Dear Fellow Members,
After thoughtful consideration and extensive conversations between our LGFCU and State Employees’ Credit Union Boards of Directors, we have decided to explore ending our 39-year service agreement in order to operate independently from SECU.
What does this mean?
A separation from SECU could mean we would be able to create member-requested products and services specifically for you, our members/owners. Should this proposed path be adopted, it would also mean we would no longer rely on SECU to process your transactions.
As we move through this exploration process, access to your accounts remains the same.
Why is “independence” being considered?
- First and foremost, our LGFCU members are our top priority. While our relationship with SECU has been positive, our continued reliance on SECU would likely limit our ability to offer products and services that are specifically designed for LGFCU members.
- SECU and LGFCU have separate fields of membership, and thus different operational goals. We view our exploration with SECU as a natural and mutually beneficial step toward ensuring the best interests of both LGFCU and SECU members, now and into the future.
- Operational independence from SECU was first contemplated just after the LGFCU-SECU partnership agreement was signed in 1983. The intention was for both credit unions to work collaboratively to allow local government employees access to their Credit Union. This long-term credit union partnership is unprecedented but was created with a plan for eventual separation once LGFCU achieved growth goals that would enable us to operate independently.
- We want to ensure that the local government community continues to have its own Credit Union, one that is solely dedicated to meeting the unique needs of our public servants. We continue to be inspired by our local government members, and it truly is an honor for us to serve those who serve North Carolina so well.
If this separation is approved, when will it take place?
As part of this exploration, we are working in partnership with SECU to better understand how members might be best served should a separation take place. Teams from LGFCU and SECU are actively working together to explore the processes and steps that would be necessary as part of this.
Since there are also legal and regulatory requirements that would take time to put into action, LGFCU and SECU will remain partners for the foreseeable future.
We want you to engage in the process as we work through exploration, and we know you may have questions. We recognize this exploration process may be unsettling for you. We pledge to keep you informed.
We will never lose sight of the fact that this is your Credit Union, built to serve you and help you reach your financial goals. We’re grateful for your membership and will continue to prioritize your needs as we explore the exciting possibility of operational independence for LGFCU.
Mark R. Caverly
Executive Vice President