State Employees Credit Union of Maryland

Last updated
State Employees Credit Union of Maryland
SECU Maryland
SECU MD
Company type Credit union
Industry Banking and Financial services
FoundedOctober 1, 1951;73 years ago (1951-10-01)
Headquarters Linthicum, Maryland, U.S.
Number of locations
55 branches, 109 ATMs (2020)
Area served
 Maryland
Key people
  • Dave Sweiderk
    (President & CEO)
  • Mark Reger
    (Chairman of the Board)
Products savings accounts; checking accounts; consumer loans; business loans; mortgages; credit cards; investments; and online banking;
RevenueIncrease2.svg US$ 193 million (2019) [1]
Total assets Increase2.svg US$ 4 billion (May 2020) [2]
Ownersmembers
Number of employees
586
Subsidiaries SECU Maryland Foundation
Website secumd.org/

State Employees Credit Union of Maryland (also known as SECU of Maryland or SECU Maryland or SECU MD) is a state-chartered credit union headquartered in Linthicum, Maryland. [3] It is the largest federally-insured credit union in the state [4] [5] [6] and is regulated under the authority of The Office of the Commissioner of Financial Regulation, State of Maryland. [7] [8]

Contents

History

SECU Maryland began its operation in 1951 with then-Governor Theodore McKeldin as its first member. [9] In the spring of 1953, it opened its first office. From 1959 to 1975, its operational head office moved within Baltimore multiple times. Finally, by 1979–80, SECU Maryland moved its headquarters to Towson. During the same period, it crossed the 50,000th membership enrollment mark. Currently, the new headquarters are located in Linthicum, Maryland. [3]

As of June 2020, SECU Maryland has over $4 billion in assets and over 250,000 members. [10] [11] Its ATM distribution network spans over 55 branches and 54 remote locations across the state of Maryland. Member deposits are insured by the National Credit Union Administration (NCUA). [12]

Community support programs

In 2007, SECU Maryland created a foundation to support the educational goals of its members by providing scholarships. [13] The scholarships are available to any SECU MD member who is pursuing higher education and meets the qualifications. Annual scholarships are generally awarded to 26 recipients enrolling for two or four years of college or university programs; including trade and technical schools. [14] [15]

In 2020, to overcome the on-going COVID-19 pandemic in Maryland, SECU Maryland Foundation created multiple grants and aid programs for local businesses and nonprofits as a part of  COVID-19 community relief efforts. [16] [17] [18] [19]

Other programs

On June 19, 2013, SECU Maryland Foundation-sponsored SECU Arena, a 5,200-seat multi-purpose sports complex, was inaugurated on the Towson University campus. [20] It eventually replaced Towson Center. It hosts the men's and women's basketball teams, as well as the respective volleyball and gymnastics teams.

On September 16, 2022, the University of Maryland announced that Maryland Stadium would be renamed SECU Stadium as part of a 10-year deal between the credit union and the university. [21] The deal is worth $11 million and includes $2.5 million for athletic facility improvements.

Compensation

Net profit for 2022 was more than $42 million, while total executive compensation surpassed $10 million. President & CEO Dave Sweiderk was compensated more than $1.4 million, while 6 other executives and highest-paid employees had total compensation packages in excess of $500,000 each. Salaries and wages for all other employees of the credit union totalled $23.9 million. [22]

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References

  1. ↑ State Employees Credit Union of Maryland (SECU) – CAUSE IQ ORGANIZATION PROFILE
  2. ↑ 'SECU of Md. surpasses $4B in assets'
  3. 1 2 "SECU Corporate Office in Linthicum Heights, MD 21090 - - ChamberofCommerce.com". www.chamberofcommerce.com. Retrieved 2020-10-15.
  4. ↑ "Maryland Credit Union Directory (October 2020)". www.creditunionsonline.com. Retrieved 2020-10-15.
  5. ↑ ProPublica, Mike Tigas, Sisi Wei, Ken Schwencke, Brandon Roberts, Alec Glassford (9 May 2013). "State Employees Credit Union Of Maryland Inc – Nonprofit Explorer". ProPublica. Retrieved 2020-10-15.{{cite web}}: CS1 maint: multiple names: authors list (link)
  6. ↑ "Credit Union and Corporate Call Report Data | NCUA". ncua.gov. 2024-03-12. Retrieved 2024-05-21.
  7. ↑ "State-Chartered Credit Unions – Office of the Commissioner of Financial Regulation". www.dllr.state.md.us. Retrieved 2020-10-15.
  8. ↑ "State-Chartered Credit Unions – Consumers – Office of the Commissioner of Financial Regulation". www.dllr.state.md.us. Retrieved 2020-10-15.
  9. ↑ "State Employees Credit Union of Maryland, Incorporated". www.buzzfile.com. Retrieved 2020-10-15.
  10. ↑ "SECU of Maryland Surpasses $4 Billion in Assets". Citybizlist. Retrieved 2020-10-15.
  11. ↑ "SECU of Maryland passes the $4 billion-asset mark". American Banker. 2020-05-19. Retrieved 2020-10-15.
  12. ↑ "SECU MD Routing Number, Charter Number, Assets, and more". www.creditunionsonline.com. Retrieved 2020-10-15.
  13. ↑ "Scholarships | SECU MD Foundation". www.secumd.org. Retrieved 2020-10-15.
  14. ↑ "Two local students receive SECU MD Foundation scholarships". Herald-Mail Media. Retrieved 2020-10-15.
  15. ↑ "SECU MD awards $105K in scholarships for college students". WDVM 25. 2020-07-23. Retrieved 2020-10-15.
  16. ↑ Oyefusi, Daniel (28 May 2020). "These Baltimore businesses are collectively giving millions to coronavirus relief efforts". baltimoresun.com. Retrieved 2020-10-15.
  17. ↑ Wilen, Holden (2020-04-06). "How SECU of Maryland prepared for the COVID-19 pandemic". www.bizjournals.com. Retrieved 2020-10-15.
  18. ↑ Producer, Morning Show (2020-03-30). "Credit Union Helping to Ease Financial Burden During Pandemic". WBFF. Retrieved 2020-10-15.
  19. ↑ Staff, Daily Record (2020-04-03). "SECU commits up to $400K in COVID-19 relief efforts". Maryland Daily Record. Retrieved 2020-10-15.
  20. ↑ "SECU Arena". Towson University. Retrieved 2020-10-15.
  21. ↑ "Maryland football stadium to be renamed SECU Stadium under terms of 10-year deal". Baltimore Sun. 2022-09-16. Retrieved 2024-05-21.
  22. ↑ Roberts, Andrea Suozzo, Alec Glassford, Ash Ngu, Brandon (2013-05-09). "State Employees Credit Union Of Maryland Inc, Full Filing - Nonprofit Explorer". ProPublica. Retrieved 2024-05-21.{{cite web}}: CS1 maint: multiple names: authors list (link)
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