Thursday, April 3, 2025

Carolinas Credit Union League: H187 - About Those "Bullish" Financial Deserts......

         and Peoples, Planters, First Charter, Sou. Nat'l and...

😎 The Carolinas Credit Union League CEO Dan Schline "is pitching the legislation as a way to restore financial services to economically distressed communities vacated by traditional banks." [link - BNC]. 

The CCUL is making its' "bullish" pitch for credit union open membership to our legislators based on the abandonment of "economically distressed communities vacated by traditional banks."  The faux measure of abandonment used by CCUL is the number of bank branches closed over the last couple of decades in Tier 1 counties. 

😎 For the record, there is a far more legitimate and honest reason that many bank branches have been closed. Take a look at the list above. Most North Carolina communities used to have a "bank on every corner"! As the above mergers proceeded, especially after the banking debacle following 2010, many banks found that they owned branches "side-by-side" and consolidated locations. No North Carolina counties were "vacated" - that's just a "bullish" idea!

😎 Being honest, wouldn't it be better to count the number of branches which still exist in Tier 1 counties, rather than create a fiction of facts around those that were consolidated a decade ago? 

Here's the list of over 400+ bank branches operating today in those Tier 1 "financial deserts"[source - FDIC]:

1) ALEXANDER - 4 banks, 6 branches, $369 mil. deposits;  2) ANSON - 2 banks, 2 branches, $213 mil. deposits; 3) BEAUFORT  6 banks, 10 branches, $795 mil. deposits;  4) BERTIE - 1 bank, 1 branch, $126 mil. deposits; 5) BLADEN - 5 banks, 7 branches, $380 mil. deposits; 6) CALDWELL7 banks, 13 branches, $949 mil. deposits; 7) CASWELL - 2 banks, 2 branches, $79 mil. deposits; 8) CLEVELAND - 9 banks, 17 branches, $1,417 mil. deposits;  9) COLUMBUS - 6 banks, 10 branches, $1,391 mil. deposits; 10) CUMBERLAND - 15 banks, 51 branches, $4,855 mil. deposits; 11) EDGECOMBE  - 6 banks, 7 branches, $340 mil. deposits;  12) GRAHAM - 2 banks, 2 branches $171 mil. deposits;  13) GREENE  - 1 bank, 1 branch,  $127 mil. deposits; 14) HALIFAX 8 banks, 12 branches, $806 mil. deposits; 15) HERTFORD - 2 banks, 4 branches, $672 mil. deposits: 16) HOKE - 4 banks, 4 branches, $177 mil. deposits; 17) HYDE - 1 bank, 2 branches, $95 mil. deposits; 18) LENOIR - 7 banks, 7 branches, $997 mil. deposits;  19) MARTIN - 7 banks, 7 branches, $ 398 mil. deposits; 20) MCDOWELL - 3 banks, 3 branches, $354 mil. deposits;  21) MITCHELL - 1 bank, 2 branches, $293 mil. deposits; 22) MONTGOMERY - 3 banks, 7 branches, $379 mil. deposits; 23) NASH - 10 banks, 24 branches, $3,699 mil. deposits; 24) NORTHAMPTON - 1 bank, 1 branch, $70  mil. deposits;  25) PITT13 banks, 32 branches, $3,367 mil. deposits;  26) RANDOLPH11 banks, 23 branches, $2,027 mil. deposits;  27) RICHMOND - 5 banks, 6 branches, $490 mil. deposits; 28) ROBESON - 7 banks, 24 branches, $1,363  mil. deposits; 29) ROCKINGHAM - 9 banks, 19 branches, $1,321 mil. deposits; 30) RUTHERFORD - 9 banks, 11 branches, $833  mil. deposits; 31) SAMPSON - 5 banks, 10 branches, $668  mil. deposits; 32) SCOTLAND - 6 banks, 6 branches, $425 mil. deposits; 33) SURRY - 10 banks, 20 branches, $1,456 mil. deposits;  34) TYRRELL - 3 banks, 5 branches, $95 mil. deposits; 35) VANCE - 7 banks, 7 branches, $483 mil. deposits; 36) WARREN - 2 banks, 3 branches, $121 mil. deposits; 37) WASHINGTON - 1 bank, 1 branch, $69 mil. deposits; 38) WAYNE - 10 banks, 22 branches, $2,194  mil. deposits; 39) WILKES - 9 banks, 11 branches, $868 mil. deposits;  40) WILSON - 9 banks, 14 branches, $1,914 mil. deposits.    

😎 Not only are the 40 Tier 1 counties already broadly served, most by multiple N.C. banks, but 35 of the 40 Tier 1 counties are served by the most highly rated banks in the U.S. [link].

"Financial deserts"? ... definitely "bullish"!

 

                 

 

 

 


14 comments:

  1. 1) Several counties have only 1 or 2 banks. Why is more choice for consumers a bad thing?
    2) There are access issues, and there is a reason why there is a geo / mileage criteria. Not everyone has access to your wallet to fill up their gas tank to get to the bank - if they even have a car.
    3) Is the bank lobby paying you? So in your quest to take a position against anything SECU supports, you stoop to now being pro-bank over credit union? You'll sell out anything and all integrity to oppose SECU, won't you?

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  2. 11:04 am Pretty stern comments - ouch!

    1) North Carolina credit unions weren't chartered to serve the public. Current law prohibits it. If that needs to change then let's discuss it - honestly. Why not just say we believe we need to have the right to serve all citizens and corporations in N.C.? What's wrong with telling the truth about what you believe is needed?

    2) Not sure that this point makes sense? Why does a "financial thirsty" person need a local branch if they don't have gas/car to get there? Please explain.

    3) Nope, not employed by the banks. Would say that I'm not pro-bank... believe you can easily find a long record on that. But I'm also not anti-bank... banks are different from credit unions and also serve a very important role in N.C.

    Am pro-credit union, certainly not anti-SECU... might check the record on that too! And by the way, are you saying SECU does support H187? Has the credit union leadership said that?

    The point of the post is show that it appears that the CCUL is once again manufacturing a problem - "financial deserts" in an effort to pull the wool over the eyes of our legislators; when the real intent is open, "anyone-and-everyone-can-join" membership for credit unions.

    Again, if open membership is needed, why not discuss it honestly? Lying to legislators and member-owners is a short road to hell. Agree, credit unions shouldn't needlessly "sell out anything and all integrity", should they?


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  3. Mr. Blaine - There you go again...confusing us with the facts!

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  4. Maybe SECU should open a branch in each of those counties. Oh, they already have...

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  5. Fault in your logic is that the bill doesn't provide the ability to serve all citizens and businesses.

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    1. 7:20pm H187 does provide for open membership for all citizens and businesses - and that is not limited to just North Carolina.

      You are making the intended mistake of being sucked in by "the Tier 1 widows and orphans" rigamarole. You need to read the rest of the language in the bill.

      Don't get suckered... and again if open membership is what is needed by credit unions then discuss it frankly and honestly with our legislators.

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    2. The widows and orphans hyperbole is yours. no one else is saying it.

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  6. it's a legit issue that some countied are under-banked

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    1. 7:31pm Perhaps so... how would you determine if a county is "under-banked", "over-banked", "just right banked"?

      Would like to hear the "Goldilocks Theory" of banking!

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  7. N Carolina CU's support this bill.

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    1. 7:38pm You haven't asked them all.

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  8. At least CCUL and NC CU leaders have the courage not to wimper and run scared in the presence of the bank lobby.

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  9. No CU's weren't created to serve the public, but they were created to serve those of modest means.

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    1. 7:45pm Thank you for acknowledging the truth on both points.

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