SECU Forms New Property Management Company --- SECU*RE

RALEIGH, N.C.--(BUSINESS WIRE)--

State Employees' Credit Union's (SECU's) Board of Directors is pleased to announce the development of a new property management subsidiary --- SECU*Real Estate (SECU*RE). In its initial start-up phase, SECU*RE will provide the Credit Union with the ability to streamline management of real estate owned (REO) properties in North Carolina. The new company complements the Credit Union's ongoing Mortgage Assistance Program, which has already helped over 8,000 families avoid foreclosure. SECU*RE aims to take SECU's existing REOs and work to minimize lost equity through property revitalization efforts and partnerships with NC housing industry professionals, energy efficiency organizations and local municipalities. With service options ranging from rentals to property listings, SECU*RE's ultimate objective will be to provide affordable homeownership opportunities to SECU members and their families throughout the State.

“The positive changes that SECU*RE can bring to communities will enhance the lives of residents in many areas across North Carolina,” states McKinley Wooten, SECU Board of Directors Chair. “This new property management company is an exciting endeavor for the Credit Union and one that demonstrates SECU's ‘People Helping People' philosophy and ‘Do the Right Thing' mentality. SECU*RE provides our not-for-profit cooperative the opportunity to improve housing standards and break the cycle of neighborhood deterioration --- an action that will benefit our members and our State.”

About SECU

A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 75 years. With 1.8 million members, SECU provides services through 248 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.