LGFCU/CIVIC Annual meeting March 24, 2023

 

Should be a very interesting meeting with Local Government FCU exiting from the 40 yeaar partnership with SECU and not providing members with local branch service going forward.

 Would expect some heat!

 

We hope to see you there!

Friday, March 24, 2023

LGFCU Annual Meeting       Civic Annual Meeting

12:30 p.m. – 2:00 p.m.             2:30 p.m. – 4:00 p.m.

Stay tuned for the meeting link and more details!

You’re invited to virtually attend Civic’s 2023 Annual Meeting. This year, our meeting will be a dual event with our sister Credit Union, Local Government Federal Credit Union.

SECU Risk-based Lending # 10

 To: SECU Board of Directors

Dear Chairman Ayers,

Morning! It's Monday! Had a really great weekend! How about you?

Recently saw this quote from Mark Twain on Risked-Based Lending:

"It ain't what you don't know that gets you in trouble, it's what you know for sure, that just taint so" - Mark Twain

Know you and the SECU Board believe you have your "ducks in a row". on risk-based lending, but,....

      SITTING?               LAME?                 DEAD?

.... a word to the wise, you may want to start paddling faster!

 

The Current SECU Board - 2023

 The SECU Board of Directors is composed of 11 members, elected for a 3-year term at the SECU Annual Meeting held in October of each year.

The current members of the SECU Board are:

 

                                                                                           

 

                                

 

Board members above are: Chris Ayers, Alice Garland, Mona Moon, McKinley Wooten, Stelfanie Williams, Jo Anne Sanford, Bob Brinson, Mark Fleming, Jennifer Haygood, Ben McLawhorn, Thomas Parrish

The "New SECU" - Firing up the Bankers!

 To: SECU Board

Dear Chairman Ayers,

You and the SECU Board seem to be unaware of the - at times ferocious - rivalry between credit unions and banks all across the United States. Banks have had growing concerns that credit unions no longer adhere to the purpose for which they were originally created - to provide financial services to individuals of modest means. 

The Federal  government granted credit unions an exemption from the income tax based upon 1) that specfic focus on financially assisting working men and women; 2) the fact that, as member-owned cooperatives, credit unions operated on a not-for-profit basis; and 3) because each credit union was limited in who was eligible to join - not everybody could!

The decisions by you and the SECU Board to push for open membership ("anyone can join"), to seek growth for growth's sake (via mergers and regional expansion), to reorient services to favor more affluent folks (such as risk-based lending), and to introduce business and commercial services have not gone unnoticed by the banking industry in North Carolina. 

In fact, the NC Bankers Association had informed its members [Here's the link] of these pending changes long before the SECU Board had deigned to inform the SECU membership. First time in history that SECU members had to look to the bankers to find out what was going on at their Credit Union! 

Business/commercial lending by SECU will wildly irritate the banking industry. That move by the SECU Board appears reckless. You might as well have just poured gas on the bankers and struck a match. You certainly set their hair on fire with that one! Why? Because business/commercial lending is the local bankers' "bread and butter" - requiring extensive analysis, tracking, and negotiation. Bankers believe that credit unions would have an unfair advantage - no taxation - in bidding for commercial/business loans and services. Why again did you decide to start a fight?

SECU has maintained a positive relationship - and yes, rivalry! - with the banks in North Carolina for many years, because SECU has stuck to its' knitting - and its' original purpose. 

But, you and the SECU Board "want change"!...suspect the bankers are going to try to make sure you get just that!