Comment Cluck-ery...
✅ Comments on the WakeMed post [link]: "I by no means said or meant only a large CU COULD take us [SECU] over, it's that it WOULD never happen."
"What would be relevant and welcome is for you to challenge me on the actual point I was making, which is the notion of us being "taken over" by a small credit union is extremely improbable, silly, and not a practical reality." "It’s a theoretically possibility with as close to zero probability as it gets."
😎 Really hate [not really!] to bring this up, but in North Carolina in late 2024 - right under your beak! - CIVIC FCU took over Local Government FCU. [link] The regulators called it a merger!
At that time:
- CIVIC had total assets of @ $120 million; LGFCU had @ $4 billion in assets.
- CIVIC had @ 10,000 members; LGFCU had @ 400,000 members.
- CIVIC was losing money; LGFCU had been profitable for 40+ years.
- CIVIC has in 2 years lost $1 billion in assets, lost 100,000 members and lost over -$175 million in net income.
Jim, do you think it's bad enough that there's a chance of Civic failing financially?
ReplyDeleteWhy so many lies? Civic was the business focused part of LGFCU and LGFCU decided to rebrand as Civic. There was no takeover or merger. When you’re short on facts you just make some up huh.
ReplyDelete12:20am Cluck, cluck... here's the official merger notice!
Deletefile:///Users/jimblaine/Downloads/NCUA-2024-0080-0001_content.pdf
12:20 is not correct. There was a formal merger. 12:20 was correct, by claiming you just make stuff up, which you did. How do you think this announcement justifies your comment that Civic “took over” LGFCU,
Delete8:28am Cluck, cluck...
DeleteFinancial institutions aren't allowed to fail these days.
ReplyDeleteTo protect the public - and those CU members in particular - regulators use a legal tool called merger to fold a declining CU into another CU.
The regulator has full authority to call the shots if it believes the board and CEO have failed strategically..
7:49 am Also false that they can “call the shots” if they think the board failed “strategically”. They fail for financial reasons, which is about execution, not strategy. Lots of CU’s have failed strategies but they aren’t a safety and soundness risk.
Delete8:30 am .You believe that failing for financial reasons due to poor execution is not a strategic failure?
DeleteDouble cluck.....
Is the situation bad enough at Civic that you think a merger is inevitable?
DeleteIts a sorry tale of human hubris:
Deletehttps://thecudaily.com/most-remarkable-cu-story-ever-told-comes-to-a-close/