RALEIGH, N.C. —The world’s second-largest CU, State Employees’ Credit Union, reported net income of about $437 million for its fiscal year ended June 30, up 54% from a year earlier as assets and lending increased.
SECU CEO Leigh Brady disclosed the results in a year-end letter to members, describing the fiscal year as a strong one for the Raleigh-based credit union, according to BusinessNC.
“Financially, your cooperative had a terrific year,” Brady told the meeting, the publication said.
Assets increased 6.7% to nearly $60 billion, while loans grew 5.6%, BusinessNC reported. Strong loan demand, efforts to reposition investments to capture higher yields and expense growth of less than 1% contributed to the increase in earnings.
Revised Loan Pricing Cited
Brady said the results also reflected member acceptance of SECU’s revised loan-pricing strategy.
As the CU Daily has reported, a move away from SECU’s long-time practice of one-rate-for-all-members regardless of credit score has been contentious, which resulted in the election of some new board members who ousted incumbents.
But Brady called the performance “an indication that SECU’s move to offer an enhanced pricing structure to benefit all members has been well-received,” BusinessNC reported.
More Than 125,000 New Members Added
SECU added nearly 126,500 members during the fiscal year, pushing total membership above three million, according to BusinessNC. That represents more than one-quarter of North Carolina’s population.
The credit union operates 275 branches across North Carolina and has historically attracted state employees and their families with relatively low account fees. BusinessNC reported those fees average about $16 annually per member.
SECU also launched a redesigned website and updated online bill-pay service this summer and resumed offering a car-buying service, Brady said. Unlike many large credit unions, SECU does not make business loans.
Rebounding Financials
The latest earnings represent a rebound from recent years. SECU reported net income of $283 million in 2024 and $209 million in 2023, according to BusinessNC. The credit union averaged about $530 million in annual net income from 2020 through 2022.
With nearly $60 billion in assets, SECU is the second-largest credit union in the United States, trailing Navy Federal Credit Union, which has about $204 billion in assets.
SECU’s charitable foundation separately made approximately $17.9 million in donations during its 2025 fiscal year, including funding for student scholarships, BusinessNC reported. Its largest grant was $1 million to Dorothea Dix Park in Raleigh.
