RALEIGH, N.C.--(BUSINESS WIRE)--State Employees’ Credit Union (SECU) recently relocated its Salisbury Street branch to the site of the original 1937 SECU location in the basement of the State Agriculture Building in downtown Raleigh. This historic move paves the way for a new state-of-the-art Credit Union facility, providing SECU with a permanent footprint in North Carolina’s State Government Complex. While the move to the Agriculture location is temporary, it offers SECU and its members the opportunity to reflect on the humble beginnings of their cooperative. Starting with 17 members and $437, the Credit Union has experienced tremendous growth and now serves 1.5 million members with nearly $17 billion in assets.
The growth of the organization has resulted in the need for a larger SECU facility in the downtown State Capital area. SECU’s Board of Directors is in the final planning stages of the building design and has offered an artist’s rendition of the proposed SECU site. The building is expected to positively impact the growth of the downtown area, helping to boost North Carolina’s economy. In conjunction with SECU’s privately funded expansion, the State of North Carolina is also expanding the nearby North Carolina Museum of Natural Sciences, as well as other State Government offices.
Ninety-five year old Mary B. Lassiter, one of the early SECU members who joined in the 1930s, was excited to hear of the recent relocation back to the State Agriculture Building. Mary recalls when nearly all North Carolina banks had been liquidated and SECU was established as an alternative for State employees. “SECU began in a tiny room in the Agriculture Building and my first deposit was around fifty cents. It is amazing to see the power of a cooperative and how our Credit Union has flourished throughout the years, but always remained true to its roots -- providing loans for those who need it most and giving North Carolina’s State employees financial services at fair and reasonable rates.”
SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Currently serving nearly 1.5 million members, SECU provides services through 223 branch offices, over 1,000 ATMs, two call centers and a website—www.ncsecu.org.