History of State Employees Credit Union of Maryland in Timeline

State Employees Credit Union of Maryland (SECU MD) is the largest federally-insured, state-chartered credit union in Maryland. Headquartered in Linthicum, it operates under the regulatory authority of The Office of the Commissioner of Financial Regulation, State of Maryland. SECU MD provides financial services to state employees and other eligible members.

1951: SECU Maryland began operation

In 1951, SECU Maryland started its operations with then-Governor Theodore McKeldin becoming its first member.

1953: First office opened

In the spring of 1953, SECU Maryland opened its first office location.

1959: Operational head office moved

From 1959, the operational head office of SECU Maryland began moving within Baltimore.

1975: Operational head office moved

Until 1975, the operational head office of SECU Maryland kept moving within Baltimore.

1979: Headquarters moved to Towson

Around 1979, SECU Maryland moved its headquarters to Towson and also surpassed 50,000 membership enrollments.

2007: Foundation Created

In 2007, SECU Maryland established a foundation to financially support its members' educational pursuits through scholarships.

June 19, 2013: SECU Arena Inaugurated

On June 19, 2013, the SECU Maryland Foundation sponsored the inauguration of SECU Arena, a 5,200-seat multi-purpose sports complex, on the Towson University campus.

June 2020: Assets and Members

As of June 2020, SECU Maryland reported having over $4 billion in assets and more than 250,000 members, with its ATM network extending across 55 branches and 54 remote locations statewide.

2020: COVID-19 relief efforts

In 2020, the SECU Maryland Foundation initiated grant and aid programs for local businesses and nonprofits to address the ongoing COVID-19 pandemic.

September 16, 2022: Maryland Stadium Renamed SECU Stadium

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. The deal is worth $11 million and includes $2.5 million for athletic facility improvements.

2022: Financial Performance and Compensation

In 2022, SECU Maryland's net profit exceeded $42 million, with total executive compensation surpassing $10 million. The President & CEO Dave Sweiderk was compensated over $1.4 million.