"!!! They said "yes sir" .... it's that simple (the members are our neighbors and friends, they work everywhere. just drop a word about them supporting those who will improve their lives) .... BTW one worker had a story about his latest experience with the branch and without going into detail, it wasn't good... actually made me feel sad for this man and his family...
ReplyDeleteAbsentee ballots can be obtained at any branch office - For real?
ReplyDeleteFREE FREE FREE...
ReplyDelete' Attendees must register in advance on the SECU website (www.ncsecu.org) to obtain an admission ticket to the annual meeting'
Tickets are FREE ...