A Little Muscle or Gymnauseum?
✅ Commenter on 7/21 Jeopardy post [link]: Anonymous July 21, 2025 at 11:33 AM
"What does this have to do with our organization [SECU]?"
Well, in case it has slipped your mind the "new/new" at SECU tried - ineptly! - to run a little merger gambit on the folks at Local Government FCU back in 2022. As we all know, it didn't go so well, to say the least.
SECU keeps trying to claim it never happened - "the no formal proposal proposal!"; but it did. Far too much evidence and too many highly reliable witnesses for that truth to be suppressed. Best witness ever is Mr. Maurice Smith, CEO of LGFCU at the time. Take a look: [link] [link].
So, we're left with two possibilities concerning the LGFCU merger proposal: The SECU Board and ELT either 1) knew what they were doing , or 2) didn't. Hope the commenter now understands why this matter applies to SECU. Megalomania or stumble-bumery? Not exactly a confidence inspiring choice.
Using the "Jeopardy formula" from yesterday; in 2022, LGFCU had @$3.5 billion in assets, @$300 million in capital/reserves, and @ 400,000 members. Each LGFCU member had a "member equity" stake of @$750 in the credit union.
SECU seems to have implied to the LGFCU Board: "Give us your credit union for free or else!" Given "that offer", the LGFCU Board rightfully pointed a middle finger at the SECU Board and gave them a Bastogne, Battle of the Bulge reply.
The credit union "Merger Mania" game is being played by hardcore, financial professionals at the national level. It's winner-take-all, fools-come-last with billions of "member equity" dollars up for grabs. Credit union members are, and will continue to be "put-in-play" - presented with "offers" which they should refuse.
Whether the SECU Board and ELT don't have a clue or just play poorly is a high risk problem for SECU members, as the tsunami of mergers continues to roll in. Is the Board's commitment spelled out in "Our Strategic Plan"?
😎 BTW, if LGFCU members had been given the choice to each receive a "member equity check" of $750 bucks and move over to SECU, how do you think the vote would have come out?
Hardcore, financial professionals at the national level? LOL. Did Goldman represent AARHA? Why are virtually all of your statements exaggerated?
ReplyDelete9:13am Agree, Goldman Sachs obviously didn't represent AARHA!
ReplyDeleteBut it might be a good business opportunity for them to represent credit union members. GS is clearly a class act ... or should that be class action.
The Brightbridge/AARHA merger has only been announced... lets see how it plays out.
SECU board knew what is was doing - look how it ended up, we lose tens of millions in revenue and can’t adjust all the infrastructure expenses, net income will go down and we’ll add to capital at a lower rate. Irony - the capital that gets stolen happened to SECU alright.. you shoukd thank the board for broaching it, instead you criticize it.
ReplyDelete9:21 am From a regular commenter who is frequently difficult to fathom... as was that "nah, we never proposed a merger" lawyer weasel. Be sure to read the links to Maurice Smith's statements.
ReplyDeleteShould SECU members be worried about the national merger mania risk? If SECU can't simply tell the truth on the LGFCU matter... is fully trusting them in the future reasonable?
This has been a big concern of mine for a long time. SECU board and management are just not being truthful. (I'm trying to be polite, but it's a hard thing to do.) What they're really doing is lying to and deceiving the members and employees. Just shameful behavior...
Delete9 26. Sorry if your ignorance, blatant biases, and closed-mindedness and basic intelligence level - especially in the context of running a modern day credit union, precludes you from “fathoming” my comments. Will try and dumb them down for you going forward.
DeleteIf anyone was wondering what changed beginning 9/1/21, just read the comment at 12:35am. Been downhill ever since.
Delete@12:35 Got a better idea, why don't you crawl back in your hidey-hole and leave the intelligent comments to the grown-ups. You're a spoiled 3 year old way out of your league.
Delete@9:26. No, members should be worried about it for SECU. There is no merger strategy, and there won't be a merger. We also won't be opening up to business members nationally. You can make this stuff up all you want, but it doesn't make it true. Are you capable of making genuine, non-misleading comments, and putting forward legitimate questions and conversations for members?
Delete`10:00.. Deal. I'll leave the intelligent comments to grown-ups - as soon I start seeing them.
Delete9:44.. You're welcome. Something and a lot of someone's had to change.
“One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.”
ReplyDeleteDr. Thomas Sowell