For SECU And Credit Unions: Is The Party Over?

  ... in looking at 2025!

Alright, we took a little Fall break to lick some wounds from the Annual Meeting, got by Thanksgiving and Christmas, survived New Year's and finally got all the young'uns and g-kids back in school! Time to start back up. 

While this round will continue to review the impact of the "New/New" at SECU, would like to broaden the discussion to include what is happening nationally with credit unions. Much is changing. Many folks believe that national trends toward open membership, commercialization, merger, consolidation, and national expansion mark the end of an era for credit unions, as originally conceived.

Some say these changes are a natural business evolution. Others claim "the new industry standard" is a betrayal of the original concept and fundamental principles of a credit union - and therefore a betrayal of individual credit union members. 

Some say that credit unions are simply giving members what they want and need in a "new" AI/ digital world. Others believe that boards and managers are simply "cashing in" for themselves out of personal greed. Well, let's take a look at some of those trends and how they are or may affect SECU.

To get started would ask you to review the following posts: 1) SECU: What Is A Credit Union? [link], 2) Why Was SECU Created? [link], 3) SECU As An Employee Benefit [link], 4) SECU: Statewide Organization [link], 5) SECU: Federal Insurance, No Longer Monitoring [link].

Why reread? Because we need to see if we agree on how credit unions were originally conceived, how SECU in particular got started, and how we have evolved to this point in time. Hope the review is pretty straight-forward, not subject to much debate. 

😎 The debate is over where next and why? Saddle up!

... do your homework! Final exam coming up... in 2025!

 

How To Reseach And Compare SECU With Other Credit Unions

  Investigate and compare.

In case you get real energetic and would like to compare results to some other credit unions, here are some other charter #s. Use the same procedure as outlined in the last post [1/7/2025 - link] to access the NCUA "Research a Credit Union" page. Then enter a charter # below rather than SECU's #. If you have other credit unions you would like to explore, you can also search by name and state without a charter #.

✅  Rank	Credit Union	Total Assets      Charter#
1	Navy Federal	$178 billion          5536
2	State Employees’	$55.9 billion       66310
3	Pentagon Federal	$34.4 billion           227
4	SchoolsFirst	$30.6 billion       24212
5	Boeing Employees	$30.2 billion       62604
6	Golden 1	$20.5 billion       61650
7	America First	$20.3 billion       24694
8	Alliant	$20.1 billion       67955
9	Mountain America	$19.3 billion       24692
10	Suncoast	$18.2 billion       68645

✅ North Carolina Credit Unions

Name                                                      Charter #
SECU                                                         66310 Truliant                                                       7840 Coastal                                                      18297 Local Government FCU                               24003 Allegacy                                                     24438 Self-Help                                                    66258 Skyla                                                          24808 Latino Community                                       68430 Marine FCU                                                 12977 Fort Liberty                                                13690
Reading your mind: "I'm really not that interested, but thanks..."