Blaine to Retire from SECU

RALEIGH, N.C. -- Jim Blaine, the long-time, outspoken president and chief executive officer of State Employees' Credit Union, announced that he will retire as soon as SECU's board of directors finds his replacement.

Blaine, 66, has served as the president/CEO of the $33 billion credit union since 1979. SECU currently has more than two million members and 5,800 employees.

Cynthia Jolly, chairman of the board, said that the SECU has a "well-established" succession plan and added that the search for Blaine's successor should be completed no later than the first quarter of 2017.

As the second largest credit union in the nation ($75 billion Navy Federal Credit Union of Vienna, Va., is No. 1), SECU sent shockwaves through the CU community two years ago when it announced it would disaffiliate with CUNA as well as the Carolinas CU League. SECU had been vocal in its desire for credit unions to have direct access to CUNA membership separate from any league membership requirement.

The credit union rejoined CUNA -- but not the Carolinas League -- last month after CUNA members voted in favor of a bylaw change that allowed for direct access to either CUNA or a state CU league.

Jolly praised Blaine's "extraordinary leadership" through a period of "unparalleled growth" in the organization. She noted that during Blaine's tenure, SECU's asset size grew from $300 million more than $30 billion, while its number of branches mushroomed from eight to 256.

The board is working with the firm of Matthews, Young-Management Consulting of Hillsborough, N.C., to assist with the selection process.