Will be fun to watch?!? Probably not...
😎 Mind if we take a little break from all that politico stuff? After awhile, it gets a bit e-r-r, well...taxing!
Back on the home front, June 3rd is the day that major, #1 snafu - the infamous "no formal proposal proposal" - comes home to roost. Local Government FCU will officially go its own way and become CIVIC FCU - they call it "Independence Day"!. Lets hope the separation goes well, as over 400,000 LG/CIVIC members will be affected.
Once the two credit unions get beyond "I Day", expect some "trouble"! Call it what you will - human nature, sibling rivalry, managerial egomania - but the stage has increasingly been set for a little "turf" warfare.
Best example? Take a look at the new savings rates recently posted up by CIVIC compared to SECU's rates. While you look remember that everyone in North Carolina can become a member of CIVIC - including every SECU member!
✅ Certificates of Deposit Rates*
Term SECU Rate CIVIC Rate Min. Deposit
6 months 3.90% 4.35% $250
12 months 4.10% 5.50% (!) $250
18 months 4.40% 5.50% (!) $250
24 months 4.40% 4.35% $250
30 months 4.00% 4.19% $250
36 months 4.00% 4.19% $250
48 months 3.75% 4.25% $250
60 months 3.75% 4.30% $250
* Red indicates better rate .
At 3/31/25, SECU held @$15 billion in member certificates of deposits ("CD's") of which 2/3rds - @$10 billion - was invested in those shortest term 6 & 12 month categories.
✅ MMSA - At 3/31/2025, SECU held @$16 billion in daily withdraw-able money market savings accounts ("MMSA") at 2.02%. CIVIC has posted a rate of 2.10%
✅ IRA's - At 3/31/2025, SECU held @ $3.3 billion in daily withdraw-able individual retirement accounts at 3.05%. CIVIC just posted 3.56%.
CEO Leigh Brady's questionable claim at the last Annual Meeting of superior SECU savings rates appears to be under direct, highly visible attack. Assume that this is entirely coincidental and unintentional, but wouldn't bet on it. Rather suspect the fight is on!
But before you go moving your money around, remember LG/CIVIC has its challenges too.
If this turns into a "messy divorce", it's the members and front-line staff who will suffer most. And, while LG/CIVIC is safe and sound, the credit union operated "in the red" in both 2023 and 2024. Its largest ever quarterly loss to date was in the just completed first quarter of 2025!
Are LG/CIVIC members going to cheerfully accept losing complete access to the 275 SECU branches? Also, it appears that LG/CIVIC members wanting to deposit cash are being directed to Walmart for that service! That's kinda like being forced to give up your home washer and dryer and told to get happy doing your clothes at the laundromat! And of course, it should be mentioned that most LG/CIVIC members are, if dissatisfied, eligible to become members at SECU (if they haven't already!). "Changing sides" can work both ways! Gonna be interesting...
😎 Shame about all this and that "no formal proposal proposal"... but at least it was anticipated, well thought out, and approved in our "Strategic Plan"!
It was... wasn't it?
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