A Little Muscle or Gymnauseum?
✅ Commenter on 7/21 Jeopardy post [link]: Anonymous July 21, 2025 at 11:33 AM
Tuesday, July 22, 2025
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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?