The second-largest credit union in the nation has opened a firm to help it manage the amount of real estate on its books in the wake of the Great Recession.
According to NCUA records, the 1.8 million-member, $25.5 billion State Employees' Credit Union in Raleigh, N.C., has just under 500 repossessed or foreclosed properties on its books worth roughly $49 million.
The new firm, called SECU*Real Estate, or SECU*RE, will work with real estate professionals to help bring the credit union's properties to market, but also with contractors to remodel and revitalize some and with local municipalities to see how the housing stock could help their communities, according to the credit union.
“The positive changes that SECU*RE can bring to communities will enhance the lives of residents in many areas across North Carolina,” said McKinley Wooten, chair of the SECU Board of Directors.
“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,” Wooten said in the SECU announcement.
“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,” the board chair said.