Can you think of any reason SECU should be permitted to buy a bank?
😎 Take a look at what is going on according to Axios [for full article link]:
"Why credit unions are buying bank."
✅ Nonprofit credit unions are buying record numbers of for-profit banks.
Felix Salmon [8/24/24]
✽ Why it matters:
Until recently, a nonprofit couldn't own a for-profit — it seems to
defeat the whole point — but in recent years the walls between these
two worlds have been breaking down.
✽ The big picture: Credit unions have many advantages over banks. They pay less in taxes and don't need to deliver profits to shareholders.
✽ By the numbers: By June 4 of this year, credit unions had acquired $7.2 billion of bank assets, per S&P Global. That's larger than any previous full-year total.
✽ Between the lines: The key question here is whether growing via acquisition means that a credit union has lost sight of its nonprofit mission.
✽ Where it stands: Credit Unions are officially constrained insofar as they can only offer banking services to specific fields of membership, but sometimes those fields of membership can be ridiculously large.
"... it seems to
defeat the whole point."
Yes. A great reason for us to buy a bank is to get into commercial banking and business lending. You can acquire talent, technology and relationships. We can build it out, but if we buy we can get there quicker.
ReplyDeleteyeah we seen the 'talent' they brought in ...
Deleteever get that core system figured out?
4 years and counting ....
as far as 'banking' folks, they're a dime a dozen ...
maybe we can become 'too big to fail' like the rest.
Stunning ...
ReplyDeleteWe should not buy a bank. Not a good look. Will say that CUSOs can be for profit.
ReplyDeleteI wish I could SHORT the life out of the embarrassment that is SECU. incompetent management that has for years been saved by the Frontline employees that they are getting ready to gut with the announcement of NO MERIT due to mismanagement. Yeah that'll show the only people actually helping members. Management is tone deaf and will soon be out on the streets if they don't change their tone.
ReplyDeleteAmen
DeleteWhoa wait their getting rid of merit?
Deletean embarrassment to all of NC
DeleteThe arrogance is laughable. While failing at race based lending and current products, you want to add something you know nothing about? How long will it take to get to break even? At least a decade, potentially closer to two.
ReplyDeleteWho do you think will participate? The VERY small number of members currently running a successful business already have services somewhere else. Why would they come over to non competitive rates? You think its a good idea to give 6 figures to someone starting a business when the failure rate is around 90%?
The business rates will be better than consumer. Will focus on established businesses not high risk start ups. This is the 2nd most requested service behind rewards. Now #1.
DeleteHave these surveys of members been published? where can we make requests that SECU will respond to? How are these requests tabulated?
DeleteNot true better rates are our #1 most requested service. if you can't deliver on that why waste more money on new services. no longer better or best in what you offer.
Delete7:02am Agree Weak leadership, weak direction. #1 better savings rates, #2 better service, #3 stop wasting our money, #4 new leadership
Delete@7:26 where’s the survey?
Delete7:34am At secu you just make them up. but email it as a survey to us if you want to confirm.
DeleteRaise your hand!
Delete"A man's got to know his limitations"
ReplyDeleteHarry Callahan