About State Employees Credit Union
State Employees Credit Union is a not-for-profit financial cooperative. When a member joins the credit union, they become a member and owner of a very unique financial institution. Earnings above the required reserves are returned to the members, in the form of lower interest rates on loans and competitive dividends on savings. We are owned and operated by our members and exist solely for the purpose of serving our members’ best interests.
SECU is governed by a group of volunteer Board of Directors who are elected by members. All members have equal influence in the voting process and an equal opportunity to run for election, regardless of how much money they have in their account… one member, one vote.
State Employees Credit Union is the 10th largest credit union in Georgia with $200 Million in assets and over 25,000 members.
(as of December 2008, according to assets)
State Employees Credit Union serves all employees, retirees and immediate family members of any Board approved Department of Georgia State Government.
To join the credit union, potential members must simply complete a membership card and make an opening deposit of at least $7 to their share/savings account. Once they join, a member’s immediate family members become eligible to join and enjoy lifetime membership in the credit union.
The History of State Employees Credit Union
In the early 1960s, the State Merit System realized that many state employees were denied the fringe benefit of a Credit Union. Several departments had credit unions, but each was confined to the particular department in which it was located.
The leaders of the Merit System were ever looking for ways to improve personnel policies to benefit State Employees, and they felt that a credit union could be a self-supporting valuable fringe benefit. The Merit System knew that such an endeavor should, of necessity, start small and grow.
Nine small agencies and one large one combined to charter the Small Agencies Credit Union in the later part of 1961. The small agencies were the State Merit System, the Employees Retirement System, Workmen's Compensation, the State (Law) Library, Attorney General's Office, etc., and the largest one, Agriculture.
A Board of Directors adopted policies to assure soundness. A supervisory committee was formed with an accountant member, a law member, and a general member. They were responsible for bookkeeping, reconciliation, legal affairs and the general overview of credit union operations.
The Credit Committee was authorized to process loan applications. Each department had its own credit union representative and that person forwarded loan applications to the Committee. In its consideration of a loan application, the only criterion considered was the probability that the loan would be repaid.
