It's been a bit quiet here and it could be because that other blog had a mass exodus of followers. We can only suspect this is because of that total cringe move to disclose the private text message of the new CEO. The irony of blasting new hires and praising folks who grew up at SECU only until they no longer serve the agenda.
There are a lot of good people over there at SECU - and the complaining about "bankers" making all the decisions had us look closer at the leadership. Again, ironic that upon closer evaluation, the folks making fiscal, lending, operations, and people decisions have been at SECU collectively for over a century. They've never been anywhere but SECU.
So, it looks like everyone is getting back to the business of running the organization. Therefore, we'll leave this here for as long as people need a place to speak.
Until then, we love you SECU! We support the heavy work the leadership has to do and the people behind the scenes doing the daily work.
Keep pressing forward.
JB and the tiki torch army are pulling every page out of the “stolen election” saga.
ReplyDelete-Questioning the validity of an election being handled and audited by established firm Ernst & Young to ensure validity (see: stolen election/Dominion voting machines).
-Personal attacks online about people’s reputations, appearance, weight, impartiality, first/last names, and devotion to the credit union (Rex, Brady, Jamie, Hayes (x2) to name a few). Mean-spirited and disappointingly uncivil comments abound. Attacking and doxing the volunteer BOD of mostly current/retired state employees. Name calling from people who think they’re clever—“indumbents?” Seriously? (see: former president who recently returned to Twitter.)
-Mr. B going from being a well-established, retired leader with a respected reputation to ranting and raving at an unhealthy level…and we won’t even talk about the Darkwing Duck costume. (see: former mayor of NY)
Today’s issue? JB is riling folks up because his candidates are Karen-ing out and demanding to speak to the election manager.
At least the cries for things like ceasing all WFH and demanding each employee resume dressing like they’re going to a Frank Sinatra concert have died down.
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone on this blog is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.
DeletePssst, letting you in on a secret. You read it, you didn’t hear it.
DeleteI was actually using text to speech software. So no, I didn't read it; I heard it.
Deleteaint these Gym Haiyez people supposed to be all about up to date technology? has this one never heard of tts?? thats cray. maybe this explain y so many of them strugle wit bob white lmaoooo
DeleteOn the other hand, looks like someone could benefit from STT
DeleteOpenly admitting to being illiterate I see?
DeleteA fifth post with no actual content. Anyone else notice the change in writing style to try to show the website creator is not an employee? Nice try.
ReplyDeleteMyself, along with other people I know are part of the mass exodus. The posts started to lean into harassment level. Extremely unprofessional and doesn't help his case as now we're questioning his ability to look past his persona and remain objective. Does he truly care about SECU's future or are there ulterior motives? Can't tell anymore and I see his cult continues to leave comments with nasty undertones everywhere they can... so sad to see the legacy and some current employees behaving like this... go get a hobby or read a book in your free time, my God.
ReplyDeleteWe all love SECU and want the company to prosper, so it's there as a financial pillar for many future generations of North Carolinians. Some changes will be needed, maybe not at the pace Hayes was going but nevertheless, they are needed. Good luck to the leadership, hope they stay strong.
I can assure you that Mr. Blaine cares more about the future of SECU and the entire Credit Union movement than anyone. Mr. Blaine dedicated his entire career to the SECU membership and the people of NC. Made a huge difference in the lives of many people. Nothing selfish about his SECU career or post-retirement motivations. Ask someone who really knows Mr. Blaine and you might begin to understand…..
DeleteAlso, it is not a “company” you work for….. SECU is a member-owned financial cooperative. For those of us who have dedicated our lives to serving SECU members, we would have it no other way!
😂😂 okay calm down Jim Blaine
DeleteI am so happy to hear someone call out those calling our organization a “ company” . I hear Josh Bomba and other newer up management do that all the time! They need modules!!!
DeleteJust so everyone understands my above post.. I don’t believe these folks are bad or unqualified that just need to be educated more about where they work now!
DeleteI heard modules are coming back
DeleteThis blog is still is a complete joke unless whoever is the author(s) come out and say who they are. Scared little wusses
ReplyDeleteI don’t see any of the commenters on the Blaine blog coming out of the woodwork and putting their names on their thoughts, things they propose, their complaints, etc. What’s the difference? Instead of writing in the comments on the other blog, like others are, this person is simply expressing their opinion on a different site (one where free speech is allowed since JB has total control of the narrative in his comments—different opinions aren’t allowed! Very totalitarian!). It’s hard to have an actual discussion in an echo chamber. Even if they wanted to write something, there it wouldn’t be “allowed.”
DeleteSuppose this person said hey I’m John Smith, employee 12345, would y’all start being respectful of both them and their differing opinion? My guess is no. There’s no use arguing with folks whose only original thoughts are to attack real people with real families of their own with degrading names like “Brady Bunch” and “Mama Mia.”
Sorry, but Blaine isn’t hiding who he is. The author of this blog is. Cowardly.
DeleteDid I say anything about JB hiding his identity?
DeleteLet’s (respectfully) break this down. I’m just trying to understand your logic—not attack you. It’s alright for people who agree with JB to be afforded the privilege of being able to discuss the state of SECU anonymously online, but those who disagree (which he is too cowardly to even allow in the comments) are not? Speaking from experience—even factual, unbiased corrections I and others have made in the comments aren’t approved. Total echo chamber.
If dissenting opinions were even allowed on the Blaine blog, this one probably wouldn’t even exist.
What I’m saying is that it’s cowardly to bash Blaine (who isn’t hiding) while doing so anonymously by creating this weak excuse of a blog. Come out or shut up.
DeleteI believe it was Mark Twain that said there were three kinds of lies: Lies, Damned Lies, and Statistics. Looks like Blaine is working all three.
DeleteComing from the blog that is 100% anonymous and all comments have to be approved by admin AKA Jim Blaine. His blog is a completely one sided, slanderous, and closed to any kind of fruitful discussion. What a joke.
DeleteAgree to disagree :). The world would be a boring place without different opinions!
ReplyDeleteWith that being said, if discussion was allowed on the other blog, I’d probably be more in line with you on this tbh.
"It's been a bit quiet here and it could be because that other blog had a mass exodus of followers."
ReplyDeleteLOL.. Maybe. Doubtful, though. There are a few other reasons that might make a lot more sense js
Damned if you do, damned if you don’t!
ReplyDeleteNow the commenters are complaining that SECU is being TOO transparent about the upcoming board election. Heaven forbid if, given all the recent heat, they DIDN’T heavily advertise it. They’d instead be crying “what are the trying to hide?”
But now:
“I noticed the pop up as well. Assuming that it’s the current boards way of trying to garner extra votes from the masses who are still ignorant of what’s going on. Some will no doubt click on it and vote for the incumbents just because they are the incumbents and nominated by the the “experts”.”
and
“…is this an attempt by the current corrupt board to try to hang on tooth & nail?”
Spoken from someone who clearly doesn’t know Blaine personally.
ReplyDeleteDon’t you mean, “When you bring in dozens of “geniuses,” looking for a cash grab?”
ReplyDeleteThose that are acquainted with Blaine know that he habitually intimidates people who do not agree with him.
ReplyDeleteSo quiet I can hear crickets chirp in here
ReplyDeleteGave me a laundry list of reasons during my Sr. FSO interview in the mid 2010’s as to why SECU had no need for a mobile, ever.
ReplyDeleteIt's hard to believe a retired CEO of SECU is spreading myths, lies, and exaggerations in a blog that he controls and that is censored to allow only to allow his view points and the those of his like-minded (or brainwashed) followers. Not allowing opposing viewpoints and open dialogue should be the first clue for EVERYONE that you should be suspicious of everything JB says and does. Don't drink his Kool Aid !!
ReplyDelete*takes bigger gulp* sorry, not sorry.
DeleteI don't understand why people think he should or would allow opposing views on his blog. Blaine's not producing commercials and buying $600,000 worth of air time during the Super Bowl. He's a dude with a blog fighting powerful public relations and crisis management.
DeleteAlso his tenure is CEO is not on trial here -- that would be the board of directors of for reelection. Please understand where we're at in the process, thanks. *sips Hi-C*
If ol Jimmy boy wanted to be CEO of SECU, perhaps he shouldn't have retired as CEO of SECU.
DeleteNah not allowing open speech and brainwashing followers sounds like traits of a dictator.
DeleteMobile app*
ReplyDeleteThis 'dude' is the former CEO who is disseminating lies, myths, and exaggerations. Very 'un-CEO-like' conduct. Grab the popcorn, I'm sure there's more coming.
ReplyDeleteBlaine’s tenure as CEO is on trial here. If he had made the right tech improvements over the years then SECU wouldn’t be so far behind. No mobile app needed is just one example. He also didn’t think SECU should ever have anything in the cloud. The board wants to make tech better and SECU competitive. Is that a problem?
ReplyDeleteAh, yes, the altruistic board only wants to make technology better and SECU competitive (again). Absolutely unrelated to handing out expensive contracts to consultants that members of the BOD work/worked with in other roles outside of SECU. And since they're consultants they obviously know SECU's business better than SECU, right? Obviously not a problem at all! Thank you for the insightful response.
DeleteI’m sure you still balance your checkbook and keep a transaction redshifted. Have fun banking in the 90s dude
DeleteExactly! Someone on the other blog was complaining that to open a certain type of new account without going to a branch, they had to have an ASF mailed to them, notarized, then mailed back. How is the lack of technology to do this the fault of Jim Hayes or the board? The shunning of technology by JB for years is what got us so far behind. 10 years late to the game with mobile deposit? Yep. And I still can’t send an ACH online to an account elsewhere even though I’ve been able to do this with my account at another, very small, credit union for over 15 years…
ReplyDeleteIt’s tough to get my friends and family on board to use us as their primary financial institution when we still fall behind in many areas of convenience.
JB wants SECU to be like it was in 1979. Look at his 'Blaine Nominated' candidates. Fresh blood with new ideas...hah! Let's bring SECU in to the 21st Century. The current board has demonstrated that it listens to the members. They're available for a dialogue as they travel the state and seek the member's input. Dialogue with JB will likely lead to an abusive and threatening confrontation. Don't believe he'd be that way? Well, take a look at Judge Jack Cozart's letter to JB in response to JB's unannounced visit to the office of the NCRGEA last week. (You can find it on that other blog.) As the attorney for NCRGEA, Judge Cozart takes the unprecedented step of sending a letter to JB admonishing JB's "abusive, threatening, and intimidating language" hurled at Tim O'Connell NCRGEA Executive Director. JB, in his blog, has the audacity to suggest that Tim O'Connell was simply sensitive. Come on Blaine...do you call your tall friend "Lurch" or your overweight cousin "Mama Cass"? (Remember, JB's mind is stuck in the 70's.) JB leads his blog readers to his written letter to look for intimidating and threatening language. Huh? It was the face-to-face meeting that the bad behavior occurred not the letter. Nice try Blaine. Are the three Blaine Nominated Candidates comfortable having him as their cheerleader?
ReplyDeleteVote - - - - Garland - Parrish - Sanford
ReplyDeleteAgree. We cannot go back to the SECU of 10 years ago. Members will leave.
DeleteUh members are already leaving
ReplyDeleteRight. Members are leaving because SECU has not kept up with technologies, better rates, offerings etc. Blame that on JB & ML. The recent actions by SECU to mitigate this awakened JB from the boredom of retirement. He wants SECU like it was 40 years ago. If you do not know him, read up on him. He enjoys goading and intimidating people. He does not care about a modern SECU. This is pure entertainment for him.
DeleteI wouldn't say better rates, the interest rates suck on deposit accounts
ReplyDeleteFact Check Today's JB Post
ReplyDelete1. - JB's post alludes that $6.5 million was paid to the former CEO. That is a lie. He did not receive any of that money and JB knows it.
2. - Competitive savings rates are funded by loan rates. Maybe JB needs to watch 'It's a Wonderful Life' for a refresher. (George Bailey does a pretty good job of explaining how financial institutions work.) JB's desire to give everyone the absolute lowest loan rate will directly result in lower savings rates. Lower savings rates will result in members taking their money to other financial institutions. Not a very good long term plan for SECU. The solution, perhaps, is to balance the two...which the current board, I believe, is doing.
3. The majority of the borrowers are not 'overcharged'. Is JB saying that 50%+ of the borrowers have terrible credit scores? And how does a credit score discriminate? It's independent of race, gender, religious affiliation, national origin, etc. And there are minorities on the SECU Board? Do you think that they'd support this if it actually is discriminatory?
4. First, let's look at the strategic planning and practices under former CEOs JB and ML. SECU's forward progress was deliberately slowed down by the two leaders. Keeping everything the same - no need for change - was a common mantra.
Disruptions and seeding distrust is a skill set of Jim Blaine. (Disrupting the annual meeting, creating a blog to disseminate lies and myths, intimidating those that do not agree with him. Remember folks, you cannot post a rebuttal on his blog, but you can here.) Yes, there are dedicated and long-term staff at SECU. Many remember the brow beatings they received from JB in years past. If he disagreed with you, he let you know it.
5. - Failure to be honest and forthright - huh? JB is a deceiver and lacks integrity. He needs to take a closer look at his own moral compass.
1. Hayes' compensation package wasn't disclosed, was it? JB previously stated the $6.5m was paid to Andrews, I believe
ReplyDelete2. Keeping deposit rates low and increasing loan rates provides higher revenue, which was not reinvested in members through dividends (as the rates were kept low).
3. Google it
4. No arguments here that JB wasn't going to win CEO of the year for being nice
5. Definitely do not vote for JB for the BOD!
Don't you get JB on the BOD if you vote for one of his puppets?
DeleteYes it was paid for by the SECU members to Andrews. What a waste
DeleteDid JB and ML have similar payouts from the membership?
DeleteYes, they did.
DeleteYes, they received a retirement package/benefit. However they did not resign halfway through their contract
DeleteSo how much?
DeleteNotice that the payment went to Andrews and not Hayes. (Yet JB and ML received payouts.) Why do you think that happened?
DeleteWhere is this discussion going. Nothing wrong with offering a retirement package. A $6.5M payment for the privilege of hiring away a new CEO who stayed here < 2 years...not close to the same thing.
DeleteThe $6.5 million to Andrews was to buy out Hayes's contract so SECU could hire him
DeleteJim B is spreading misinformation. SECU did not pay $6.5 million to buy Jim H out of a contract. This was an insurance policy amount that SECU took on the premium for. Jim B knows this since he had a similar policy when he was CEO. Jim B is misleading his followers with misinformation. It is kind of sad that so many intelligent former “leaders” follow him blindly and believe his lies.
DeleteNow JB likens himself to be George Bailey….yeah right.
DeleteIt’s a COLI or Key Person Life Insurance policy. Look it up folks. Common in the business world.
DeleteOkay an insurance policy. That makes more sense. And AFAIK JB never said in the blog exactly what the payment to Andrews was for. Whoever leaked the information to him in the first place could have also told him what the purpose of the payment was. But JB withholding that detail and leaving it up to the imagination of blog followers who are not familiar with executive compensation is much more effective in keeping people stirred up and angry.
DeletePeople have tried to post a simple correction on this topic to JB blog, but of course he does not allow corrections. Why, because it would hurt his narrative. He wants full transparency but that is not his mode of operation and it never has been. He was a dictator when he was CEO and now he is trying to act like Mother Teresa. Did he ever do state wide listening sessions with members, no. Did he poll the membership before implementing a change, no. Is he entertaining any compromises or discussions now to bring unity, no. When our new CEO, and also his former employee, reaches out to discuss the issues at hand, he tries to embarrass her by posting her message online. Then refuses to meet and discuss. What is his end goal? To bring us back to a time when black and white movies were airing. Why should we follow a former CEO that did not have a computer on his desk, but had his “secretary” print off his emails for him so that he could have her type up responses? Why should we follow a former CEO that would verbally abuse employees for suggesting we roll out a mobile app? Why should we follow a former CEO that compared some of his employees to followers of Hitler? Why should we follow a CEO that set us back a decade with technical debt? Jim B, please go play with your chickens where you will finally be surrounded by like minds.
DeleteVote - Garland - Parrish - Sanford
ReplyDeleteYeaaaaah, no.
DeleteGeorge Bailey? I think he’s more like Arthur Freck.
ReplyDeleteHad to look him up . Freck is ‘The Joker’. lol
DeleteJim Blain says he has an issue with using a credit score to determine pricing. SECU began offering auto insurance when Jim Blain was CEO. One of the major factors that determines your premium pricing is your credit score. Hypocritical? Yes or no?
ReplyDeleteNo
DeleteYep. People...wake up...JB is trying to pull the wool over your eyes! He is not being truthful.
DeleteYes
DeleteThere once was a man named Blaine,
ReplyDeletea blog following he tried to gain.
His intimidating thoughts would simber,
to mislead the SECU member,
But most of us know he's a pain!
Putting all silliness and funny posts aside, as a former CEO, Jim Blaine could have encouraged a healthy dialogue through his blog if he'd only allow "the other" view point. (Then it would not have been necessary to create this blog.) People have different opinions, ideas, thoughts & experiences. Hey, we can even agree to disagree. Isn't that called a 'healthy debate'? But as I read through the posts on both blogs, I believe Blaine has no intent to be fair or bring unity to SECU. For a 70+ year old man, he acts childish by calling others names, doxing individuals, and trying to intimidate. Can anyone name one former CEO that has acted in a manner like this? Come on people, SECU deserves better than this.
ReplyDeleteDonald Trump
DeleteToday's diatribe from JB's blog features an opinion piece from a small town newspaper. Again, the information is misleading. Let's take a look:
ReplyDelete- "For over 85 years, SECU has provided affordable financial services to the state's employees, teachers, and their families, applying consistent low interest rates on mortgages, loans, and credit cards for all members, regardless of their economic background." ------- No argument here. SECU will continue to do so.
- "The SECU Board is comprised mainly of politically influential former state employees." ---------Guess what, some of these same board members were there when JB was CEO.
- "They've begun charging higher interest rates to middle-class and lower-income members while offering lower rates to wealthier individuals." ------ No, RBL looks at credit scores as PART of the determination factor. Alluding that lower & middle income class members will automatically have lower credit scores is an insult. Fact is, some wealthier people have low credit scores too. Most lower & middle income SECU members will continue to get the best rates.
--This one is a good laugh - "This shift appears to prioritize the board's interests over serving the hundreds of thousands of Highway Patrolmen, Correctional Officers, Department of Transportation workers, and Teachers that SECU was originally established to assist." Wait a second, isn't the board made up of mainly state employees? What exactly is the board's interest if it is not serving their fellow state employees? In earlier posts, Blaine and his blog followers called the board 'greedy'. Huh? Listen people, the board members are volunteers. They're not compensated. They receive a nice dinner at Christmas and a small gift (i.e - gift card) as a token of appreciation. There are a couple of board planning trips and conferences mixed in during the year. That's it. How is this greedy? What are these hidden board interests? Please tell us.
-- SECU has reduced services. Okay, name them. Is tax prep services one of them? This service was problematic on multiple fronts. SECU employees were forced to become tax professionals. This is one service where SECU branch employees appealed to the 'higher ups' to end it.
In conclusion, I think change is inevitable, and that makes people nervous. Blaine, it appears, has had a hard time letting go of his control of SECU. He admits that he can get testy and is known to argue. But spreading misleading information, lies, naming calling, etc. has no place at SECU, especially from a former CEO. Jim Blaine is the cancer...not the cure.
Vote ---- Garland - Parrish - Sanford
ReplyDeleteThe most horrific example of Jim Blaine's intimidation & bullying comes to light. Jim Blaine leaves a recorded threat to Emily Hollis, CEO of ALM First back in 2010. He even flies cross country to confront her personally in an act of intimidation. This appalling incident was exposed today in The Assembly - www.theassemblync.com/business/secu-credit-union-election. In a nod to the Mafia movie, 'The Godfather', Blaine threatens to send Ms. Hollis a horsehead but could not locate a slaughterhouse that would ship one interstate. Instead he sent her a spray of funeral flowers. Here's the passage from the article -
ReplyDelete"When Blaine was CEO, he hired her firm to prepare reports that evaluated SECU's risk. Around 2010, he was dissatisfied when a report showed SECU failed a risk test, and tried to convince her to change it, she said - even flying out to Las Vegas, where she was giving a presentation, to talk in person. Hollis thought the alterations Blaine wanted were inappropriate and refused. Blaine then sent her a spray of funeral flowers she remembers as being 5 or 6 feet tall."
"Later, Blaine left her a voicemail, referring to the flowers as a provocation. "You should know that the provocation is much milder than what I really wanted to try," he said in the recording, which Hollis provided to The Assembly. "I had called a slaughterhouse and tried to get a horse head sent to you, but they would not ship it interstate."
"Blaine said he didn't remember the incident, but that it was possible he would have done something like that as a joke."
Huh...cannot remember the incident? Come on. For those that do not know what the symbolism of the horsehead is...it is a message from Jim Blaine he is not to be messed with. In the Mafia world, it is a message to Ms. Hollis that she could suffer a similar fate if she did not comply with Blaine's demands.
So Blaine ran SECU as if he was a Mafia Don. Is this what you want to bring back to SECU? I'm shocked. This is difficult to process.
Sadly, not surprised based on how he treated employees that did not agree with him. Too bad the article did not discuss his past coverups too. The guy should be cancelled.
DeleteEmily Hollis should have pressed charges back then. Had the SECU Board known, they should have cut him loose.
DeleteThis type of behavior is unacceptable as a leader. This is the man who is trying to tell others how to treat people fairly. At first I thought he was just an egomaniac, now I think he may be a psychopath. He is cancelled in my book. Wish we could erase him from the SECU history book.
DeleteBlaine protected abusive Branch Managers, even those who preyed on their own young female employees. Makes me sick every time I think about it. Allowing this type of behavior to happen with no repercussions shows lack of integrity and true character.
DeleteHe is making light of the whole incident over on his blog today. Seems to be proud of it. I agree he is a psychopath.
DeleteThroughout this whole saga I believed that JB was a man of integrity who fought for what he thought was just, I might not have agreed with most aspects of it, but I could respect his character.
DeleteA thinly veiled MOB style death threat to a CEO, coverups for preying managers, and blatant bullying behavior towards those who dissent have made me lose all respect for a man who in many respects, did good things for SECU.
Jim Blaine is unapologetic in his post regarding the death threat “joke”. He is asking “ Was there a reasonable basis for the disagreement?” There is no reasonable cause for what you did Jim. Psychopath. I question anyone who would stands behind this guy. Then a commenter on the post says thanks for standing up for what’s right and gives another mafia joke about taking it to the mattress. WTF is wrong with these people.
DeleteThreatening the life of another CEO (when you have a history of bullying people) is NOT a joke. I would like to hear a public comment from Perkins, Clements & Stone about whether they condone Jim Blaine's 'joke'. Do you really want to hitch your wagon to this lunatic? Probably the appropriate action to take is to withdraw your nomination. Wait a year...maybe the stink of Jim Blaine will have worn off by then.
DeleteJim Blaine asks “why it is being told at this juncture in time?” Maybe because you have been online bullying people for the past year and it is triggering to victims of bullying. Maybe because you are no longer in a position of authority so she no longer fears speaking her truth. By the way, online bullying is a crime that you can and should be charged with. Do any of his words sound even remotely apologetic? No remorse. She held on to the audio recording for over 10 years. It obviously had a real impact on her. All you have to say is that it was a joke that went wrong? What is another testament to your character or the very least, your mental state is that you do not remember such a horrible act. This tells me that it does not rank high enough in your list of horrible things you have done to people that you have not given it a second thought or you have lost your mental faculties. As for the comments about protecting managers that were preying on young women, would you like to comment on the subject? Or are you still protecting them because they are still loyal followers. Sick.
DeleteHave heard the same about situations where JB has (allegedly) played a part in covering up incidents of employee abuse by a manager, including on females in their charge. How quickly people forget.
DeleteWhat? Blaine sends an ominous death threat and 13 years later he says he was only joking?
ReplyDeleteIs there a statute of limitations for filing charges?
DeleteYes, but unfortunately it is probably about five to seven years.
DeleteDon’t forget that Blaine emailed the Board of Directors earlier this year and advised them to buy protective vests.
What? It may be a good idea to talk to the RPD about him. At least get him on their radar.
DeleteThe Don, Jim 'Vito Corleone' Blaine wants control of SECU by nominating his underbosses - Clements , Perkins, & Stone to do his bidding. Stop him.
ReplyDeleteAgree! Vote Garland, Parrish, and Sanford. Tomorrow (October 3) is the last day to vote absentee!
DeleteThere once was a former CEO.
ReplyDeleteHis threats we all now know.
Tried to send a horse head.
"You will soon be dead !"
But now he says it was a joke.
Okay, I could rant about a lot of things like Local Government or why the longtime CIO abruptly resigned because his core values wouldn't allow him to continue working for the new CEO and board.
ReplyDeleteBut instead, I'll point out the current board and recent CEO's lack of success. In the past couple years, hiring and spending spiraled out of control - trying to "fix things" that may or may not have needed to be fixed.
I liken what has recently happened to SECU to what happened with JCPenney's, when former Apple Executive Ron Johnson tried to change JCPenney's too fast without first understanding JCPenney's customers.
SECU didn't become the second largest credit union because of cutting edge technology. It was because of fairness to the members.
Folks, including myself, have recently taken their money elsewhere because of poor savings rates (not because of technology).
SECU effectively has a hiring freeze for most departments. I'm afraid SECU will have to lay employees off. Things don't look good at SECU right now. Things need to change and it needs to start by changing the board.
This.
DeleteThe needed 'change' has already happened. Jim Hayes is gone. It was a split board decision in hiring Hayes. (Blaine is leading people to believe everyone on the Board wanted him.) I'm certainly not in Haye's corner, but to go after the SECU Board is a bit too much. Low loan rates create low savings rates. If you took your money elsewhere, I bet their loan rates are higher than SECU. Don't you think the SECU Board has rationally discussed this?
ReplyDeleteI'm sure JC Penney's demise is more in tune with Sears, K-Mart, Steinmart, Bed, Bath & Beyond, Tuesday Morning, ....I can keep going on here. But, I get what you are trying to say. I will not disagree that Hayes should have understood the SECU members/employees better. He's gone now. Time to support the current CEO and get back to work. Targeting the board in the manner Jim Blaine is doing is down right wrong. Recent revelations about how JB pursued and threatened that woman with a horsehead from a slaughter house and sending her funeral flowers changed my mind about him. I cannot trust the statements and comments from a deranged man. Neither should SECU members & employees.
It's like liking a problematic Tweet and getting canceled a year later, except a press release with signatures of support
DeleteThe voice of reason.
ReplyDeleteSo, our success was built on bullying and bad behavior while we chanted "do the right thing". Who should have been holding JB accountable during all of these incidents? And who is charged with holding our existing leaders accountable moving forward?
ReplyDeleteFirst, thank you for your comments. This site allows differing views and comments, and yours are welcome.
DeleteWho should have held JB accountable 10+ years ago? I guess the easy answer is the Board, but I bet the Board was intimidated by him too. Now in the age of social media and various 'movements', he may have been exposed earlier and dealt with. JB should had held himself accountable. He was the CEO. A professional. He should have known better. But he just couldn't help himself I guess. "Triggered" is the word that comes to mind.
Blaine is the master manipulator. Pre social media, it would have been hard to push back on him but now it's easier to challenge the message. You can ask a question, ask for clarity, bring forth a different view point, etc. Manipulators don't like this. In JB's case, that's why he will not allow an opposing view on his blog. Can't you see this? I have read some/most of his posts. He is simply trying to arouse his followers. This blog was created to provide some sort of balance I guess.
Here's my quandary. You want to hold the existing leaders accountable. Accountable for what? Oh you mean the the allegations brought forth by JB on his blog? The accusations he did not allow any further discussion on unless someone sided with him?
It should be noted that the SECU Board and leadership has made itself available to its members and employees. They have listened and I expect they will continue to listen. The dialogue is two ways and not a one-way blog. Give the Board and current SECU leadership the chance they deserve. They are not greedy, corrupt, evil, Grinch-like. They are professionals, and from what I have seen they act that way. Yes, hold them accountable. Listen to their views. Tell them yours. But just because you do not like what you hear does not mean you threaten and bully people. Have some self-control. Don't be 'triggered'.
Again, thank you for your comments.
Doing the right thing was all about the members. Success was built by focusing on the members' needs and treating them fairly. The changes we've witnessed in the past two years are red flags in my opinion. Is it really in the best interest of all members to split with Local Government? Is HB410 necessary? Did the bylaws need to be changed? All red flags.
ReplyDeleteLocal Government chose to separate many years ago, that is why they set up Civic in the first place. The first CEO to try and expand membership was … Jim Blaine, that is actually how Local Government was originally formed. Jim Blaine went all the way to the State Supreme Court to expand SECU membership to local government employees. The court said Jim did not follow the letter of the law, so a separate, Local Government Federal Credit Union, was created. Do have a question for you, how are members not being treated FAIRLY by the changes the board has put in place? Just to be clear, fairly does not mean the same thing as equally. Just to be clear, all members have not received equal pricing on a number of our products for many years, most of these products with variances were put in during Jim Blaine’s time. Auto insurance uses credit scores for determining premium amount. For lending products, we had varying rates base on term, length, vehicle age. Do you ever use data to make informed decisions that then cause you to implement changes? That is what the board did. That is what financial institutions do. That is what every healthy organization does. We just so happened to be the last large Credit Union to implement tiered based pricing. P.S. Civic has had tiered based pricing all along. It’s not news that SECU rolled out fair tiered based pricing, what is news is how crazy our former CEO and his blinded followers are. And if I were to make a prediction, I would guess that you have your mortgage or auto loan from somewhere other than SECU. Why, because somewhere else provided a better rate. Why were they providing a better rate, because they had tiered based pricing. If you don’t like the direction that we are moving in, you are welcome to go work at another financial institution. Of course you will find that they also use tiered based pricing but they do not treat their customers as fairly as SECU treats our members.
DeleteWell said.
DeleteYears ago, my son was turned down for a Wells Fargo credit card that I cosigned for. However, SECU approved a card for my son.
DeleteI was quite flabbergasted that Wells Fargo turned him down. After many phone calls with Wells Fargo, they told me they declined it because of my credit (but, were unwilling to provide specifics).
My credit score has always been near-perfect and we always pay off our bills in full. My wife and I concluded that Wells Fargo didn't want our son/us as customers because their algorithm indicated they wouldn't make money off of us. (when I realized that successful/responsible people can be treated unfairly too)
I understand that - and actually encourage banks to maximize profits (I'm an investor)
But I don't want/expect cooperatives to start behaving that way.
LGFCU is their own credit union. It is their decision, not SECU’s decision.
Delete"LGFCU is their own credit union. It is their decision..."
DeleteRight, I should have worded what I said differently. LGFCU abruptly announcing its independence from SECU was a red flag (just one of many red flags) This was evident from the initial rushed and unrealistic timeline for independence.
To the creators of this blog: Put those election results in your pipe and smoke it
ReplyDeleteYep. SUCK IT TREBEK
DeleteYes, well done in setting SECU back many years and weakening the financial wellbeing and ability to be the trusted financial advisor of All members. Score one for socialism and stupidity.
DeleteTell me again, how many board members are there?
DeleteThe remaining board members heard the message today - loud and clear.
Delete@4:09 don’t be a sore loser
Delete"Score one for socialism..."
DeleteWell, SECU is a not-for-profit cooperative after all.
I for one do not have my house or car with the credit union because being an employee, I don't want others at SECU in my business or seeing what I have or don't have. Doesn't have anything to do with the rates
ReplyDeleteMike Lord said we should give everyone the A tier rate. Well Mike, why did we not do that when you were CEO or CFO? At the same time they want to raise the deposit rate. Well Mike, you probably did not do this because while we are not for profit, we are also not for loss.
ReplyDeleteIf you heard the unscripted comments from new board member Barbara Perkins and think SECU is better off today than we were with prior Board members in place then…. well…. You probably should have your head examined. She’s comes across as totally unhinged.
ReplyDeleteCan’t wait to see the substantive changes she’s makes to SECU by having the table settings changed at next year’s annual meeting… 🤪🤪🤪
Are the comments posted anywhere?
Delete"Brady says SECU is saddled with more than $9 billion of investments that are yielding less than 1% interest..." How in the world was that approved? Sounds like Silicon Valley Bank. Any idea what the current unrealized capital loss from that is? Was that mentioned in the meeting? Might be why 2023 is about liquidity. That - and losing $4 billion in savings.
ReplyDeleteI'll give you a hint, his name rhymes with Like Mord.
DeleteSurprise surprise, choosing a T-Bill only investment strategy is not a smart way to deploy 20% of your assets when interest rates can't go any lower.
DeleteT-Bills are short term investments and don't lose as much value as Treasury Bonds. More likely those.
DeleteThe billions of dollars that our members weren’t borrowing from us due to uncompetitive rates (prior to tier based pricing) were invested by Mike Lord into long-term treasuries. Those treasuries can’t be unloaded now without significant losses. If you want to complain about deposit rates… that’s why they’re low.
DeleteSame guy who said we should give everyone an A rate even that is not what he approved during his time as CEO. Then was part of the group saying we should raise deposit rates. Sue Douglass complaining about rewards cards when it was recommended by her department during her time as COO. Interesting instances of short term memory loss.
DeleteLet's just say I'm skeptical that Mike Lord invested $9 billion in Treasury Bonds when interest rates were below 1%. He was CFO for 31 years and was instrumental in SECU becoming the second largest Credit Union in terms of assets. Also, it seems like Hayes would have said something about that. (although Hayes didn't seem to be capable of even producing a pie chart like everyone else; instead using rectangles inside rectangles to explain risk based lending) My money is on Hayes. By the way, what happened to that guy? Mysteriously leaving after less than two years. Very strange, indeed.
DeleteBe skeptical all you want, but it’s true… Mike pulled the trigger on those investments
DeleteNah, one of Haye's first moves was a significant divesture away from Treasuries, hence the whole ALM First Investments thing.
DeleteOh yeah. ALM First where Hayes is on the Board. Nothing funny going on there... just sound investing.
DeleteI'm not sure how that narrative got the traction it did, ALM First is a reputable company, one that SECU has had a partnership for a long time. Hayes is on their advisory board, not their board of directors. Their advisory board provides industry feedback. Is it surprising that Hayes, at the time the CEO of the 2nd largest Credit Union in the country, after investing funds with ALM First, is asked to be on their advisory board that provides industry feedback? What exactly is funny about that?
Delete"...one that SECU has had a partnership for a long time."
DeleteOn the ALM First site... "…our commitment to ensuring our clients meet and exceed their financial goals."
So, given those two things, how did SECU end up saddled with $9 billion in investments earning less than 1% interest?
ALM didn’t invest that $9 billion, Mike Lord did.
Delete"ALM didn’t invest that $9 billion, Mike Lord did"
DeleteOne of ALM areas of expertise is "fixed income portfolio management". So, SECU had a partnership with them and didn't take their advice on investing $9 billion in fixed income? I sure wouldn't keep a financial advisor around long if I didn't trust their expert advise.
Still no answer here on what are you alleging wrt to Hayes and ALM First? None of us have the details regarding what or even if ALM First advised SECU for it's investment strategy on the $9B in Treasuries so all of this is heresay.
DeleteThere is history between WesCorp, Hayes and ALM First, so I find all this to be rather curious. ALM advises on fixed income investments. SECU is straddled with fixed income investments. No allegations, just curiosity. Also, SECU (CFO Lord) did fine during the 2008 financial crisis, while WesCorp failed (CFO Hayes when WesCorp was put in conservatorship). But, to me, the oddest thing about Hayes was his exit after a near two year spending/hiring spree, which also contributed to SECU's current financial pickle.
DeleteBut didn’t SECU lose money because they invested in Wescorp and other corporates in the 2008 financial crisis?
DeleteDo we know if there were any silver alerts after the annual meeting. Just want to make sure all the speakers got home safely. They are the voice of the membership after all.
ReplyDeleteDo you mean the folks that understand what a cooperative is? Lots of young people like the concept of collective ownership and fairness too. Everyone is the voice of the membership.
DeleteIronic all those elderly folks commenting about risk based lending likely aren’t in the stage of life when they’re, themselves, are actually borrowing any money….
DeleteEvery member has a voice, but the point is that almost all of the speakers were retired employees, their relatives, or people that they encouraged to speak and fed them lines. An organized few spreading misinformation does not equal the voice of all. Should policies really be changed because a small group of members that want to take us back to the 80s that equal well less than 1% organized and made a spectacle. No. We serve all members fairly. I am sure there were some people that hated the iPhone because it did not have physical buttons like on their blackberry. Change is hard and you will never make 100% of people happy. But if you cater to the <1% you will become irrelevant, like the blackberry.
DeletePersonally, I can't wait for AI to take risk based lending to the next level. Artificial Intelligence will be much better than a simple credit score algorithm. Maybe folks with lower levels of education will be found to be a bigger risk. AI will find things like this. Technology and change is great.
DeleteI like AI and its potential, but we should not include educational level in the algorithm. Not sure if you were joking. AI should be used to see how many more people we can automatically approve to make things more efficient.
Delete@5:28 agree!
DeleteAI will ferret out where the risk is. If it's education level, so be it. Lots of other possibilities that unsupervised machine learning can find that we never even imagined. AI is the future and change is good.
DeleteI was there. I do not think that group of speakers represented the SECU membership. Maybe a Rockport shoe ad.
ReplyDeleteThen they should have been there.
DeleteWorking people can't take a day off to go goof off at a stupid annual meeting.
DeleteThen they can vote. And they didn’t. So I don’t wanna hear any whining.
DeleteTo be honest, I don’t vote for my HOA board. I don’t vote for the board for other other financial institutions that I am part of. Neither do most people. A grass roots movement led by a deranged former CEO and his followers does not equal the voice of the members. It equals a successful smear campaign of misinformation. Jim Blaine is great with conspiracy theories and twisting facts to get people worked up. LGFCU was run out, no, they started looking at leaving when you were CEO back in 2014. SECU paid 4M to buy out Jim Hayes’ contract, no, they paid for an insurance policy. SECU is rolling out an evil pricing strategy for loans where they use someone’s credit to determine a loan rate, well, actually they rolled out a modified version of tier based pricing where all members get a fair and competitive rate. Why can’t people see through this guy. The same guy who threatened to quit because he did not like or see eye to eye with a board member. He then rallied(forced) a group of his employees to show up in masses to vote out the board member. Sound familiar.
DeleteBlaine continues to act this way because he gets away with it. More of his victims need to come forward and share their story. Then, just maybe, people will see the man he really is…yeah…deranged is a good description.
DeleteOr, we could all stop participating in this petty spreading of childish insults and character assaination and half-truths and misinformation (as so many stoke the fire by speaking out in these blogs about people and situations they have no direct knowledge of) on both "sides" of the issues. Do you know any more about the real truth of things by following these blogs for months? More importantly, do you see the terrible damage both blogs are doing to the reputation of SECU with its 2.7 million members and beyond? Most of these people don't read either blog but now it's also getting in the news, and that's a bad look. Is this the hill we put SECU to death on? Because if this culture of warring prevails for 2 more years, SECU may well be a shell of its former self at the end of it, regardless of the makeup of the board and executive team by then. And guess what, if we keep supporting these blogs, we'll e a c h hold a bit of the blame. See ya.
DeleteBlaine started us up this 'hill'. And the long-term damage to SECU will fall squarely on the lap of Jim Blaine. And yes, the 'real truth' should be revealed, like when Emily Hollis revealed the harassment and threat she endured from Blaine. He flew across the country to intimidate her. That's the 'full-truth'. That's not a character assassination, that's a 'character revelation'. Adios.
DeleteWhat's the Emily Hollis story?
Delete"When Blaine was CEO, he hired her firm to prepare reports that evaluated SECU’s risk. Around 2010, he was dissatisfied when a report showed SECU failed a risk test, and tried to convince her to change it, she said—even flying out to Las Vegas, where she was giving a presentation, to talk in person. Hollis thought the alterations Blaine wanted were inappropriate and refused. Blaine then sent her a spray of funeral flowers she remembers as being 5 or 6 feet tall.
DeleteLater, Blaine left her a voicemail, referring to the flowers as a provocation. “You should know that the provocation is much milder than what I really wanted to try,” he said in the recording, which Hollis provided to The Assembly. “I had called a slaughterhouse and tried to get a horse head sent to you, but they would not ship it interstate.”
Blaine said he didn’t remember the incident, but that it was possible he would have done something like that as a joke. He thought Hollis may have been motivated to tell the story now because he blogged about SECU hiring her firm to oversee investments, and Jim Hayes had joined the advisory board of her company."
I think that last sentence is important for understanding the timing (election) and surfacing of a more than decade old story from Hollis.
https://www.theassemblync.com/business/secu-credit-union-election/
Notwithstanding the timing and surfacing of this story, the actions taken by Blaine are appalling. Certainly not how a professional should act.
Deleteok
DeleteJim’s latest post: “That was it. Hope it is clear, that although I did challenge Ms. Brady's intentions, I did not refuse to meet with her at all. Never had the chance to really discuss meeting, as CEO Brady abruptly broke off the discussion...and never sought to re-initiate it.”
ReplyDeleteThat was not all you did. You immediately posted the text conversation and then boasted about it.
Why do you crave attention and drama?
You won’t allow comments that correct misinformation, but you post your followers comments praising you. What does this say about you, your character, and your intentions?
Josh B is clearly behind this blog. Just shut her down. Y’all lost.
Deletehe really needs to just get a life.
DeleteBlaine finally admits he screens the comments on his blog. (Only those that fit his agenda are allowed.)
ReplyDeleteBlaine keeps boasting about how SECU is a “leaky” organization. In an era where members respect privacy regarding their financial matters more than ever, this is not a good look. If they’re leaky about internal matters, are they same with my personal information?
ReplyDeleteIf JB can’t get his way, it’s clear that his goal is to ruin SECU and have members, including under-banked ones in financial deserts, go elsewhere. If it’s not how Herr Blaine dictates, then screw ‘em, BOA will take good care of them!
If I were a prospective member and saw all this drama, all the infighting, all these SECU employees in the comments calling names and talking about rebelling, I would certainly find another credit union to bank with.
Plenty of other small credit unions in NC that are happy to have members, and that have their ducks in a row.
DeleteI have decided that going forward, I am ignoring both blogs. Was thinking back on my loan officer interview with Jim Blaine and how he loved to argue with employees. Would ask all employees the same questions and would argue with them no matter what answer they gave. He enjoys the drama and debate. Time for us all to move on from him. Take away his power and enjoyment of creating chaos. We should all just move forward, unify, and focus on what really matters, the members and SECU’s wellbeing. Peace out Jim.
ReplyDeleteThat'll only happen when he dies. He'll forever be meddling and bullying until his dying breath.
DeleteYes, Blaine boasts about the 'leaks', then promptly posts them. A text, email, letter or 'rumor'....it just gives him content for his blog. This in turn encourages more 'leaks'. Yes, he loves the drama. Oh to be retired with nothing to do but try to ruin lives and disparage an organization that is trying to adapt to the economic realities that he did not have to face.
ReplyDeleteAll I hear here is still a bunch of whining from sore losers.
ReplyDelete😂😂😂😂😂
DeleteOnline bullying? Let’s remember that we are all humans and most likely co workers. We all just want what is best for SECU and our members. We may just have different opinions on what that is.
DeleteWell, considering (below) is how this blog kicked off targeting Mr. Blaine and anyone who considered what he said...
Delete"You do know what happened when they drank the "Kool-aid"?????...
...We're tired of your lies and feel sorry for the followers who sheepishly fall for your sad diatribe..."
Jim Blaine has made a career both at SECU and in retirement targeting people. Play your world’s smallest violin and be a martyr somewhere else. At least this isn’t an echo chamber.
Delete"Play your world’s smallest violin and be a martyr somewhere else" That makes it sound like differing opinions aren't welcome here.
DeleteAnyway, I am not a fan of Mr. Blaine, but appreciate him calling out the shenanigans of the new administration. Blaine's revelations began to explain many of the red flags that I was already witnessing.
FROM CREDIT UNION TIMES - March 23, 2004
ReplyDeleteBLAINE'S REMARKS, BEHAVIOR EMBARRASSING for CU INDUSTRY
After listening to Jim Blaine's comments at the GAC in his debate with the ABA's Ken Fergesen, not only was I not applauding, but I was embarrassed , humiliated and outraged by one of our industry 'leader's' display of some of the most rude, crude, and pompous behavior, the likes of which I hope will never be presented at one of our movement's function again. I personally sent an email to Mr. Fergesen and apologized. I hope someone at CUNA did the same. If this was our best, then we are hurting. - Gary Regoli - President/CEO Boeing Wichita CU - Wichita, Kan.
"State Employees' CU of N.C. CEO Jim Blaine is Credit Union Times' 2005 CEO of the Year"
ReplyDeletehttps://www.cutimes.com/2006/02/28/state-employees-cu-of-n-c-ceo-jim-blaine-is-credit-union-times-2005-ceo-of-the-year/
CU TIMES March 21, 2006
DeleteI just wanted to congratulate you on the selection of my favorite credit union zealot, Jim Blaine, as the Credit Union Times’ CEO of the Year! Jim certainly “bleeds” credit union, and you couldn’t have picked a finer man to honor, especially at a time of such unrest in the credit union movement. Jim isn’t afraid to call a spade a spade. He is colorful, controversial, outlandish, and at times downright prickly. But always, always on the side of the little guy and members in general. Hard to argue with that. Great choice! Mary Cunningham CEO USA FCU San Diego, Calif.
TIME MAGAZINE - January 2, 1939
DeleteMan of the Year - Adolf Hitler
🤦♀️
DeleteFROM CREDIT UNION TIMES - March 23, 2004
ReplyDeleteBLAINE'S REMARKS SPOILED GAC
Mike Welch wasn't the only person in the 3,000 plus audience at the GAC who felt credit unions came off an embarrassing second best.
I for one thought the 'debate' was the low spot of one of the best GAC's in recent years. Everyone I talked to after the 'debate' thought Jim Blaine was an embarrassment to the entire credit union industry. All I could think about was when Jim was making his smart alec and off color remarks, was that I could give better relevant and factual responses to Ken Ferguson's misguided comments.
I little levity is fine, however Jim Blaine squandered the opportunity to make some very valid points, choosing instead to prove how unprofessional he is. One of my colleagues sat at a lunch table with one of Jim's board members who indicated he was disgusted with Jim's performance also.
I would also question the decision to have Jim Blaine represent credit unions in this kind of venue, considering his reputation. Jim is a very successful and intelligent person, but that does not excuse him from being professional when representing the credit union industry.
Ken Bradshaw
President/CEO
Liberty First Credit Union
Lincoln, Neb
FROM CREDIT UNION TIMES - May 4, 2004
DeleteHooray for Clyde Padgett’s letter dated April 14, 2004. Mr. Padgett made an articulate summation of my thoughts concerning the hullabaloo over the Credit Unions vs. Bankers debate at the 2004 Governmental Affairs Conference. I too was embarrassed and taken aback by the barrage of criticism from some individuals in the credit union community for Jim Blaine’s participation in the debate with Ken Fergeson. Like most others, I had expectations leading up to the debate. I wanted to hear something new that would shed light on the strategies that bankers have for credit unions. First of all, what did most people think this debate was about? For most astute credit union professionals and volunteers, the animosity between banks and credit unions is no secret, nor mystery. If the debate was simply going to be a rehashing of the familiar and well-worn arguments between banks and credit unions, then the debate would have been pointless. Credit union folks, and the public for that matter, have access to the ABA Web site and can get information first-hand about bankers’ distaste for the credit union movement. So to have a debate that set out to tell me what I already knew would not have been productive. Mr. Fergeson is not the head of the ABA for nothing. He is articulate, smart and persuasive. As an able spokesman for banks, one would not imagine him to purposefully spill his guts with trade secrets that could help credit unions. Unless Mr. Blaine got him drunk or provoked him to the point of retaliation, Mr. Fergeson would only give us what we have already heard. So it would seem that Mr. Blaine’s strategy was to needle Mr. Fergeson into spouting some unprepared statements. Well, alas, Mr. Fergeson did not take the bait. Nevertheless, the effort seemed to be part of a well-calculated plan to exhume critical revelations. If Blaine had succeeded in getting Mr. Fergeson to spew trade secrets like a drunken sailor, the whole movement would be hailing Mr. Blaine as a hero. Instead, just because the results turned out to be less fruitful, this is no reason for second guessing the strategy. Nobody likes a Monday morning quarterback. Question Mr. Blaine’s tactics if you must. Question his jokes if you did not get “bushhog.” But you are way out-of-line if you question his professionalism and commitment to the movement. Maurice R. Smith President Local Government FCU Raleigh, N.C.
Are you surprised that Local Government came out to support Jim Blaine’s ridiculous behavior. At the time, that completely relied on SECU for their livelihood and service to their members. Don’t forget, it was during Maurice’s time as president that they started planning to separate from SECU and started CIVIC, who offers… risk based pricing and business loans. Guess they did not see so eye to eye.
DeleteMy understanding is that LGFCU sets their own rates and related policies.
DeleteI've no doubt that Local Government had been contemplating independence for quite a while. Makes sense.
But, the official announcement came abruptly, blindsiding members and employees after Hayes became CEO.
No well thought out plan for members depositing cash? Extending the original independence date by another year when they realized how unrealistic the original date was?
Doesn't sound like their independence plan was fully baked yet.
There have been many red flags with the new administration, LGFCU just being one...
LGCFU announcement timing was related to when their former CEO retired and the new one was hired. The timeline that was given from LGFCU, not SECU.
DeleteA message from CEO Dwayne Naylor on April 28, 2023
Delete"In recent months, we’ve heard from many of you about our plans to become an independent credit union... We have carefully considered your thoughtful input, and your ideas about in-person service, cash management, and new products and services.
We’ve decided that we need more time to innovate... So, instead of introducing our new Credit Union platform to members in March 2024, we have extended our timetable for independence from State Employees’ Credit Union (SECU) to 2025...."
"We’ve decided that we need more time to innovate"?? Really?? Interesting choice of words. Doesn't sound like there was a solid plan in place to me.
The plan and estimate was LGFCU’s. SECU is agreeing to extend the support for as long as needed. Not sure how you are faulting SECU leadership for that.
DeleteLGFCU is still very dependent on SECU. I'm sure LGFCU felt the need to support the no *formal* proposal story that SECU spun. If there was no proposal, then SECU should have simply said "there was no proposal".
DeleteMaybe SECU made an informal offer they *thought* LGFCU couldn't refuse. (hence, the rushed independence)
Again, this is just one red flag out of many since the new administration took over.
I’m a LONG-standing member of this fine institution along with many of my family members. I really miss the good ‘ol days of our credit union. A somewhat altered version of the lyrics of the Merle Haggard song, “Are the Good Times Really Over?” seems highly appropriate at this juncture in our historic past, present and future. For those of you younger members who have never heard of Merle Haggard and/or have never heard this song, please search for it on the internet and give it a listen, for both the lyrics and for the tune as you read along below:
ReplyDeleteHere it goes….to the tune of “Are the Good Times Really Over?" written by and sung by Merle Haggard.
I wish our loan rates were still equitable
It was back when SECU was strong
Back before Hayes and before Brady/Bomba came along
Before the Mismanagement and Ineptness
When a member considered joining and still would
Is the best of the credit union behind us now
And are the good times really over for good?
And are we rollin’ downhill like a snowball headed for h*ll
With no kinda chance for the exploited lady or the struggling male
Wish a loan and its rate
Was still fair for all like it should
Is the best of the credit union behind us now
And are the good times really over for good?
I wish our executives were still respected
And a low-ranking was a bad place to be
It was back before the board lied to us all at the annual meet
Before race-based lending, when a minority could obtain reasonable loans and still would
Is the best of the credit union behind us now
And are the good times really over for good?
Are we rollin’ downhill like a snowball headed for h*ll
With no kinda chance for the exploited lady or the struggling male
Wish a loan and its rate
Was still fair for all like it should
Is the best of the credit union behind us now
And are the good times really over for good?
Stop rolling downhill like a snowball headed for h*ll
Stand up for the exploited lady and for the struggling male
Let’s make a loan and its rate
That is still fair for all like it should
‘Cause the best of the credit union is still yet to come
And the good times ain’t over for good
Now, on a more serious note…..some have called Mr. Blaine loud, opinionated and overly intense. Isn’t that exactly what we want/need in a CEO advocating for our members? Mr. Blaine made a real difference for the good of the credit union and for its wonderful membership base. The member approval rating (externally and internally surveyed) was 98%, the HIGHEST in the nation, during Mr. Blaine’s tenure. That’s no longer the case. You ALWAYS knew/know, where Mr. Blaine stood/stands with our revered credit union and ALL of its members, not just the affluent members and the executive staff/board elite.
Mr. Blaine had many strategic and successful agenda items when he started his CEO term. Ms. Brady admittedly is “…..being thoughtful and talking to lots of folks…..” to come up with a plan. Can she not think on her own? She's been here for 35 years, applied for the CEO position when Hayes was selected, and she still doesn't know what our priorities should be??? Is she qualified to be CEO?
We need to “Make Our Many Members’ Appointed SECU Absolutely Great Again” (“MOMMA”SAGA). “Send us your Mama!” The members have spoken with 3 boards members unseated this month. We're on the right path to take back OUR credit union.
Mr. Blaine and Mr. Lord were both honorable and highly respected leaders. Unfortunately, Ms. Brady is not. When employees saw Mr. Blaine or Mr. Lord approaching, they would run up to meet them or to tell them hello. When employees see Ms. Brady coming, they sometimes run the other way. Is this what we should want in a leader??
Yawn
DeleteDrink some coffee or something Josh. Maybe run around in circles.
DeleteSorry….Threatening people with death (delivering a horsehead from a slaughterhouse) and sending funeral sprays of flowers to people that you have a difference of opinion with are NOT honorable and are NOT qualities of good leadership. People steered clear of Blaine because of his unpredictable behavior.
DeleteKnow the industry, know the man. He's not the most complicated person to figure out and regarding treatment of and fighting for members, often misunderstood but never wrong.
ReplyDeleteWish you folks put as much emphasis on his treatment of members instead of regulators and hired auditors. There's what made Blaine historical in the industry you're in now. Not the bank sector or tech industry.
Remember who you work for and who owns the company--that's who were all supposed to be fighting for.
https://www.cutimes.com/2016/05/03/the-credit-union-industry-has-lost-a-superhero/?slreturn=20230928152949
Well said. I couldn’t agree more! Unfortunately, this First Citizens crowd will never understand that or concede to the fact that even after all of the time that has passed since their hostile takeover of the IT department, they still don’t have a freakin’ clue about who they’re working for. They still seem to think that we’re a bank and that they’re working for their own visions and the visions of the board the board. They frivolously spend millions of dollars of the members’ money irresponsibly to introduce things the majority of our membership doesn’t want to spend money on. Don’t even get me started on the wasted funds on unending “team building” exercises that are non-stop. I mean come on. If you guys need that much team building then it may be time for an entirely different team. The current board doesn’t have the same vision or goals of our membership, and the other 8 will be replaced. Once the rest of the board is replaced and Brady is removed as CEO, they may be in for quite an unexpected surprise. And let’s all face the facts, Brady isn’t going to last very long as CEO. She has no clue about what she’s doing. She is going to talk to some folks and see what ideas they can give her to then take them as her own. Can she not think for herself?? She has a long history of taking credit for the work of others. She also steps on the backs of our members who are struggling the most to game the system so that her daughter with bad credit can get a top tier interest rate. Bless her heart, she didn’t even understand why telling that story would not be seen as a good thing. She is soooo clueless. Try as they may, they will never fill the shoes of their predecessors. It’s really sad that we have lost so many dedicated employees who put our members first for these oversold folks who only care about themselves, padding their resumes and then moving on to some other organization they can ruin. They need to go back to the greedy and predatory realm of the banking industry from hence they’ve come. The sooner, the better for everyone.
DeleteYawn…take your dentures out and go to bed
DeleteI agree with most of what 5:28 said, but I have to concede that the take out your dentures and go to bed quip was pretty funny and made me laugh.
Delete@5:28 - Spot on about the many First Citizen hires. I don't fault many of them, though, because they were probably led to believe that everything was broken and they were being hired to fix it all.
DeleteIf you are 50+, I can see why you think there is nothing wrong with the technology and current services at SECU. However, the younger members are increasingly demanding mobile/online options. Also, there’s more competition in the way of online banks and lenders that did not exist 10 years ago. If you are slow to this change, SECU will be left behind. The future of SECU is not the baby boomer member. It’s their children and grandchildren. (How many of them have ever stepped inside a branch?). That’s a hard pill to swallow for some. I’ll stop for now. Your 4:30 dinner is fast approaching.
ReplyDeleteJosh, you’re sill thinking we’re a bank. “….more competition in the way of online banks and lenders…”. I realize that First Citizens is small as a bank with $200 billion in assets, but the banks that people who are looking forlike Chase ($3.89 Trillion), BofA ($2.4 Trillion), CitiBank ($1.8 Trillion), Wells Fargo ($1.7 Trillion)
Deletethat people are looking for to use mobile and online options isn’t us. We will never be able to compete with the goliaths for those services. People come to us for low interest rates (for all) and the ability to take out a loan when the banks turn them down. We’re getting further and further away from our charter and original vision day by day.
DeleteSECU's recent problems aren't technology. It's liquidity and being saddled with $9 billion in very low interest investments. Unnecessary expenses and $4 billion in lost savings due to low rates.
DeleteMany companies have failed because they lose sight of what made them successful in the first place and try to be something else that *sounds* good.
I don't fault JCPenney for hiring an Apple executive to fix JCPenney because they were in big trouble and needed try something (that idea failed spectacularly).
But things weren't broken at SECU (just new people trying to convince folks that things were broken so they could bring in some cool new stuff)
If SECU continues on their current path, then yes, they will be left behind, but it won't be because of technology.
I’m new to posting to this blog. In fact, I only came across this blog when I accidentally chose the .org blog instead of the .com blog.
ReplyDeleteIn the posts that I’ve read so far, I have made two observations.
1) The age discrimination comments such as “…take your dentures out…”, “…your 4:30 dinner is fast approaching….” speak volumes to the immaturity, lack of class, inexperience and lack of substance of these FCB folks who are ripping apart our credit union.
We will not stoop to your level. We will not make age an issue of the SECU ideal split. We are not going to exploit, for crusade purposes, our opposition’s youth and inexperience.
2) I’ve really enjoyed reading the posts from both sides of the table. However, it’s becoming more and more difficult to tell this blog apart from the .com blog. A lot of the other side’s post on this board are childish (yawn), ageist (dentures, 4:30 dinner), and lacking of true substance and meaning.
I’d heard that SECU was laser focused on diversity and inclusion of all races, ethnicities, sexes, age groups these days. I think they even have an entire department focused on just that. I guess the take away is to practice what they say, not what they do.
DeleteIt breaks my heart that those of us who have been loyal members of SECU for decades aren’t valued by the newer employees just because we don’t fit into their accepted demographic group or agree with their vision of our collectively owned credit union. I remember when people respected their elders. It makes me really sad and disappointed.
DeleteIsn’t their new CEO a baby boomer? Do they say these types of things to her?
DeleteFor those of you SECU employees who may be impacted by this: https://www.eeoc.gov/age-discrimination
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