I joined the Vermont State Workers Credit score Union in 1986 as a brand new state worker. After retirement from the state of Vermont, I turned a director in 2016 and have in depth expertise in Board governance as a member of many state and native boards, at the moment serving as chair of my very own city’s choose board and vice chair of the VSECU Board.
I felt it was vital to be direct and reply to the continual deceptive narrative crafted by VSECU’s previous management who oppose the merger led by former CEO Steve Put up and 4 board members. They try and opine as authorities who haven’t been concerned within the enterprise affairs of VSECU for the previous 9 to 20-plus years since their retirement.
Over 20 years in the past, they departed from our state workers’ exclusivity as an employer-based credit score union and commenced the transition to a community-chartered credit score union.
At present our membership is 71,389 robust! Our members are from all walks of life, communities, professions, and backgrounds. Solely 8 % of our members at present could be thought-about present or retired state workers primarily based on knowledge final supplied by the state of Vermont in Might 2016, demonstrating the facility behind the community impact the place extra folks collaborating creates higher worth for all.
Early on on this merger course of, we invited these former leaders to satisfy with our board chair and CEO to debate the proposed merger. They declined.
I wish to tackle some latest commentaries printed in Vermont newspapers that comprised of nothing greater than misrepresentations and false narratives which might be baseless and designed to inflame folks’s feelings.
There are not any conflicts of curiosity. We’re a really diligent board who takes our fiduciary duty severely.
For months we’ve got supplied info to our membership. We have now been ruled by a regulatory course of that required approval from the Nationwide Credit score Union Administration earlier than we might share sure info. We have now obtained approval and a member mailing of the proposed merger marketing strategy and poll is scheduled September 20.
We have now diligently supplied info to our members. We hosted member boards throughout Vermont to realize enter and listen to issues. We area calls day by day. We act proactively on all suggestions we hear. We have now operated with excessive integrity at each juncture of this proposed merger, as our members anticipate.
The Board of Administrators is just not stacked. Members vote us in. Sure, it’s totally different from many a long time in the past. It’s various with gender, pores and skin coloration, preferences, and consultant of areas from round Vermont, who’re all elected by the membership.
Different factors for readability embrace the next:
VSECU is just not being acquired. This can be a conscientious merger between two wonderful cooperatives. We can be a brand new Vermont-based credit score union with a brand new identify but to be decided, reflective of our partnership, membership, and communities we serve.
VSECU is regulated by each Vermont and federal regulators at present. Regulators don’t influence or dictate native management. Their job is to have oversight over the monetary security and soundness of the credit score union.
Individuals who reside in Vermont can be eligible for membership within the newly mixed credit score union.
The Chases of the world and different regional or mega-banks are certainly making inroads into our small state. Contemplate that in 2021, banks managed 77 % of deposits in Vermont and out-of-state banks managed 40.6 % of these Vermont deposits.
Governing and operating a monetary establishment with the very best curiosity of individuals over revenue is extremely complicated. To deduce the board made this resolution recklessly in a smoky darkish room for the good thing about just a few, is a determined transfer to persuade others with unsubstantiated statements.
I’m deeply grateful for our founding members and proud to have been a state worker for 30 years. I like Vermont and what we stand for. Like Vermont, VSECU is about inclusion, progress, and transferring issues ahead. Our boundaries don’t outline us, our values do.
I’ll proceed to function a board member within the new credit score union, representing the pursuits of our state workers and different members. I ask to your help by voting “sure” on the proposed merger and assist us proceed to maneuver ahead, and never backwards, on this dynamic and ever-changing world.