Type | Credit union |
---|---|
Industry | Financial services |
Founded | 1958 |
Headquarters | Santa Fe, New Mexico |
Number of locations | 8 (2020) |
Area served | New Mexico |
Key people | Harold Dixon (President & CEO) |
Products | Savings; checking; consumer loans; mortgages; credit cards; investments; online banking |
Revenue | $31 million (2019) [1] |
Total assets | $569 million (2019) [1] |
Owners | members |
Number of employees | 178 |
Website | secunm stateecu |
State ECU(also known as State Employees Credit Union of New Mexico or SECU New Mexico) is a federal not-for-profit [2] credit union headquartered in Santa Fe, New Mexico. As of 2019, State ECU has $569 million in assets, over 48,000 members, and eight branches in the New Mexico. [3] Deposits by the members are regulated and insured by National Credit Union Administration (NCUA) under latter's western region jurisdiction. [4] [5]
State Employees Credit Union was formed in 1958 to serve the following counties of Bernalillo, Doña Ana, Rio Arriba, Sandoval, Santa Fe, San Miguel, or Valencia.
In 2016, it got a new logo and a shortened name -"State ECU"; to distinguish itself from other states' SECUs. [6] [7]
To overcome the on-going COVID-19 pandemic in New Mexico, State ECU created the State ECU Covid Relief Fund to support local businesses and nonprofits. [8] [9]
A credit union is a member-owned nonprofit cooperative financial institution.
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
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