RALEIGH, N.C. — State Employees' Credit Union said it reached the two million-member milestone in June through "steady growth and a service-driven focus."
The $30 billion SECU noted it has opened 22 branches in the past five years, meeting the goal of having a branch in all 100 North Carolina counties. The credit union is based solely in North Carolina, serving state government and public school employees and their families.
SECU said it has a "large footprint" in the Tar Heel State, with 254 branches and 1,100 no-surcharge ATMs.
The credit union was the subject of a report published by Dr. William E. Jackson III, professor of finance, professor of management, and the Smith Foundation Endowed Chair of Business Integrity in the Culverhouse College of Commerce at the University of Alabama. The "2014 Report on Financial Benefits of Membership in State Employees' Credit Union of North Carolina," found SECU's members' satisfaction can be attributed in large part to the "exceptional value" provided by the credit union, which amounted to more than $750 million annually in member savings.
For the report, which SECU quoted in a press release, Jackson researched and documented member savings in a number of categories, including lower rates on loans, higher rates on deposits and lower fees. Of the ways that SECU provided financial benefits to its members, the category he determined to have the largest impact in 2014 was lower fees on products and services, saving members more than $380 million.
PFI For 89% of Members
According to a fall 2014 member services survey, 89% of members consider SECU to be their primary financial institution.
Jim Johnson, chairman of SECU's board of directors, said, "SECU is committed to providing members with products and services that meet their needs in a convenient and affordable way, while keeping their best interests at heart. For a credit union that doesn't use traditional advertising, crossing the two-million-member mark is a wonderful achievement that demonstrates our members' belief in the credit union, as well as their willingness to serve as word-of-mouth marketers."
SECU said its "steady growth and continued safety and soundness" since it was chartered in 1937 are the result of the "tireless work of many," including current and previous board of directors, SECU's "dedicated" staff, volunteers and members who "support their credit union and believe in the cooperative model."
