Opinion: Lisbon man says St. Lawrence Federal Credit Union members being sold out
To the Editor:
To all members of the St. Lawrence Credit Union your no vote on this “merger" is imperative! Recently we were all blindsided when it was announced that the CEO Todd Mashaw along with the pathetic excuse for a board of directors were attempting to sell us out. Our Credit Union has operated profitably for over 30 years, so why now? Well this is how I see it.I went to one of their “listening sessions" yesterday. To start, we were hit with a big bowl of $10 words from the banking dictionary that no one understands. Then there was the whining about how online banking was driving down enrollment. Finally of course was the “bigger is better” garbage that we also know is false. As a farmer I know when a big pile of BS is coming your way you should avoid it!
Here is my take away as to why this is a bad deal:
St. Lawrence will become Seacom which means we have to play by their rules. I know many people including myself who have been denied loans by Seacom. Only to walk into St. Lawrence and be out the door check in hand in 30 minutes.
St. Lawrence has cornered the market on auto loans, mortgages. So instead of competing Seacom figures it’s just easier to buy the competition. Choices and competition benefit the consumer. One choice benefits the bank.
If this is truly a “merger" then why doesn’t Seacom become St. Lawrence? The simple answer is the Seacom members wouldn’t stand for it, and their CEO would be looking for a new job.
St. Lawrence CEO Todd Mashaw will stay on for a year or two as a consultant. So in other words he can’t get 1 big check because it looks like a bribe. But divide it up over a year and it’s a “consulting fee" for selling us out.
As someone who spent 5 years in the banking industry, before spending the last 25 years as a Real Estate Broker. I can assure you this is a horrible deal for members on both sides. Also don’t believe for a minute that without merging neither can survive. It may prevent the big wigs from getting raises but neither credit union will go under.
To all St. Lawrence FCU members vote no to being sold out , and save our Credit Union.