WUNC’s Piece on the SECU

SECU Tower by dtraleigh, on Flickr

Here’s a good article about the North Carolina State Employees’ Credit Union, something readers are probably familiar with as their new tower, shown above, will be opening soon.

State Employees’ is considered a big credit union on a national scale. It is approaching $27 billion in assets and has a membership base of 1.8 million people.

*Down Economy Equals Growth At State Employees’ Credit Union

The article also claims that employees will start moving into their new offices in late September.

I’ve said it before, the SECU tower is my favorite modern building in downtown Raleigh. It’s kind of a surprise from a ‘sleepy’ institution in town but their building, as well as millions of dollars of investment in the nearby museums, should not go unnoticed. I liked this article cause it shares some history of this growing presence right up the street.

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  1. The new Bar Association building @ Blount & Edenton is interesting. Certainly not “modern” looking but pleasantly appropriate considering its surroundings

  2. Pleasantly appropriate? Pleasantly BORING and a throwback covered in cake decorating. The Bar Association could have gone balls out like SECU did with a modern building of its time, but they chose instead to be conservative and unimaginative. Hideous.

  3. Yeah the Bar Association building is a giant stale birthday cake of a building. I don’t see anything ‘pleasant’ about it.

  4. Nice to see another “tower” added to the Raleigh skyline but sad to see it’s a credit union that hoards all their money and doesn’t pay a dime in federal income taxes unlike every other financial institution out there. Credit unions were designed to help a small geographic area of underprivileged people with similar interests. Not be a $27 billion company that serves anyone who has a pulse. They act more and more like banks these days and don’t pay anything back to the federal government to help fund teachers paychecks, American troops, etc. Wish they would change this law to make it an even playing ground. OK, I’m done. And no I don’t work at a bank but I should!

  5. Well since we’re getting political here…

    I cannot for the life of me see how someone could think credit unions are worse than banks.

    “Oh no, there are financial institutions that don’t try to screw over their customers at every turn. How dare they! The nerve! And what nerve they have, not making speculative investments that cause market crashes, and not needing trillion dollar checks cut by the government every few decades because the economic model they’re based on is fundamentally broken”.

    There’s only one reason credit unions are kept small and their memberships are kept exclusive: they would completely out-compete and kill off the banks if they were allowed to grow. Banks have a vested interest in keeping them small, to protect their niche as parasites on the financial system.

  6. First it is the North Carina State Bar which is is different than the NC Bar Assic.
    Second it is pompass ugly
    and a through back. Much Similar to Publuc Safety Building

  7. To the guy ranting on taxes, it really shows just how oblivious you really are to real world. Credit Unions do pay taxes. They just don’t pay taxes on profit. Why? Well, because there isn’t any. The profit is fed back to the members through better rates on deposits and loans as well as lower (or no)fees on all services. Credit unions were designed to help a small demographic of underprivileged people with similar interests….. and that’s just what they do. You won’t find a business account at SECU. Trust me, I’ve tried. They only focus on consumer products. As for investing in our state??? I dare you to find another organization that does more. Just take a look at the SECU Foundation website. In addition, who knows how many millions of dollars have been saved from people using their no-fee ATMs. They have the largest ATM network around and they don’t charge a dime to non-members who use them. I don’t know of any bank that can say that! Banks are just too busy collecting all of their fees to pad the pockets of their senior managers and shareholders.

  8. Thanks Paul, I’m with a credit union as well and completely agree… but let’s all just CHILL and gaze at Raleigh’s most beautiful new building.

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