Company Profile
SECU
Company Overview
When you choose SECU as your financial institution you are not just a customer, you are a valued Member.
We are committed to providing you with a safe and convenient place to save and an easier, more economical way to borrow, plus:
Cutting Edge Technology: SECU is as wired and plugged in as any Big Bank - moreso when it comes to technology that makes banking more convenient; like Mobile Deposit, where you can deposit checks using your iPhone or Android phone, or Person-to-Person payments. Mobile Banking, Online Banking, online Bill Pay, imaging ATMs (no envelope or deposit slip required)... Yep, we've got all that.
More ATMs: That's right. SECU gives you more ATMs than the Big Banks. Access over 68,000 surcharge-free ATMs through the Allpoint and CO-OP networks (at most 7-Eleven, Costco and Target stores). Our ATMs are just about everywhere.
Competitive Rates: You know this one. National studies consistently show credit unions offer lower loan rates and higher savings rates than banks and other financial service providers. Credit unions charge fewer fees, too.
The Convenience of Direct Deposit: Members who choose direct deposit enjoy the safety and convenience of having their pay, retirement, insurance and investment checks electronically deposited to their SECU accounts. In addition, funds deposited electronically are usually available much sooner than if you deposited a paper check. You may also move a portion of your checks for savings and loan payments through transfers in Online Banking.
An Opportunity to Establish Credit: SECU provides an excellent opportunity for our young members to establish a credit rating. Plus our wide variety of loan options offer our members a convenient way to borrow -- usually at very competitive rates and terms.
Excellent Customer Service: SECU's first priority is service. In an annual nationwide survey conducted by Gallup for American Banker, consumers indicated credit unions have consistently provided better service than banks - year after year - for more than a decade.
An Environment that Fosters Savings: SECU is in business to help members meet their changing financial goals and handle money wisely and responsibly.
We're Strong, Safe, and Secure
There's secure, then there's SECU Secure. When you choose SECU for your financial needs, you can rest assured that your assets are safe and sound. The staff and management at SECU want you to know that we are here to help you work through any financial challenges you experience, now and in the future.
Although there has been recent news about bank failures and ongoing concerns with the sub-prime mortgage market and the economy, we want to reassure SECU members that the Credit Union is safe, sound, and growing.
At SECU, we have been operating in a safe and sound way for over half a century. Every decision we make is to ensure we are doing the right thing for our members. We have not and will not be involved in offering exotic loan products created to exploit market conditions.
Instead, we focus on providing our members excellent value in our products and services. Because of that, we are positioned to help our members in uncertain economic times. Our members’ best interest is always our top priority.
Here are some important facts to consider:
SECU makes sound lending decisions on all of our loans, whether mortgage, auto, credit card, home equity lines of credit or personal lines of credit.
SECU has made no “sub-prime” mortgage loans
We have had very few foreclosures.
We have low delinquency and charge-off ratios relative to the industry average.
SECU is regularly audited by: Independent accounting firms—State and Federal regulators examine SECU on a regular basis. We are consistently rated as operating in a safe and sound manner.
The Credit Union’s Supervisory Committee—volunteers from among the membership, appointed by the Board of Directors—audits financial operations by conducting periodic exams on internal procedures to ensure the safety of members’ funds.
Savings are federally insured up to $250,000 for each member, with an additional $250,000 in insurance for Individual Retirement Accounts, through the National Credit Union Administration and backed by the full faith and credit of the United States Government.
Credit unions are owned and operated by the members. Our sole interest is to provide financial products and services for the direct benefit of our members—not to pursue speculative financial schemes in order to earn more profit.
At SECU, we employ prudent and conservative lending and investment practices. It is our priority to earn each member’s trust and to constantly strive to exceed member expectations while not putting the institution at risk. Whether saving or borrowing, members can benefit in many ways at SECU while enjoying peace of mind knowing that the Credit Union is well managed and financially healthy.
If you have concerns about accounts you may have with other institutions, there’s no better time to consider switching to SECU. We can help you
The Safety of SECU's Investment Portfolio
In these difficult financial times, we have been receiving questions from members concerning the safety of SECU’s investment portfolio. All of the investments are with US government agencies, rated AAA and backed by the United States government. SECU’s investment policy is conservative in nature and therefore the credit union has avoided any and all exposure to the subprime mortgage market. Whereas many financial institutions have losses in their investment portfolios, SECU currently has an overall gain.
SECU has no (zero) exposure to the brokerage community. We have no financial relationships or investments with any brokerage firm.
Company History
SECU began operations in October 1951 in a niche in the hallway of the Miller Building in downtown Baltimore. With only a borrowed desk and chair, credit union volunteers set up shop. By the end of the month, SECU boasted a membership of 33 and assets of $3,487. Our first member was the late Governor Theodore R. McKeldin.
For more than a year, volunteer workers greeted members and potential members within the narrow confines of the hallway office. In January 1952, SECU made its first loan - for $180. Thanks to the enthusiastic response by state employees, membership and services grew and SECU was able to open its first official office in Spring 1953.
Servicing the ever-expanding membership required SECU to expand office space and in June 1959, SECU moved to the newly constructed State Office Building at 301 West Preston Street. More time than even the most enthusiastic volunteers could offer was also needed to serve members so SECU began hiring full time, permanent employees to usher in the 1960s.
Rapid membership growth continued throughout the 1970s. SECU opened its first office outside the Baltimore area in Annapolis followed closely by the College Park branch. In 1975, SECU again moved its Baltimore office to the location it now occupies in the O'Connor State Office Building. In 1979, SECU proudly enrolled its 50,000th member.
Membership and branch locations continued to increase and in 1980, SECU moved into its newly constructed headquarters in Towson. Family membership and most of SECU's core services including Checking and Money Manager accounts, IRAs, Direct Deposit, Home Equity loans, ATMs and credit cards were introduced during the decade of the 1980s.
The 1990s brought members enhanced convenience with the addition of new branches and ATMs; expanded office hours; Expressline, the 24-hour telephone account access system; and a nationwide toll-free telephone number.
In the last 20 years, SECU expanded branch locations, bringing the total to 21 throughout the state. We're leveraging technology to bring members enhanced conveniences through Online Banking, Bill Pay, Mobile Banking and Mobile Deposit. We've also added a variety of small business banking services.
In our 60th year of service to members, we reflect on the tremendous success that has been achieved since our humble beginnings. Who would have thought that the credit union started in a desk drawer would become a full-service financial institution serving over 225,000 members and managing over $2.4 billion in assets? But the one constant throughout our history is our focus on our member-owners. Our vision remains to make a positive contribution to the financial well-being of those we serve.
Benefits
One of the great perks of working for SECU is our total rewards package, which includes:
Health Insurance (Medical, Dental, Vision & Prescription Coverage)
Generous Leave Programs
401(k) Retirement Savings Program
Professional Development Programs
Tuition Reimbursement
Paid Short-Term & Long-Term Disability
Basic & Supplemental Life Insurance
Employee Assistance Program
SECU Membership encompassing our Employee Loan Benefits
Free Parking
SECU a Fit-Friendly Workplace
SECU has recently been recognized as a American Heart Association Gold level Fit-Friendly Worksite. Fit-Friendly Worksites are employers who go above and beyond when it comes to their employees' health.
The Fit-Friendly program recognizes employers who champion the health of their employees and work to create a culture of physical activity and healthy habits in the workplace.
Gold level recognition is awarded to companies that promote their employees’ health by offering physical activity support, increasing healthy eating options at work, promoting a wellness culture and implementing physical, nutritional and cultural activities in which employees can participate.
In addition to wellness events, SECU provides it’s employees a monthly wellness e-newsletter, an on-site gym, a smoke-free environment, and a "de-stressing" facility called Serenity Springs.