🎉 🎉🎉 North Carolina's own Southern Bank rated best bank in the United States - now that's impressive! [link]
Forbes [2/5/2025]: "With lower expenses on staff and technology, regional banks often operate more efficiently than nationwide giants, and Forbes’
16th annual list of America’s Best Banks is full of them. Led by Mount
Olive, North Carolina’s Southern Bank at number one, none of the banks
in the top 10 have more than $25 billion in assets, and JPMorgan Chase
is the only trillion-dollar institution on the list at all." Also making the Top 100 list were First Bank out of Southern Pines and First Citizens Bank, which is now one of the largest banks in the U.S.
✅ Dan Schline, CEO of the Carolina Credit Union League (CCUL) lobbying group is, once again, putting forth to our Legislature (H187) that North Caolinians in rural and "Tier 1" counties (financially challenged) are struggling to find access to financial services. Kinda hard to believe that as usual.
This round CCUL is asking the Legislature to give credit unions open membership to serve these folks dying of thirst in North Carolina's financial deserts. Thought it might be wise to verify the authenticity of that claim.
😎 Also thought it might be fair to check only for the presence, in those "Tier 1" counties, of those three North Carolina banks - Southern, First Bank and First Citizens - designated among "America's 100 Best Banks". Avoid any question of the high quality of access, also, in these N.C. financial deserts.
✅ Here are the 40 "Tier 1/financial desert" counties in N.C.:
ALEXANDER, ANSON, BEAUFORT, BERTIE, BLADEN, CALDWELL, CASWELL, CLEVELAND, COLUMBUS, CUMBERLAND, EDGECOMBE, GRAHAM, GREENE, HALIFAX, HERTFORD, HOKE, HYDE, LENOIR, MARTIN, MCDOWELL, MITCHELL, MONTGOMERY, NASH, NORTHAMPTON, PITT, RANDOLPH, RICHMOND, ROBESON, ROCKINGHAM, RUTHERFORD, SAMPSON, SCOTLAND, SURRY, TYRRELL VANCE, WARREN, WASHINGTON, WAYNE, WILKES, WILSON.
😎 Southern, First Bank, and First Citizens have at least one branch in 35 of the 40 "Tier 1/financial deserts - access and the "best in America" quality.
Of the 5 remaining counties:
❋ Caswell is served by American National and Fidelity banks.
❋ Hoke is served by Truist, Lumbee, PNC, and Fidelity banks.
❋ Hyde is served by Yadkin, and Vantagesouth banks.
❋ Mitchell is served by Bank of America, Wells Fargo, PNC, TD, Woodforest, and United Community banks.
❋ Tyrrell is served by Truist, Vantagesouth and Yadkin banks.
... need more banks or greater truth?
Many believe more choices for consumers is a good thing. Competition helps keeps prices in check. We believe SECU is a better alternative to banks, with better rates and lower fees. We should be serving these markets and demographics. It’s within our mission.
ReplyDeleteBesides we effectively have an open membership. 1/5 work for the state. Probably have hundreds of thousands of members with a 4th cousin twice removed that had a job with the state once.
so field of membership is not hurting SECU. Bigger question is do you really serve people better now in 2025, or are you skating on your pre-Haze reputation?
DeleteService continues to decline. living on pre Haze reputation. no character or importance. another also ran.
DeleteDoesn’t hurt branch staff was decreased but workload was increased. But please do not ask back office to speak to a member….
DeleteExpanding field of membership IS hurting SECU (and other CUs). These very moves are opening the door and providing support to eliminate the advantages that credit unions have so long benefited from and passed along to members. Personalized local service and federal income tax breaks are now at risk the more CUs continue to push for "growth". Shame on Brady and Schline for contributing to the problem and compromising the very thing they are claiming to protect. Focus more on your current members and less on trying to grow for profits sake.
ReplyDeletePrinciples are fundamental truths or rules that guide behavior, beliefs, or actions... me thinks they have pushed aside the credit union principles. Not a wise decision to build your house on shifting sands ... IMO
ReplyDeleteBefore you open the field of membership you need to concentrate on the existing membership and their experience in the branches. The service is so slow and the member service is ridiculous. Just not the same anymore. I hate going into a branch and will do everything possible to avoid it
ReplyDelete