Evidently, Alice Garland (incumbent) and the self-perpetuating board nominees would like you to believe that the decline in the performance and reputation of SECU, over the last 2 years - aptly described by former CEO Mike Lord as a "train wreck" - is the fault of one or two disgruntled "former CEOs". How can the SECU Board refuse to acknowledge their responsibility for:
- The hiring of the "$6.5 million dollar man" as CEO. https://secuvote.ey.com/
- The $4 billion decline in assets/deposits (@ 8% of total) for the first time in 85 years. https://secuvote.ey.com/
- Exceeding their own annual budget target by $178+ million in 2023 (over budget target by 17.5%!). https://secuvote.ey.com/
- Exploding annual operating costs - up by 24%! That's up + $235 million over historical benchmarks. https://secuvote.ey.com/
- Amid rising rates, refusing to pay SECU members more than 1% on most of their deposits. https://secuvote.ey.com/
- Overcharging the majority of SECU borrowers with the new, discriminatory risk-based lending scheme. https://secuvote.ey.com/
- Recklessly endangering the financial future of LGFCU and its 400,000 members. https://secuvote.ey.com
- Failure to collect on past due loans, with loan losses topping $100+ million in 2023. https://secuvote.ey.com/
- Creation of major disruptions and distrust among dedicated, long-term SECU staff, through poor Board planning and practices. https://secuvote.ey.com/
- Failure to be honest and forthright with the SECU membership concerning Elections/Annual meeting/Bylaw amendments. https://secuvote.ey.com/
Not to mention ... The hiring of the "$6.5 million dollar man" as CEO.
Vote for: THE MEMBER NOMINATED CANDIDATES
PERKINS, CLEMENTS, STONE.
As an SECU member, you're losing out...
It's time... enough is (more than) enough! https://secuvote.ey.com/
Not 10, 6.5 million plus reasons.
ReplyDeleteJust voted Perkins, Clement, Stone !! Per instructions it states share or deposit account can be used. I used deposit account and it worked.
ReplyDeleteHope the call center employees get this memo ...
Delete#1 - that was a disaster, with his track record there had to be an undisclosed reason to hire him ... maybe to "Blow it up"?
ReplyDelete#2,3 & 4 - there's no end in site of this downhill spiral. Matter of fact it could get worse!
#5 - I moved most of my $$ as did my family. SECU is now my clearing house ... mom & dad didn't raise an idiot!
#6 - my loyalty for all my loans will be replaced with look around since they are behaving as "industry standard"
#7 - are these folks even aware of what's about to happen to them? Have they been notified? Legally they should have to be but I'm not an attorney ...
#8 - I remember 'back in the day' getting a cliff note version of the balance sheet every month on my chair.
I was always interested in the charge offs and was amazed at how little there was ... boy guess those days are over!!
#9 - I retired ... I smelled a rat when all this went down, seen it first hand before. Gave em 2 extra years but it just got worse. When they encouraged their legacy workers to quit and disrespected them all I had seen and heard enough from these folks. They can, well you get the picture ...
#10 - their new motto is "we will do anything to stay in power, nothing is beneath us". There are so many examples I'd be here all day typing ...
But the bottom line is they are suppose to be the stewards of our money. They have failed and they need replaced.
PERKINS, CLEMENTS, & STONE are just the beginning ...
Why members are pulling deposits. From their own survey!
ReplyDelete"Competitive rates are important to the majority of our members.
Among the many things members consider when choosing a financial institution, rates also rank high. Approximately 9 in 10 SECU members say competitive rates are important in choosing a financial institution."
Secu savings rates are no longer fair or competitive.
Well, when you put it that way who in their right mind would NOT vote for Clements, Perkins and Stone??
ReplyDeleteLet's cut the cancer out. Incumbents have to go.
If it is a huge victory for the members in October, let's pray that the rest of the board will see the writing on the wall and not prolong the members' pain. RESIGN NOW!! What a train wreck the last two years have been!
ReplyDeleteConsistently bad business decisions by the incumbent board of directors. Incompetent business judgment. The entire board should resign or be recalled by the membership. They are dealing with OPM (pronounced: Opium) Others Peoples Money. And they are doing a terrible job managing it. They have engaged in waste of corporate profits and now dividends are reduced to a mere 1%. Such corporate waste invites a RECALL.
ReplyDeleteWasn't Jared hired to 'fix' MSS? Has it really gotten better since he arrived? Mss staff isnt happy and neither are members we deal with. Put Mr. Walsh back in charge and let's free up some of that salary with Benesh gone. There are a number of people's salaries in the organization that could be done away with to quickly start saving money.
ReplyDeleteFor those that may not know the contact center recently made a change whereby all employees had to go through the process of shift bidding. These shifts are only good for 6 months and we have to go through the whole process again in February.
DeleteAnd as of today some of the branches are being told we’re over-staffed and those positions need to go to MSS. How about, instead of taking from the branches who are helping members one on one every day, we get rid of some of the NEW high paid executives who have no clue how this credit union has operated successfully for over 85 years and use those funds to hire more MSS staff? I don’t even recognize the organization I work for anymore! It’s so disheartening.
DeleteAMEN!!! Every member I know is complaining about the lack of employees in branches! I am now just using this as an an opportunity to ask them to vote for CLEMENTS ,PERKINS,STONE!
DeleteThank you @4:46! If I were in a branch I'd do the same.
DeleteMSS is another victim of trying to do things the "industry standard" way. They switched to schedule bidding because that's standard for call centers. But there's a reason most call centers are considered horrible places to work.
Delete8:36 - Wonder how many MSS staff have left because of all the changes?
ReplyDeleteI would leave, but I like the work from home. But is been a s show. Hope it gets better.
Delete