Saturday, June 29, 2024

Is the Financial Analyses The SECU Board Is Receiving Part Fiction? That Might Explain A Few Things ... .

.. refer to the comments in the 6/27/2024 post [here's the link], if you want to see how this "Ed story" unfolds.

😎 Well, the "2:13pm/3:16pm commenter" is back! Still squirming frantically - trying to avoid "the light".

"some follow up to @6:27."
"1) Yes, SECU grew. Strongly? Compared to what? It's been shown not to have grown as fast as the local market."

As Cool Hand Luke was told: "What we have here is a failure to communicate."

The core problem may be that our "2:13/3:16 commenter" is simply of the classic persona-types best described by the axiom: "Can't see the forest for the trees."

So, "2:13/3:16 commenter": "Compared to what?" The bigger picture? SECU, as you know, is the second largest CU in the US at @ $50 billion in assets - give or take a $5 billion "prop up" loan from the Fed. (NavyFed in Virginia is by far the largest).

If CU size and growth are related to population, etc as our commenter opines, then lets fact-check that statement with a little broader and more fairly balanced vision.

North Carolina is the 9th most populous state in the US and at $50 billion+-, SECU is by far the largest CU in the State.

 ✅ Here's a list of the 10 most populous states in the US with the asset size of the largest CU in each state:

1. California - $29 billion
2. Texas - $18 billion
3. Florida - $16 billion
4. New York - $12 billion
5. Pennsylvania - $8 billion
6. Illinois - $19 billion
7. Ohio - $8 billion
8. Georgia - $10 billion
9. North Carolina - $50 billion
10. Michigan - $12 billion

... why is SECU so far ahead in terms of size, if population is the key? (In case you're wondering, SC - $5 billion, Tn - $8 billion). Clearly something unique has been happening in North Carolina! 

✅  Something doesn't "add up", does it?  And that's the concern about the escalating lending losses and delinquency at SECU. Those soaring costs "are adding up" at the expense of the SECU membership.

Look closely, isn't SECU a unicorn?