SECU Member Resolutions: Why "Lawyer Up" Against The SECU Membership?

 

     Isn't that backwards under our U.S. system of justice?

✅ Ms. Cathie Plaut, SECU Chief Legal Officer

Raleigh, North Carolina

September 10, 2025

Re: SECU Member Resolutions 

Dear Ms. Plaut,

Thank you for your letter of September 3, 2025 responding to the request for rules and procedures for submitting SECU member resolutions. 

From the  letter, I understand that your opinion is that SECU member resolutions may 1) only be submitted at a "Special Membership Meeting" and 2) that "SECU has not promulgated rules and procedures further detailing this process". 

It is an innovative idea to believe that Article VIII, Section 4 of the bylaws ["Special meetings of the members may be called by the chairman and shall be called on the written request of not less than 10% of the membership."] is meant to address member resolutions. Doesn't requiring over 300,000 SECU members ["10%+"] to petition the SECU Board - simply asking to be heard - create an extraordinary barrier? 

Had hoped that some reasonable, straightforward rules and procedures would enable SECU members to submit governance-related resolutions directly to the SECU Board for consideration. Had also assumed that such governance-related resolutions would generally be positive suggestions, not an attack upon the Board. 

Ms. Plaut, your "Special Meeting" interpretation on member resolutions appears to "assume the worst" - that all member resolutions will be adversarial and not constructive. Assuming the best from the SECU membership might be a better initial course.

Since you acknowledge that no rules and regulations yet exist, and that such changes will require future, Board-approved, bylaw amendments; would you consider a discussion of other possible alternatives for the Board to use, prior to any "Special Meeting"?

Creating the "Special Meeting" requirement seems to further disenfranchise SECU members in their roles as member-shareholders, unnecessarily.

Thanks for your consideration. Look forward to your response.

Sincerely,

Jim Blaine, SECU member

cc: Leigh.Brady@ncsecu.org>    kristina.ray@nccud.nc.gov>  

 

  The SECU membership isn't really a pitch fork-toting mob...!

 

 

SECU Legalease: "The No Formal Resolution Resolution"!

   First, there was the "no formal proposal proposal"; 

✅ Re: "The SECU Annual Membership Meeting - 2025: "Curiouser and Curiouser!"" [see post link here]    

Q: How does an SECU member present a resolution to the Board of Directors?

😎 "The Fine Print" response from the Chief Legaler: [link to legible version]

 

😎   Ms. Plaut, CLO, quote: "To date, SECU has not promulgated rules and procedures further detailing this process, but your request seems to suggest we should. We will give that idea due consideration." [see letter above, paragraph 5]

😎 The Bottom Line: No rules, no procedures exist...  just kinda made all this up!

 

  ... and so now, "the no formal resolution resolution"!  "Curiouser and..."

 

 

The SECU Annual Meeting: The Lack Of Transparency Fuels Distrust ...

 Work at "doing things differently"... instead of seeking to be something less.

😎 Wanted to make sure you didn't miss the difference in a world class Annual Meeting - Berkshire Hathaway.  

  "The question-and-answer session -- a centerpiece!"

Berkshire Q&A: Buffett says he expects tough questions 'and that's the way we like it' [link] 

 

✅ "The three of us will not get so much as a clue about the questions to be asked. We know you and Becky will pick some tough ones and that’s the way we like it," Buffett said.

 

 ☑ Independent, impartial "curator".     [SECU Board - No!]

 ☑ Random, un-screened questions.      [SECU Board - No!] 

 ☑ Questions from the floor.                  [SECU Board - No!]

 ☑ Follow up questions.                         [SECU Board - No!]

 ☑ Live stream questions.                      [SECU Board - No!]

 ☑ Up to 5 hours Q&A.                           [SECU Board - No!]

 

  "State Employees’ Credit Union (SECU) is a member-owned not-for-profit financial cooperative, grounded in the credit union philosophy of People Helping People®." [link SECU website] 

  Could have fooled me...

 

 

 

SECU Annual Meeting: A Magical Moment?

   "Mark my words..."!

✅ "While we welcome member questions, we will not address questions that are not relevant to SECU..." [link]

Q: Will questions be administered by an independent, impartial entity [as with balloting]? 🔲 Y 🔲 N

Q: Will the total number of questions submitted be reported? 🔲 Y 🔲 N

Q: Will the name of person submitting the question be included? 🔲 Y  🔲 N

Q: Will all questions be presented [how do members confirm?] 🔲 Y 🔲 N

Q: Will you video and provide the Q&A in advance of the meeting [to eliminate any need for a one hour limit]?  🔲 Y  🔲 N

Q: Will members have the opportunity to inquire about the answers provided? 🔲 Y  🔲 N  

Q: Will the Annual Meeting be "staged" like "The Fireside Chats"? 🔲 Y  🔲 N

Q: Will you provide your definition of "relevant"?  🔲 Y  🔲 N

Q: Why are you afraid of the SECU membership? 🔲 Y  🔲 N 

  😎✷✷ Anonymous August 29, 2025 at 4:12 PM They're allowing an hour for Q & A. That should satisfy everyone

😎✷✷ Reply : Anonymous August 29, 2025 at 5:31 PM You mean like last time when they were able to pick questions they wanted and trash ones they didn’t like. Also got time to prepare BS answers.

SECU Annual Meeting: What's With The Bunker Mentality?

                              Afraid of ... ?  The membership?

✱ ✱ Anonymous September 3, 2025 at 12:51 PM

"Why would SECU not want to ensure it is responding to member questions vs general public, or even worst, banker submitted questions?"

  Why isn't the SECU Board willing to answer questions from the "general public"? Wouldn't it be a great opportunity to tell our story to all?

  Why isn't the SECU Board willing to answer questions from people not yet members, but eligible to join? The less they know the better? 

  Why isn't the SECU Board willing to answer questions from the media? Is there something we're trying to hide?

Why isn't the SECU Board willing to answer questions from "bankers"? What are we afraid "they" will say about us?

Why isn't the SECU Board willing to answer questions from State and Federal representatives? Would that be politically wise?

Why isn't the SECU Board willing to answer questions from anyone? Wouldn't it be cheaper than a Super Bowl ad?

... or putting our name on Kenan? Especially after last... never mind! 

    

 

SECU Annual Meeting: Intimidating Questions?

 

  ★★  Anonymous September 1, 2025 at 7:05 PM

     Can you elaborate on how this is intimidating? 

 ✅ Four thoughts on that...

1) Employees may be reluctant to submit questions of concern. The fear of retribution by employees - whether real or not - is typical in most businesses.

2) As you've noticed at the national level, retribution is real (by both political parties!) and has become a hard-edged, take no prisoners war.

3) No one believes that the names attached to questions will remain anonymous.

4) The anonymice of "Social Media" (pictured above!) can be both vicious and vindictive, unconstrained by the truth or and need for accuracy.

😎 Why would an SECU member risk "putting themselves in play"? 

Anyway, why is it necessary?

 

 

SECU Annual Membership Meeting - Questionable?

   ... of a peculiar sort!

✅ Anonymous September 1, 2025 at 10:00 AM How do we submit a question?

❋ PRE-REGISTRATION AND QUESTION SUBMISSION
In order to ensure that SECU has arranged adequate space for the Annual Meeting attendees, we ask that all members register in advance by visiting https://www.ncsecu.org/about-us/corporate- information/governance#governance-updates. Members may submit questions for the question- and-answer session as part of the registration process. We look forward to seeing you there.

It is interesting that in order to ask a question of the Board of Directors, a member must pre-register and identify themselves. The reason given for the required pre-registration is "to ensure SECU has arranged adequate space for the Annual Meeting attendees."

Attendees, as you know, will not be permitted speak nor ask any questions at the 2025 Annual Meeting. The live stream is view only, not interactive. No election activity, no resolutions, no follow-up questions or suggestions.

😎  Why would you as a member drive to Greensboro to listen to our CEO, Ms. Leigh Brady, read out prepared answers to pre-screened questions for an hour? Couldn't SECU just post the answers on the website and save everybody an hour?

"When you kill time, it has no resurrection."

The SECU Board Of Directors' Definition of Free Speech.....

     Fair game?

The notice and procedures for the SECU Annual Meeting [link for full info} have been published.

😎 Be sure to look at this one:  "Rule 4. Up to one hour will be set aside during the meeting for a question-and-answer session. Members must submit any questions in advance of the meeting. To permit as many members to ask questions as possible, we ask that you limit yourself to one question or topic." 

"Members will be requested to provide us their name and city of residence. We intend to answer as many questions as time allows. If we receive multiple questions on the same topic, we may group them together and respond to them collectively. If there are questions that we are unable to answer during the question-and-answer session and are of general interest to members, we will post a summary on our website after the meeting."

"While we welcome member questions, we will not address questions that (i) are not relevant to SECU, (ii) contain offensive or otherwise inappropriate language, derogatory references to individuals, or that otherwise are in bad taste, (iii) relate to pending or threatened litigation, (iv) are repetitious of questions asked by others, (v) relate to personal matters, such as individual employee relation matters or individual member account issues, or (vi) are otherwise determined by the Chair to be inappropriate or otherwise not suitable for response during the Annual Meeting."

 ✅ The SECU Board of Directors tend to think of themselves as open-minded and supportive of free speech. But this rule and other recent examples show otherwise—and prove that the Board as a group is not above using intimidation and harassment to silence dissenting voices. 

😎 In the long run, it's hard to hide one's true colors. The SECU Board seems to be tending increasingly toward dress khaki...

 

  Q&A redefined...

SECU Annual Meeting Notice Now Available... Still No Answer on Resolution

  ...Also at ncsecu.org

✅  " In preparation for the SECU Annual Meeting scheduled for October 14, 2025, we are pleased to share the Annual Meeting Notice, which includes our Nominating Committee Letter that was originally distributed July 11, 2025 and the Candidates’ Statement of Background. All information is posted on our website and in SECU branches.

• Annual Meeting Notice: This document outlines the details of our upcoming Annual Meeting, including the date, time, location, agenda, and rules.
• Nominating Committee Letter: This letter provides the SECU Board of Directors Nominating Committee selections for candidates seeking election to the Board. These nominations are the result of a thorough evaluation process for each candidate, identifying individuals who are eligible for membership on the Board of Directors and evaluating multiple other factors, including the merits of the candidates by way of their education, character, professional, board and volunteer experience, as well as their knowledge of the Credit Union, demonstrated commitment to the needs of members, and capacity and capability to be an effective addition to the current composition of the SECU Board of Directors.
• Candidates’ Statement of Background: This document shares relevant background information provided by each nominated candidate, including their occupation, education, board and volunteer experience, and membership tenure.

This year, four board seats are up for election. No applications for self-nomination were received. With only one candidate for each open seat, the nominees shall be declared elected by acclamation in accordance with the Bylaws of SECU. There will not be absentee voting or in-person voting at the Annual Meeting.

A livestream of the Annual Meeting will be available on the website. Registration to attend the meeting in person is available here. Thank you for being a valued member of SECU! "

 ✅ Still no response on resolutions! [link]

 

😎 “Have you guessed the riddle yet?” the Hatter said,

Alice: “No, I give it up, what’s the answer?” 

“I haven’t the slightest idea,” said the Hatter.

 

  Alice: 'Well, I never heard it before, but it sounds uncommon nonsense.”

About That SECU 2022 Annual Meeting Resolution...

    What really happened?

 

The unvarnished truth is that in 2021 the SECU Board of Directors - and their new, highly improbable choice for CEO - created their very own, "new/new" version  of ...

While We Await Word On The SECU Resolutions Resolution...

    Debacle?

     Or Is there Just A Problem With Free Speech?  

😎 About the thinking in a couple of recent comments:

✅ Anonymous August 27, 2025 at 3:18 PM "Fact is besides the 2022 debacle a member hadn’t use their “right” to bring a resolution at the annual meeting in decades." 

✅ Anonymous August 25, 2025 at 2:33 PM "Do you feel at all responsible since it was your actions that led to members being prohibited from speaking at the annual meeting?"

Best I recall the resolution introduced at the 2022 SECU Annual Meeting [here's a link to the actual text]  was a calm request for the SECU Board to communicate with the membership about several important changes that had occurred or were being considered at the credit union. Here was the ask:

  The Motion

"In accordance with the bylaws, pending vote of the membership at the 2022 Annual Membership Meeting; it is moved that:

The Board of Directors review and respond to the above seven questions, after statewide discussions with the staff and all advisory boards; and that the results of those discussions be published to all member-owners of the State Employees Credit Union as soon as practical.

In addition, it is requested that the Board of Directors update, publish, and make available to all member-owners its’ Strategic Plan for SECU no later than 90 days prior to the 2023 Annual Meeting. The Strategic Plan should clearly explain the Board’s recommendations for a new culture and new direction for SECU."

✅  The motion asked only for information and clarification. No harangue, no threats, no demands for action, no request for operational changes.  Please just "take your time" and provide some background and context. The bottom line question was pretty basic: Who are we? Where are you leading us? Why are you taking us there?

The resolution was requested by a number of highly loyal and committed SECU members, volunteers and employees. There seemed to be great concern over the "new culture" that had not been adequately explained to any group of SECU stakeholders.

 

✅  The motion was calmly approved without objection and was seconded by a member of the SECU Board from the podium...

  Hard to understand how that resolution was considered a debacle or was grounds for the SECU Board to revoke the members' rights to speak at their annual meeting

 

The SECU Annual Membership Meeting - 2025: "Curiouser and Curiouser!"

 

  “The proper order of things is often a mystery to me.”                                                                                                                             - The Cheshire Cat

Ms. Cathy Plaut, SECU Chief Legal Officer

CATHY.PLAUT@ncsecu.org

 

August 25, 2025

 

Re: SECU Member Resolutions - 2025

Dear Ms. Plaut,

Thank you for your prompt response [link] to my August 15, 2025 inquiry [link] concerning the presentation of SECU member resolutions to the SECU Board of Directors.  

I had hoped that specifically limiting resolutions to SECU governance issues would appropriately narrow the focus and scope of discussion. And, that the submission of resolutions well in advance would fairly enable all SECU members to review and consider the issues. It has historically been standard practice for all credit unions to include such discussions as part of their annual membership meetings. 

Wish to clarify your statement that member resolutions had not been allowed at "recent"' annual meetings is not fully accurate. SECU members were invited to fully participate in the annual membership meeting from 1937 through 2022.

Member resolutions from the floor were first prohibited only in 2023 and SECU members were prohibited from speaking at the annual meeting for the first time in 2024 - just nine months ago!

SECU members have not been prohibited from submitting resolutions prior to the annual membership meeting, until your ruling in your latest response of August 20, 2025.  SECU members may not now actively participate in any fashion at the 2025 annual meeting.

From your letter, it appears that you believe that the SECU bylaws permit member resolutions only through the calling of a "Special Membership Meeting". That is certainly a novel idea, perhaps unique to SECU; and certainly appears to erect new, substantial barriers for the membership.

But, again your response and clarification are appreciated. If a "Special Meeting" is the approved method, would you please send me a copy of your established rules and procedures for calling such a "Special Meeting". 

Thank you. Look forward to receiving those guidelines and procedures promptly.

Sincerely,

Jim Blaine, SECU Member

cc

Leigh.Brady@ncsecu.org

kristina.ray@nccud.nc.gov

 

... Ask Alice?

 

 

 

As SECU Seeks To Be Little More Than "Industry Standard" And Pursues Commercial Lending, Questions Will Arise...

... state of the "movement"?

Current "Industry Standard":

✅ "Credit union acquisitions of banks surged to record levels, with 22 announced acquisitions in 2024, representing more than $11 billion in bank assets potentially lost. Ten of these deals crossed state lines. Credit unions are effectively “weaponizing” their tax subsidy and lax regulatory standards."

✅ "Credit unions used their tax exemption to avoid paying nearly $4 billion in federal income taxes in 2024 while holding $2.2 trillion in tax-free assets. The 450 credit unions with $1 billion or more in assets represent 80 percent of the industry’s assets but comprise only 10 percent of the total number of credit unions."

✅ “The non-profit co-operative spirit and mission of credit unions is being threatened by a handful of . . . vanity projects like stadium naming-rights deals”.  The example is Frontwave Credit Union, a credit union that serves Marine recruits in California, which purchased the naming rights to a soccer sports-and-entertainment complex in 2022."

“Explain to me how a grunt Marine at Fort Pendleton, who is a Frontwave Credit Union member, is benefiting from their multi-million dollar stadium naming-rights deal as opposed to reducing their overdraft fees or lowering their credit card rate.”

😎 Well, at least we can be thankful that the SECU Board hasn't wasted SECU members' money on 1) bank buys, 2) ego-mergers, or a 3) naming rights fiasco...

SECU Chief Legal Officer Bans Member Resolutions At Annual Membership Meeting

 . 

                     😎 Well, it's now officious! 

✅ SECU members no longer have any right to speak or participate in the Annual "Membership" Meeting of their credit union!

The good news is the CLO did deign to provide a response![see here the request]

    

✅ Will follow up to see how to do the "what's next"  tomorrow! 

“The worst form of justice is pretended justice.” –Plato

 

SECU: Don't Want To Lose Sight Of That Credit Union Merger Issue...!

    ... has merged 

                       with ...    

Dogwood State Bank, a strong Raleigh-based, North Carolina community bank, announced yesterday that it was merging with Towne Bank, which is headquartered in tidewater Virginia [here read the details at BusinessNC]. 

The combined bank will have assets of @$22 billion. The owners of Dogwood bank did well, selling the bank for $476 million - around 2.2 times the net worth of the bank!

So lets take a look at why credit union member-owners nationwide should strongly oppose having their credit unions given away through mergers with other credit unions. It's "bad business" all the way round!

Using SECU as our example, we have a financial institution owned by @ 3 million members, mostly from North Carolina. SECU has assets of @$55 billion and a net worth of @$6 billion.  SECU also has a well-established service network, experienced staff, and has had in the past a reputation for integrity and fair dealing.

Using the "2.2x net worth" purchase price benchmark in the Dogwood/Towne Bank merger, the market value of SECU to its member-owners would be @$13.2 billion (2.2 x $6 billion net worth)! Each of SECU's 3 million members would be entitled to a payout of @ $4,400. That would represent quite a wonderful boost for individual SECU members as well as the North Carolina economy in general!

😎 That prosperous credit unions nationwide are being merged without ownership interest payouts to the members is financial foolishness. CEOs and Boards which recommend such transactions should be held accountable - and prosecuted if possible. 

✅ The financial best interests of members are being misrepresented. The members are being hoodwinked.

  Quacks? You betcha ... 

 

 

 

 

 

 

  ...

SECU Business/Commercial Lending - Going Whole Hawg?

   or "We, We, We" all the way home?

Interesting how much commentary arises around the topic of business/commercial services at SECU [link]! 

That's good, because SECU members realize that this new endeavor for the credit union is a complex service, in which the Board and executive leadership have no expertise nor experience.  The question being asked: "Has the prudent due diligence been done on this service?" [Doesn't appear so!]

But, before you jump to the wrong conclusion, basic financial services for small, North Carolina, member businesses may be a good thing.  Requests from a few members have always been there; although not offering business/commercial services, certainly hasn't hurt the performance of SECU over the years.

Business/commercial services is an "operational decision" which is rightfully a decision for the current SECU Board. So let it be so! But, hope the Board and ELT will do their homework and not believe the decision shouldn't be subject to questioning by SECU member-owners - who pay for the mistakes and missteps they make.

Pretty obvious that several costly unforced errors have occurred over the last three years. Those faux pas seem to result from "strategic planning" limited in imagination to "everyone is doing it", "me too", and "its industry standard". That won't take SECU into the future... it may assure its failure.

😎 One quick example is the question of: "What is"a small business loan"?"

✅ As you know, the major angst about credit unions within the banking industry centers on the growth in commercial lending.  As you saw in a prior post [link], according to the NCUA, commercial lending by credit unions now exceeds $174 billion, topping both total credit card lending [$85 billion] and total new car lending [$164 billion] - that's all CU card/new car loans for 142 million members! 

😎 Why would the banking industry argue against "small" business loans to help folks "get by" or get started - sounds pretty hard-hearted! But that doesn't appear to be what's going on. Take a look:

✅ Here are the stats on commercial loans at the largest U.S. credit unions as of December, 2024: 

NavyFed          1300 loans   total balances: $820 million   avg. loan amount: $630 thousand

SECU                                               -0-

PenFed              455 loans   total balances:  $1.35 billion   avg. loan amount:  $2.96 million

Boeing               957 loans   total balances:   $3.27 billion   avg. loan amount:  $3.40 million

SchoolsFirst        88 loans   total balances:   $2.33 billion   avg. loan amount:  $ 2.80 million 

😎... not exactly your small engine repair shop, lawn maintenance service, or Ebay start up, is it?

What are the parameters, controls, limits the SECU Board has approved for the upcoming business/commercial services? Why not give members an overview of what and why?

A little transparency won't hurt your image... promise!

 

SECU Board: Business/Commercial Lending - Going For The Gold?

   ... What have we got to lose? 

😎 If a lack of experience and expertise qualifies a credit union to be a business/commercial lender, then SECU should be wildly successful!

If, as it appears, there is a continuing struggle to control delinquency and charge-offs at SECU ; then, what could possibly go wrong with jumping into the more complex world of commercial lending? Well, there might be a few risks - and consequences - case in point:

✅ Two CUs Now Own Former Fruit of The Loom Plant After Loan Goes Bad [link CUDaily]

"Vidalia Mills [Louisiana] owed approximately $32.5 million to Jefferson Financial Credit Union and Greater Nevada Credit Union. At auction the highest bid was $1,005,000, which was lower than the appraised value of $1,193,000."

How did a $600 million credit union - a strong school employee focused credit union (originally Jefferson Parish School Employees) in Louisiana - come to partner with a Nevada credit union to lose $30+ million on a start-up denim plant? Want to know? [link] - read it and weep! 

"Others were more skeptical of the mill housed in the former Fruit of the Loom facility. To be a  fully vertical denim mill with in-house spinning requires a right-sized facility and a knowledgeable workforce at each stage of production, not to mention cash. Pete Roberts, the founder and CEO of Origen USA said. Vidalia lacked it all."[link]

When you lose $30 million bucks "swimming with sharks" in commercial lending waters, well beyond your depth, there are consequences. Especially when your loan loss reserves are only @$6 million and total net worth @ $40 million!  

😎 As you see, all it took - as quoted - was "a board open to progressive thinking" misled by a CEO to match - both evidently of the "We Are" type.

✅ Consequences?:

"The Board of Directors, Leadership Team and Employees of Jefferson Financial FCU are excited to announce that the JFFCU membership successfully approved the merger with Keesler Federal on May 21, 2025."

😎 Translation: Jefferson Parish School Employees Credit Union is burnt toast!  Hubris has its price!

What have we got to lose? Well...  the credit union, perhaps!

SECU Annual Meeting 2025: Significant Member Resolutions?

    ... asking for the moon?

Ms. Mona Moon

Chair, SECU Board of Directors

August 15, 2025 

Dear Chairman Moon,

I would like to follow up and ask if significant SECU member resolutions may be included in the Notice of the 2025 Annual Meeting which will be sent to members on August 29, 2025? [link to your prior member letter].

Significant resolutions from the floor were prohibited by the SECU Board in 2024; a change which was not in keeping with the prior history of the SECU Annual Meeting. Though not a great fan of that prohibition, it made sense in three important respects: 1) there is not sufficient time for review and discussion of significant issues at the Annual Meeting, 2) the vote of the limited number of members at the actual Annual Meeting might not be representative of the opinion of the larger 2.9 million membership, and 3) member resolutions should be limited to issues ("significant") involving the governance of SECU - not operational issues, which are the responsibility of the Board.

Realize that the rules and agenda of the meeting are not as yet set; but thought it would be important to have significant resolutions on governance sent to you and the SECU Board in advance, for review and publication to the full SECU membership - their consideration and feedback remains important.

Look forward to your response. Have also sent copies of this request to our CEO, Ms. Brady and to our Chief Legal Officer, in case this request should more appropriately be routed to one of them.

Thank you.

Sincerely,

Jim Blaine, SECU Member

mona.moon@board.ncsecu.org Leigh.Brady@ncsecu.org>,  CATHY.PLAUT@ncsecu.org

 

 

  "Don't worry if you're making waves just by being yourself. The moon does it all the time." 

 

 

 

 

 

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?!?