Monday, March 6, 2023

Somebody's Nose Is Growing - Pinocchio #3

 To: The SECU Board of Directors

Dear Mr. Ayers,

Hard to run out of blog material with articles about SECU like the one in the Triangle Business Journal (3/6/2023):


TBJ - 3/6/2023

"Hayes said adding small-business lending is not a growth play. Instead, it’s service add for existing members. “We’re not looking to go out and compete with banks,” he said. “I don’t think we’re going to be financing John Kane’s new high-rise.”"

You know one of the benefits to the membership of those "All Employee" emails which Mr. Hayes has been sending out? Folks are able to keep up with what the CEO is actually saying internally, rather than publicly in the press. Here's another example:

"I'm more convinced than before that we need to build a 12/15 story building on Computer [that's Computer Drive in Raleigh - currently a branch site] overlooking North Hills and the [Interstate] 440.... it sure seems like that is going to be a real up and coming area for years to come. Affluent area. High Profile...seems like a really great place for everyone to be looking at our high rise office building."

[Perhaps Mr. Kane should take care...clearly SECU has ambitions in the building development arena as well as commercial lending!] 

Chairman Ayers, one would assume that you and the SECU Board endorse and support this activity (an attitude!). Are you sure banks won't feel threatened? And, how do high rise office buildings in Raleigh help improve the economy in North Carolina's rural counties - over which you express such great concern?

Hey, there's more to come from misinformation in the article, but let's not waste time if the TBJ just got its facts mixed up. Is the SECU Board standing firmly behind these quotes or have you already asked for a retraction?  Let us - the member-owners - know!

Here's looking at you ...and that high profile, affluent area Raleigh high rise in the future!