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CU System
SECUs temporary location returns to its roots
RALEIGH, N.C. (12/15/08)--State Employees’ CU (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.
Click to view larger imageState Employees’ CU, Raleigh, N.C., has temporarily relocated to the site of its original 1937 location at the State Agriculture Building in downtown Raleigh while its new facility is built. (Photo provided by State Employees’ CU)
The 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, SECU said. While the move to the agriculture location is temporary, it offers SECU and its members an opportunity to reflect on the humble beginnings of their cooperative, SECU said. Starting with 17 members and $437, the credit union now serves 1.5 million members with nearly $17 billion in assets. SECU’s growth has resulted in the need for a larger facility in the downtown state capital area. 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 also will expand the nearby North Carolina Museum of Natural Sciences, and other state government offices. Ninety-five-year-old Mary B. Lassiter, who joined SECU in the 1930s, said she was excited to hear of the recent relocation back to the State Agriculture Building. She 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 50 cents,” she said. “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.”


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