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Nonprofiteer
← STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

Form 990 for tax year 2024

Filed by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC.

Totals

Total revenue
$333,079,288
Total expenses
$288,514,797
Contributions and grants received
$0
Grants paid
$493,398
Program service revenue
$276,039,026
Investment income
$57,494,252
Other revenue
-$453,990
Total assets, end of year
$5,471,069,735
Total liabilities, end of year
$4,995,334,026
Net assets or fund balances, end of year
$475,735,709
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $217,679,199 · related or exempt $217,679,199

  • 2b · Program service revenue: SERVICE CHARGES INCOME

    total $37,399,700 · related or exempt $37,150,365 · unrelated business $249,335

  • 2c · Program service revenue: OTHER FEE INCOME

    total $20,882,669 · related or exempt $20,838,861 · unrelated business $43,808

  • 2d · Program service revenue: EQUITY IN EARNINGS OF

    total $77,458 · related or exempt $77,458

  • 3 · Investment income

    total $42,874,302 · excluded $42,874,302

  • 6b · Less rental expenses

    real property $453,990

  • 6c · Rental income or loss

    real property -$453,990

  • 6d · Net rental income or loss

    total -$453,990 · excluded -$453,990

  • 7a · Gross sales of assets other than inventory

    securities $23,724,067 · other assets $56,147,433

  • 7b · Less cost or other basis and sales expenses

    securities $14,970,497 · other assets $50,281,053

  • 7c · Gain or loss

    securities $8,753,570 · other assets $5,866,380

  • 7d · Net gain or loss

    total $14,619,950 · excluded $14,619,950

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $493,398

  • 5 · Compensation of officers, directors and key employees

    total $14,199,671

  • 7 · Other salaries and wages

    total $27,939,197

  • 8 · Pension plan contributions

    total $2,233,117

  • 9 · Other employee benefits

    total $3,882,826

  • 10 · Payroll taxes

    total $2,771,013

  • 11b · Fees: legal

    total $264,604

  • 11g · Fees: other

    total $32,275,731

  • 12 · Advertising and promotion

    total $6,441,435

  • 13 · Office expenses

    total $5,830,185

  • 14 · Information technology

    total $31,102,727

  • 16 · Occupancy

    total $3,205,442

  • 17 · Travel

    total $133,411

  • 19 · Conferences, conventions and meetings

    total $425,985

  • 20 · Interest

    total $104,634,172

  • 22 · Depreciation, depletion and amortization

    total $5,779,113

  • 23 · Insurance

    total $1,529,641

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $25,220,654

  • 24b · Other expenses: CHECKING & LENDING SERV

    total $6,227,374

  • 24c · Other expenses: REWARDS/LOYALTY PROGRAM

    total $4,521,102

  • 24d · Other expenses: EQUIPMENT EXPENSE

    total $4,404,853

  • 24e · All other expenses

    total $4,999,146

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $256,373,499 · end of year $208,103,094

  • 7 · Other notes and loans receivable

    beginning of year $3,988,703,344 · end of year $4,327,793,752

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,962,703 · end of year $6,451,375

  • 10a · Land, buildings and equipment: cost or other basis

    $106,191,658

  • 10b · Land, buildings and equipment: accumulated depreciation

    $69,936,713

  • 10c · Land, buildings and equipment, net

    beginning of year $40,358,892 · end of year $36,254,945

  • 12 · Investments: other securities

    beginning of year $840,908,444 · end of year $750,032,173

  • 14 · Intangible assets

    beginning of year $16,762,033 · end of year $15,882,463

  • 15 · Other assets

    beginning of year $127,214,031 · end of year $126,551,933

  • 17 · Accounts payable and accrued expenses

    beginning of year $77,257,114 · end of year $77,382,070

  • 21 · Escrow or custodial account liability

    beginning of year $7,917,645 · end of year $9,232,961

  • 25 · Other liabilities

    beginning of year $4,776,724,468 · end of year $4,908,718,995

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $414,383,719 · end of year $475,735,709

Mission and programs · 2024

Mission

SECU'S MISSION IS TO CREATE EXPERIENCES AND CONNECTIONS THAT EMPOWER MEMBERS TO ELEVATE THEIR FINANCIAL WELLNESS. WE WILL DO THIS IN A COOPERATIVE WAY WHERE OUR MEMBERS ARE THE OWNERS AND OUR COMMUNITIES ARE AT THE CENTER.

Activities or mission (Part I)

TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE.

  • 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 31,2024 SECU HAD 612,535 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, 2024, SECU HAD 127,003 LOANS OUTSTANDING TO MEMBERS TOTALING $4.34 BILLION.

  • TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 23 BRANCHES AND 99 ATMS THROUGHOUT THE STATE.

  • FINANCIAL EDUCATION: IN 2024, SECU PROVIDED ADULT AND YOUTH FINANCIAL EDUCATION SERVICES SUCH AS WORKING WITH SCHOOLS AND SELECT EMPLOYER GROUPS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mark Reger

    DIRECTOR THRU 03/24

    Total calculated
    $52,893
    From this org
    $52,893
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sharonne Bonardi

    DIRECTOR

    Total calculated
    $47,536
    From this org
    $47,536
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gayle Seward

    CHAIR/DIRECTOR

    Total calculated
    $43,820
    From this org
    $43,820
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Juancho Baino

    DIRECTOR

    Total calculated
    $39,958
    From this org
    $39,958
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy La Valle

    VICE CHAIR/DIRECTOR

    Total calculated
    $39,447
    From this org
    $39,447
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ellen Gardner

    SECRETARY/DIRECTOR

    Total calculated
    $38,968
    From this org
    $38,968
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • John Kenney

    TREASURER/DIRECTOR

    Total calculated
    $35,581
    From this org
    $35,581
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janet Bacon

    DIRECTOR

    Total calculated
    $31,835
    From this org
    $31,835
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gina McKnight-Smith

    DIRECTOR

    Total calculated
    $22,575
    From this org
    $22,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Dylan Baker

    DIRECTOR

    Total calculated
    $4,575
    From this org
    $4,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Sweiderk

    CEO/PRESIDENT

    Total calculated
    $3,581,542
    From this org
    $1,481,399
    From related orgs
    $0
    Other
    $2,100,143
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $912,667
    Bonus
    $562,050
    Other
    $6,682
    Deferred
    $2,059,441
    Nontaxable benefits
    $40,702
    Filer's total
    $3,581,542

  • Steven Arbaugh

    CFO/EVP

    Total calculated
    $1,124,835
    From this org
    $883,829
    From related orgs
    $0
    Other
    $241,006
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $420,188
    Bonus
    $448,750
    Other
    $14,892
    Deferred
    $196,358
    Nontaxable benefits
    $44,648
    Filer's total
    $1,124,836

  • Kevin Kesecker

    CHIEF CREDIT OFFICER/EVP

    Total calculated
    $832,502
    From this org
    $632,231
    From related orgs
    $0
    Other
    $200,271
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $398,961
    Bonus
    $220,750
    Other
    $12,520
    Deferred
    $182,841
    Nontaxable benefits
    $17,429
    Filer's total
    $832,502

  • Rebecca Smith

    CHIEF GROWTH/ENGAGEMENT OFFICER/EVP

    Total calculated
    $764,482
    From this org
    $699,537
    From related orgs
    $0
    Other
    $64,945
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $446,060
    Bonus
    $242,950
    Other
    $10,527
    Deferred
    $29,694
    Nontaxable benefits
    $35,251
    Filer's total
    $764,483

  • Roderic Flowers

    CHIEF DEI & HR OFFICER/SVP

    Total calculated
    $746,741
    From this org
    $543,079
    From related orgs
    $0
    Other
    $203,662
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $363,208
    Bonus
    $165,750
    Other
    $14,121
    Deferred
    $157,858
    Nontaxable benefits
    $45,805
    Filer's total
    $746,741

  • Janelle Burgoyne

    CGO & GENERAL COUNSEL/SVP

    Total calculated
    $710,060
    From this org
    $517,800
    From related orgs
    $0
    Other
    $192,260
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $300,878
    Bonus
    $165,715
    Other
    $51,207
    Deferred
    $156,680
    Nontaxable benefits
    $35,580
    Filer's total
    $710,060

  • James Smith

    CHIEF BANKING OFFICER/GSVP

    Total calculated
    $539,570
    From this org
    $412,508
    From related orgs
    $0
    Other
    $127,062
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,736
    Bonus
    $75,150
    Other
    $9,623
    Deferred
    $87,456
    Nontaxable benefits
    $39,606
    Filer's total
    $539,570

  • Kevin Stehl

    CHIEF PRODUCT OFFICER/SVP

    Total calculated
    $500,052
    From this org
    $375,068
    From related orgs
    $0
    Other
    $124,984
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $295,510
    Bonus
    $69,865
    Other
    $9,693
    Deferred
    $85,089
    Nontaxable benefits
    $39,895
    Filer's total
    $500,052

  • Steven McKone

    CHIEF SERVICE OPERATIONS OFFICER/SVP

    Total calculated
    $443,003
    From this org
    $393,140
    From related orgs
    $0
    Other
    $49,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,895
    Bonus
    $69,198
    Other
    $11,048
    Deferred
    $10,350
    Nontaxable benefits
    $39,513
    Filer's total
    $443,003

  • Jason Reimer

    CHIEF INFRA & EXPERIENCE OFFICER/EV

    Total calculated
    $408,155
    From this org
    $324,916
    From related orgs
    $0
    Other
    $83,239
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,059
    Bonus
    $125,750
    Other
    $5,107
    Deferred
    $80,077
    Nontaxable benefits
    $3,162
    Filer's total
    $408,155

  • John Ena Jr

    SVP, FINANCE & CONTROLLER

    Total calculated
    $500,062
    From this org
    $405,443
    From related orgs
    $0
    Other
    $94,619
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $311,863
    Bonus
    $86,870
    Other
    $6,710
    Deferred
    $86,920
    Nontaxable benefits
    $7,700
    Filer's total
    $500,062

  • Mark Deitz

    MD, ENTERPRISE SALES

    Total calculated
    $457,882
    From this org
    $397,679
    From related orgs
    $0
    Other
    $60,203
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,926
    Bonus
    $175,311
    Other
    $5,441
    Deferred
    $19,477
    Nontaxable benefits
    $40,726
    Filer's total
    $457,881

  • Kelley Harwood

    VP, MORTGAGE PROG & STRAT

    Total calculated
    $448,580
    From this org
    $389,188
    From related orgs
    $0
    Other
    $59,392
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,197
    Bonus
    $113,161
    Other
    $5,830
    Deferred
    $25,843
    Nontaxable benefits
    $33,549
    Filer's total
    $448,580

  • James Mellendick

    MD, WEALTH MANAGEMENT

    Total calculated
    $414,261
    From this org
    $349,673
    From related orgs
    $0
    Other
    $64,588
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,956
    Bonus
    $75,947
    Other
    $6,770
    Deferred
    $26,936
    Nontaxable benefits
    $37,652
    Filer's total
    $414,262

  • Teshia Davis

    VP, PEOPLE

    Total calculated
    $365,802
    From this org
    $298,683
    From related orgs
    $0
    Other
    $67,119
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,414
    Bonus
    $48,032
    Other
    $1,238
    Deferred
    $25,882
    Nontaxable benefits
    $41,238
    Filer's total
    $365,802

  • Amy Basta

    CHIEF MARKETING OFFICER/SVP

    Total calculated
    $357,558
    From this org
    $296,079
    From related orgs
    $0
    Other
    $61,479
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $237,839
    Bonus
    $54,750
    Other
    $3,491
    Deferred
    $23,841
    Nontaxable benefits
    $37,638
    Filer's total
    $357,558

  • Victor Hazan

    VP, COMMERCIAL LENDING

    Total calculated
    $343,615
    From this org
    $283,744
    From related orgs
    $0
    Other
    $59,871
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,956
    Bonus
    $54,525
    Other
    $4,262
    Deferred
    $25,079
    Nontaxable benefits
    $34,792
    Filer's total
    $343,614

  • Adrienne Allgire

    VP, OPERATIONS

    Total calculated
    $342,890
    From this org
    $290,641
    From related orgs
    $0
    Other
    $52,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,650
    Bonus
    $46,163
    Other
    $5,829
    Deferred
    $24,848
    Nontaxable benefits
    $27,401
    Filer's total
    $342,890

  • Dale Skinner

    MD, COMMERCIAL LENDING

    Total calculated
    $341,934
    From this org
    $278,913
    From related orgs
    $0
    Other
    $63,021
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,726
    Bonus
    $116,757
    Other
    $5,430
    Deferred
    $25,796
    Nontaxable benefits
    $37,226
    Filer's total
    $341,935

  • Harry Florio Jr

    VP, ORG DEVELOPMENT THRU 05/24

    Total calculated
    $316,468
    From this org
    $285,321
    From related orgs
    $0
    Other
    $31,147
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,571
    Bonus
    $42,476
    Other
    $119,274
    Deferred
    $18,284
    Nontaxable benefits
    $12,864
    Filer's total
    $316,468

  • Kelly Makarehchi

    SVP, TRANSFORMATION & OPTIMIZATION

    Total calculated
    $302,489
    From this org
    $242,562
    From related orgs
    $0
    Other
    $59,927
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,330
    Bonus
    $38,664
    Other
    $1,568
    Deferred
    $20,463
    Nontaxable benefits
    $39,464
    Filer's total
    $302,489

  • Mark Considine

    MORTGAGE LOAN OFFICER

    Total calculated
    $395,056
    From this org
    $358,570
    From related orgs
    $0
    Other
    $36,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $13,635
    Bonus
    $337,653
    Other
    $7,283
    Deferred
    $9,922
    Nontaxable benefits
    $26,564
    Filer's total
    $395,056

  • William Harper

    MORTGAGE LOAN OFFICER

    Total calculated
    $394,496
    From this org
    $360,866
    From related orgs
    $0
    Other
    $33,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $28,871
    Bonus
    $327,084
    Other
    $4,910
    Deferred
    $23,789
    Nontaxable benefits
    $9,841
    Filer's total
    $394,496

  • Jonathan Wasey

    FINANCIAL ADVISOR

    Total calculated
    $326,912
    From this org
    $301,560
    From related orgs
    $0
    Other
    $25,352
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $89,426
    Bonus
    $211,775
    Other
    $359
    Deferred
    $24,309
    Nontaxable benefits
    $1,042
    Filer's total
    $326,911

  • George Girling

    CHIEF OF STAFF

    Total calculated
    $318,218
    From this org
    $260,526
    From related orgs
    $0
    Other
    $57,692
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,999
    Bonus
    $53,151
    Other
    $376
    Deferred
    $22,294
    Nontaxable benefits
    $35,398
    Filer's total
    $318,218

  • John Todd III

    MD, TECHNOLOGY SOLUTIONS

    Total calculated
    $296,474
    From this org
    $238,397
    From related orgs
    $0
    Other
    $58,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,487
    Bonus
    $38,685
    Other
    $1,225
    Deferred
    $19,782
    Nontaxable benefits
    $38,295
    Filer's total
    $296,473

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
HARRY FLORIO, VP OF ORGANIZATIONAL DEVELOPMENT, RECEIVED SEVERANCE PAY OF $118,361. DAVID SWEIDERK, PRESIDENT/CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2024.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • SECU MD FOUNDATION INC

    501(C)(3) · SCHOLARSHIPS · MD · controlled entity

    Directly controlled by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SECU TITLE SERVICES LLC

    TITLE SERVICES · MD · income $77,458 · assets $1,220,840

    Directly controlled by STATE EMPLOYEES CREDIT UNION OF MARYLAND INC

Provenance

Return type
form_990
Tax year
2024
Filed
12 November 2025
IRS schema version
2024v5.2
Source object
202543169349308924

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