Raeford, North Carolina - A Financial Desert ?

 

Remember the BusinessNC article on SECU published way back on February 1, 2023?  In the article, the executive leadership team (the "ELT") at SECU put forward Darrin McNeill, as a member who desperately needed business/commercial services from SECU.

😎 The implication then was that Mr. McNeill lived in some sort of financial desert there in Raeford, NC.  Thought it might be wise to take a little closer look at that claim.

Darrin McNeill is the owner of Serenity Therapeutic Services, a 150-employee mental health services company in Raeford and a 33-year SECU member. A very successful entrepreneur! He said in the BNC article: “I feel I’ve never received the type of service from [other lenders] as I have from SECU.”  

Is it too impolite to point out that "some local bank" has been helping Mr. McNeill become successful in his business over the last 33 years?

SERENITY THERAPEUTIC SERVICES' home office is located  at 207 S. Stewart St, in Raeford, NC.

Don't know about the quality of the service at the banks in Raeford, but  there are at least 4 banks within @ 1 mile of Serenity's home office [link], not exactly a financial desert, right .. .

Lumbee Guaranty Bank - Harris Ave (distance: 1.1 mile)

Truist Bank - 207 S. Main  (distance: .3 mile)

Fidelity Bank - 112 US-401 (distance: 1 mile)

PNC Bank - 201 N. Main (distance: .2 miles)

AgCarolina Farm Credit [link]

USDA Rural Development [link] Lumberton office

SBA [link] NC Wilmington

North Carolina bankers have always claimed  that commercially-oriented credit unions would use their tax exempt advantage to under-price banks on the cost of services...and of course in "business", cost and expense control are king - price matters! 

One of the banks in Raeford is Lumbee Guaranty Bank [link] which is the first Native American bank opened in the U.S. - just celebrated its 50th anniversary! An institution of which all of North Carolina should be proud.

Lumbee Guaranty Bank serves this economically challenged area with 14 local branches in North Carolina small towns like Maxton, Rowland, Red Springs, St. Pauls, Fairmont - where expansion maddened SECU, for example, does not have branches.

Lumbee Guaranty Bank's business/commercial services are extensive and look fairly priced [link].

Does SECU intend to "under-price" Lumbee Guaranty Bank to attract business accounts?  Open branches in Maxton and Rowland - didn't see it mentioned in the "SECU Strategic Plan"!)?

 

😎 Nothing like using one's massive financial clout and tax-preferred status to threaten the financial viability - without good reason - of the premier (locally-owned, locally focused) Native American commnity bank in the USA , is there!  

 

 ✅ Is that really what North Carolinians want?

The statement that small business owners in all areas of North Carolina - "Tier 1" (like Hoke and Robeson counties) or otherwise - do not have access to financial services is.... [you fill in the blank!]

"Making it up" ... doesn't make it true.