RALEIGH, N.C. - Local Government Employees FCU has $792 million in assets but owns no branches.
Instead, it has licensees with the $15.8-billion State Employees CU to provide access to members using its branches. The Local Government ECU logo appears in the branch of the credit union, an arrangement in place since 1983. SECU also provides much of the backoffice support to Local Government ECU, as well.
When an LGEFCU member goes into the SECU branch he or she just gives the account number and is taken care of with no need to identify that the member is from Local Government. The two settle up every day.
Local Government Employees said the reason for the relationship is simple: State Employees, the second-largest credit union in the country, already had the network of more than 200 branches across the state, and it would have been a duplication of efforts to put a branch across the street from them.
For More Info
For more information on sources featured on this page:
* Filene Research Institute at www.filene.org.
* NAFCU at www.nafcu.org.
* Schools First at www.schoolsfirstcu.org.
* State Employees CU at www.ncsecu.org
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