SECU - The Annual Meeting Strike Two: Women Can't Think (Or Speak) For Themselves....

... finally being "called out"?

To: Leigh Brady and SECU Board

October 21, 2023

 

My name is Susie Ford and I was speaker number 3 at our Annual Meeting 2023.  You might recall my Grandfather, Dr. Joseph C. Knox was passbook number 7 and one of OUR founding members of SECU.  I can assure you each of my comments were my own words spoken from a heart which is breaking at the performance and changes of OUR Credit Union over the last 2 years.

I am offended at the implication that a 63 year old female could be a puppet for anyone!  The words were my own, citing ways OUR Credit Union helped its members while I was an employee.  Members who were hurting and struggling and turned to US (SECU) for help.  With tiered based lending, the new teacher with zero credit would not have been granted a loan, the gentleman with too much credit card debt would not have been able to consolidate,  I do not support this change in OUR Credit Union as it is unfair to  the very people OUR Credit Union was created to help.  I appreciate the platform of the Annual Meeting to share my thoughts.  After all, it is MY Credit Union.

I believe in progress, improvements and want nothing more than OUR Credit Union to succeed and once again fairly assist ALL our members in need. I urge you to look within yourself and DO THE RIGHT THING for OUR members.

 

Sincerely

Susie K. Ford

 

  The SECU Board is "DOA" (Duck on Arrival) on this snafu...  count on many more "strikes" from the members (@ 28) to follow, all of whom spoke independently at the SECU Annual Meeting.  The SECU Board is 1) legally a sitting duck, 2) tenure-wise a lame duck and 3) ethically a dead duck if they don't respond to the CUToday apocalypse article  - now! [link to post and article] .

Time for SECU Board to step up to the plate...

SECU - Don't Believe Chairman Ayers Can Afford To "Duck" Any More...

To: Mr. Chris Ayers, Chairman, 

SECU Board of Directors, October 21, 2023

I am writing this email to request your thoughts on Mrs. Brady’s quote in CUToday about my attending and expressing my concerns as a member/owner.

It is a complete misrepresentation of what transpired. I do admit that I am a 20 year retiree of the credit union and I worked with SECU in Goldsboro for 30 years. I came to the annual meeting to do two things: (1) to support a member/candidate that I have known for 45 years. Mr. Stone has served as an advisory board member and a loan review committee member. I felt that he would provide much needed grass roots perspectives. I do not think that is a crime to support a candidate that would reflect member values.

(2) The second and most important issue was expressing my opposition to risk based lending. Mr. Blaine nor any one else provided me with talking points or agenda sheets. I was talking from 30 years of grass roots experience in the trenches serving members who were economically challenged and primarily low income. Regardless of circumstances, we treated all our members with the same level and quality of service.
As a result of our policies, the credit union developed generational loyalty and trust from our field of membership. Growth occurred as a natural consequence beyond our wildest dreams. We did not need hoards of marketing gurus to spark growth. Our members did it for us. We are now turning on our most vulnerable members with excessive interest rates they can ill afford. Weren’t these the type of members our original board in 1937 was trying to help avoid loan sharks? We are now the sharks.    

One more question. Are we handcuffed from offering our members higher rates because the prior administration violated a cardinal rule of not investing in long term instruments with short term deposits? How much money do we have invested at 2% or less? What would our capital be if we marked to market values these assets? BTW I can get 5% on a daily money market fund backed by treasuries at my broker. If you want A paper, compare our 1.1% to their 5%

I will close by saying all that glitters is not gold. We need to take care of our members already in the tent before we pitch new ones. 

Respectfully submitted 

Julian Hawes 

 

In 1968, SECU opened its first branch offices in Chapel Hill, Morganton, and Goldsboro, N.C.  - communities with heavy concentrations of state employees and educators. Goldsboro is in eastern North Carolina and the area has several state-sponsored mental health facilities - difficult, demanding work, not highly paid. The Goldsboro office was managed by two legendary leaders, Mr. Julian Hawes and his predecessor, Mr. Woody Lamm. Their fair, compassionate leadership set "the non-industry standard" that made SECU what it is (was} today. Julian Hawes is a voice to which one should pay attention.