Dec, 31, 2023 — STATE EMPLOYEES CREDIT UNION OF MARYLAND (SECU) is a federally insured state chartered credit union headquartered in LINTHICUM, MD with 25 branch locations and about $5.28 billion in total assets. Opened 73 years ago in 1951, STATE EMPLOYEES CREDIT UNION OF MARYLAND (SECU) has about 254,115 members and employs 368 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | STATE EMPLOYEES CREDIT UNION OF MARYLAND |
|---|---|
| Address: (Main Office) | 971 Corporate Blvd LINTHICUM, MD 21090-2342 |
| Phone: | (410) 487-7300 |
| Fax: | (410) 487-7011 |
| Website: | https://www.secumd.org |
| Branches: | 25 branch locations |
| Members: | 254,115 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66330 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $5,276,307,447 |
| CEO/Manager: | David Sweiderk |
| Chairperson: | Juancho B Baino |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 256,382,971 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 5,613,795 |
| Real Estate Loans | 3,243,185,189 |
| Unsecured Loans | 368,658,732 |
| Other Loans | 384,490,307 |
| TOTAL LOANS | 3,996,334,228 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -36,948,092 |
| Land And Building | 49,798,429 |
| Other Fixed Assets | 14,435,363 |
| NCUSIF Deposit | 42,700,549 |
| All Other Assets | 0 |
| TOTAL ASSETS | 5,276,307,447 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 7,442,591 |
| Notes & Interest Payable | 398,500,000 |
| Accounts Payable & Other Liabilities | 98,021,081 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 832,747,325 |
| Regular shares | 1,149,656,783 |
| All Other Shares & Deposits | 2,371,818,424 |
| TOTAL SHARES & DEPOSITS | 4,354,222,532 |
| TOTAL LIABILITIES | 4,861,923,734 |
| Regular Reserve | 0 |
| Other Reserves | -76,276,316 |
| Undivided Earnings | 490,660,029 |
| TOTAL EQUITY | 414,383,713 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 5,276,307,447 |
| INCOME & EXPENSE | |
| Loan Income | 192,183,962 |
| Investment Income | 18,313,242 |
| Other Income | 14,895,899 |
| Total Employee Compensation & Benefits | 48,223,600 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 103,199,265 |
| Non-operating Income & (Expense) | -36,758 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 16,157,451 |
| Cost of Funds | 66,172,941 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 52,847,788 |
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