RALEIGH, N.C.--(BUSINESS WIRE)--State Employees’ Credit Union (SECU) has unveiled plans to enhance the current economy and build for the future in North Carolina. The project, a planned 12-story branch and office facility, will be located on Salisbury Street in the State Government Complex in downtown Raleigh. The new 240,000 square foot building will include a six-story parking deck, a credit union branch and approximately 77,500 square feet of office space reserved for future growth. Plans are to begin construction in fall 2009. SECU’s Board has considered construction of the facility for several years and has decided to move forward at this time in order to bolster the NC economy and to take advantage of the much lower level of current construction costs.
The Credit Union facility is being developed in conjunction with the State of North Carolina, which plans to build new offices for the Department of Environment and Natural Resources, and to expand the NC Museum of Natural Sciences, which are adjacent to the Credit Union site. Coordination of construction planning on the overall project will create substantial cost savings for both the State and the Credit Union. An existing SECU branch facility on the site has been demolished in preparation for the new development.
Bobby Hall, Senior Executive Vice President of State Employees’ Credit Union, states, “SECU acquired this site in 1960 as the location of the first Credit Union branch office at a time when the Credit Union served less than 75,000 members and had assets of less than $25 million. Our strategy at the time was to build a large 15,000 square foot facility to house the Credit Union and lease the additional space, allowing for future growth. That branch served the Credit Union as an operations facility from 1962 until 1984 and has continued as our ‘home branch’ facility to this date. While SECU has grown to over 1.5 million members and 224 branches throughout the State, our Board has chosen to re-adopt that same initial facilities strategy and plans to occupy 13,000 square feet in the new building, while renting the excess space until the Credit Union grows into it. Even though SECU now has $18 billion in assets and no debt, the branch strategy is still much the same --- rooted in the past, built for the present and designed for the future.”
SECU currently owns five operations support facilities in the Raleigh area encompassing over 400,000 square feet of space. All existing facilities are operating at capacity, while the Credit Union continues to grow at double digit annual rates.
Patty Munns, Senior Vice President of Facilities Services at SECU, comments, “In addition to this unique project in the State Government Complex, the Credit Union continues to build additional branches throughout the State. We are slated to add approximately fifteen new branches to our network within the next fiscal year. After 40 years of working to expand our member convenience through local SECU offices, the Credit Union will have at least one office in each of North Carolina’s 100 counties by the end of fiscal year 2010. SECU continues to believe strongly in local service, local convenience, local people, and local control.”
Ed Hoffman, Senior Vice President of SECU’s Salisbury Street branch office, adds, “This construction has brought the Credit Union ‘full circle.’ Prior to construction of the original Salisbury Street facility in 1962, the Credit Union had been housed in the NC Agriculture Building, since first chartered in 1937. We are delighted that during construction the NC Department of Agriculture has agreed to temporarily lease us space for our operations. So, we truly are back to our roots in that rental space in the Ag Building! Our branch looks forward to the completion of a larger Credit Union facility to meet the growing needs of North Carolina’s State employees. This building project is a huge undertaking for our organization, but one that will provide great benefits to the members for years to come. That same strategy certainly worked tremendously well in 1962 and we feel confident that it will also work well in the 21st Century.”
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 more than 70 years. Currently serving over 1.5 million members, SECU provides services through 224 branch offices, over 1,000 ATMs, 24/7 call centers and a website—www.ncsecu.org.
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