State Employees Credit Union of Maryland
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1951 |
| Headquarters | Linthicum , United States |
Area served | Maryland |
Key people | Dave Sweiderk (President & CEO) |
| Products | Banking, financial services |
State Employees Credit Union of Maryland (commonly known as SECU Maryland or SECU MD) is a credit union chartered by the state and headquartered in Linthicum, Maryland. It ranks as the largest federally insured credit union within Maryland and operates under the supervision of the State of Maryland's Office of the Commissioner of Financial Regulation.
History
Founded in 1951, SECU Maryland counted then-Governor Theodore McKeldin among its inaugural members. The credit union established its first branch office in 1953 and underwent several relocations of its main office within Baltimore between 1959 and 1975. By 1979–1980, SECU Maryland had moved its headquarters to Towson, at which point its membership exceeded 50,000. Presently, the main office is situated in Linthicum.
As of June 2020, SECU Maryland manages assets surpassing $4 billion and provides services to over 250,000 members. Its ATM network encompasses more than 55 branches along with 54 additional remote sites across the state. Deposits made by members are protected through insurance by the National Credit Union Administration (NCUA).
Community support programs
In 2007, SECU Maryland founded a dedicated foundation aimed at assisting members’ educational pursuits via scholarship offerings. These financial awards are granted to eligible members attending institutions of higher learning, including vocational and technical schools, with approximately 26 scholarships awarded annually.
During the COVID-19 crisis, the SECU Maryland Foundation introduced grant and relief initiatives designed to aid local businesses and nonprofit organizations as part of its broader community assistance efforts.
Additional initiatives
On June 19, 2013, the SECU Maryland Foundation played a key role in sponsoring the inauguration of a new multi-purpose sports facility at Towson University, originally called SECU Arena. This 5,200-seat venue replaced the former Towson Center and serves as home to men’s and women’s basketball, volleyball, and gymnastics programs. In October 2023, following the expiration of SECU’s naming rights, the arena was renamed TU Arena.
On September 16, 2022, a naming rights agreement was announced between SECU and the University of Maryland, College Park, securing a decade-long deal valued at $11 million for what is now known as SECU Stadium. The contract also allocates $2.5 million toward enhancements of athletic facilities.
Compensation
In 2022, SECU reported net earnings exceeding $42 million. Total remuneration for executives surpassed $10 million, with President & CEO Dave Sweiderk receiving compensation above $1.4 million. Additionally, six other senior executives each earned packages greater than $500,000. Salaries for all other staff collectively amounted to $23.9 million.