State Employees Credit Union Of Maryland Inc
- Assets
- $4.8b
- Revenue
- $183.2m
- Investments
- $1.1b
- Employees
- 465
- Location
- Linthicum, MD
- Founding
- 03/1998
- Data as of
- 12/2021
- EIN
- 52-0627114
Organization Overview
State Employees Credit Union Of Maryland Inc, operating under the name Secu, is located in Linthicum, MD. The organization was established in 1998. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Secu employed 465 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Secu is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Secu generated $183.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $153.2m during the year ending 12/2021. While expenses have increased by 4.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Secu has awarded 48 individual grants totaling $1,524,066. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31,2021 SECU HAD 567,831 DEPOSIT ACCOUNTS OUTSTANDING. SECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS.
LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED LINES OF CREDIT, NEW AND USED AUTO LOANS, AND STUDENT LOANS. AS OF DECEMBER 31, 2021, SECU HAD 126,070 LOANS OUTSTANDING TO MEMBERS TOTALING $3.29 BILLION.
TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 24 BRANCHES AND 114 ATMS THROUGHOUT THE STATE.
FINANCIAL EDUCATION:IN 2021 SECU PROVIDED ADULT AND YOUTH FINANCIAL EDUCATION SERVICES SUCH AS WORKING WITH SCHOOLS AND SELECT EMPLOYER GROUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Sweiderk Ceo/president | Officer | 40 | $3,389,241 |
Rebecca Smith Chief Strategy & Marketing Officer/evp | Officer | 40 | $460,337 |
Steven Arbaugh Cfo/evp | Officer | 40 | $456,754 |
Kevin Kesecker Chief Administrative Officer/evp | Officer | 40 | $447,555 |
Susan Valente Mortgage Loan Officer | 40 | $378,520 | |
Dale Skinner Senior Manager, Business Banking | 40 | $361,524 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Open Technology Solutions Llc (Ots) Technology Services | 12/30/21 | $10,597,019 |
Planit Advertising Inc Advertising & Marketing Services | 12/30/21 | $3,246,293 |
Fidelity National Information Services Payment Processing, Banking Software | 12/30/21 | $3,942,031 |
Cu Cooperative Systems Inc (Co-op) Atm Network & Member Online Banking Serv | 12/30/21 | $3,757,851 |
Qsi Inc Atm/itm Equipment & Maintenance | 12/30/21 | $2,811,821 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $147,653,351 |
| Investment income | $22,046,561 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $770,296 |
| Net Gain/Loss on Asset Sales | $12,693,475 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $183,163,683 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $302,969 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $13,391,949 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,638,440 |
| Pension plan accruals and contributions | $1,889,073 |
| Other employee benefits | $3,943,003 |
| Payroll taxes | $2,307,308 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $194,910 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,239,115 |
| Advertising and promotion | $3,833,106 |
| Office expenses | $5,410,493 |
| Information technology | $22,440,412 |
| Royalties | $0 |
| Occupancy | $2,882,324 |
| Travel | $85,903 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $66,232 |
| Interest | $19,060,668 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,970,279 |
| Insurance | $1,424,731 |
| All other expenses | $3,571,497 |
| Total functional expenses | $153,156,624 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $246,777,013 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,292,278,337 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,690,640 |
| Net Land, buildings, and equipment | $40,135,113 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,139,529,211 |
| Investments—program-related | $0 |
| Intangible assets | $11,006,428 |
| Other assets | $43,336,739 |
| Total assets | $4,778,753,481 |
| Accounts payable and accrued expenses | $33,627,904 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $8,054,054 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,329,602,758 |
| Total liabilities | $4,371,284,716 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $407,468,765 |
| Total liabilities and net assets/fund balances | $4,778,753,481 |
Grants Awarded
Over the last fiscal year, State Employees Credit Union Of Maryland Inc has awarded $291,465 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Linthicum, MD PURPOSE: OPERATING AND SCHOLARSHIP PROGRAM SUPPORT | $268,965 |
Columbia, MD PURPOSE: GENERAL SUPPORT | $15,000 |
Baltimore, MD PURPOSE: GENERAL SUPPORT | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Employees Credit Union Of Maryland Inc Linthicum, MD | $4,778,753,481 | $183,163,683 |
Trumark Financial Credit Union Fort Washington, PA | $2,771,242,877 | $109,685,822 |
Municipal Employees Credit Union Of Baltimore Inc Baltimore, MD | $1,362,108,647 | $60,211,083 |
Belco Community Credit Union Harrisburg, PA | $811,601,260 | $40,862,040 |
Point Breeze Credit Union Hunt Valley, MD | $935,513,107 | $29,545,819 |
Lehigh Valley Educators Credit Union Allentown, PA | $408,699,262 | $9,686,113 |
Gold Credit Union Allentown, PA | $159,911,772 | $5,388,843 |
Bhcu Ridley Park, PA | $210,321,803 | $8,169,647 |
Viriva Community Credit Union Warminster, PA | $82,892,132 | $3,723,537 |
Entrust Financial Credit Union Richmond, VA | $74,599,111 | $4,148,038 |
Destinations Credit Union Baltimore, MD | $69,990,367 | $3,241,703 |
National Association Of State Credit Union Supervisors Arlington, VA | $4,477,654 | $3,426,834 |