SECU Financial Year-End In Review: 'Da Numbers!

   How did 2025 go?

 SECU "closes out the books" on June 30 of each year and "counts the beans"!For those of you who missed it; Ms. Leigh Brady, SECU CEO, emailed her review of 2025 performance today. There were many good things to report; here take a look in case you missed it [link] .

'Course as you might suspect, I have a few "observations". While our CEO's praise of favorable rates can still be challenged, the outflow of member funds has reversed and of equal importance that "iffy" $5 billion Fed loan has been repaid. Member borrowing is steady; but the continuing, elevated levels of delinquency and charge-offs are not mentioned at all - and bear continued scrutiny as the national economy wavers. Expenses "...lower than budget" also passes over the much higher than historical cost percentages.

Several periodic refreshes in mortgage systems, ATMs and voice response technology are positive, but the oft-touted digital platform is now scheduled for 2026 and that much-hyped "core replacement" remains an unscheduled promise! 

Wanted to mention "the core upgrade" in particular, because so many SECU tech employees were unfairly and falsely maligned over "1983 technology" while the Board twiddled [link] [link] [link] .  Hope it's beyond obvious that SECU continues to excel (according to Ms. Brady!), using that "decrepit" technology; and, evidently will need to do so for several more years. Shame always on "the leadership" for this striking employee injustice.

No specifics on the success of the rewards card program; and no details on the upcoming selling and risk/race rating of mortgage loans, which ... well believe we've discussed those issues before, haven't we! The work of the SECU Foundation always a plus!

This was a wow!: "But even more impressive was the number of new members we welcomed to SECU over the last fiscal year – 174,878! " That truly is impressive as the usual number is @75,000 annually. What would you suspect triggered that... great management, social media, Super Bowl ad?? [Nah... hint, (spelled backwards): C-I-V-I-C ... keep your eye on that situation!]  

✅ But most important given the rapidly evolving national "merger/conversion/ bank-wannabee"  push among credit unions was this quote:

"We don’t seek to merge with or acquire other financial institutions, but instead we focus on relationships and organic growth. It’s what our organization has done best for the past 88 years! "   

😎 How do we as member-owners of SECU assure that statement holds true in the future?

 

  Or is that statement just another ... "no formal proposal proposal" from you know who?!?

SECU What's Next? While We Wait On The Regulator...

   To Be Or Not To Be?

Yesterday was the deadline to submit information to the NC Credit Union regulator on the question of changes without notification to the 2025 SECU Board Election Policies and Procedures . The decision by our State Regulator, Ms. Kristina Ray, will in all likelihood determine if SECU has a contested election in 2025, as it did in 2023 and 2024. Below is "the wrap". If you wish to explore the background, try here [link], here [link] , here [link]. and here [link].

✅ Ms. Caroline Warren, NCCUD                                                       

June 25, 2025

re: 2025 SECU Board Election Policies and Procedures 

Dear Ms. Warren,

As you requested, to close out the information inquiries on the above issue, would ask that you 1) Confirm and disclose the number of SECU board candidate packages filed by the 2025 deadline as changed? 2) Confirm if the only board candidate packages filed for 2025 were either incumbents, or from members directly recruited by the SECu Board? Thank you. 

 

❊ As stated in the 6/20/2025 letter to Ms. Ray [link], SECU has announced further restrictions on member governance rights through the elimination of advanced-filed, governance-related 2025 Annual Meeting resolutions, for consideration by the entire membership. Would request that you meet with us to discuss this issue without the need to file an additional complaint. Think such an informal meeting, including SECU, would be highly beneficial to all parties, especially the 2.5+ million NC members affected. Thanks for your consideration. Look forward to your response, as time grows short.

Ms. Warren, thank you so much for your time, patience and courtesy in this matter.

Sincerely,

Jim Blaine, SECU member

 

cc: SECU Board of Directors  

 

✅ But while we await the decision from the Administrator,  please take note of the second paragraph and the [link] . The SECU Board is stepping up its fight to further suppress SECU member governance rights... all under the auspices of that regulator-approved 6/30/2023 bylaw amendment [link]. 

Another round coming it appears...

  Do I have any member shareholder rights left? Why do you dare ask?!