2025-11-12T19:08:16-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2024-01-01 520627114 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC STAT 4104877328 971 CORPORATE BLVD LINTHICUM MD 210902337 JOHN ENA JR CFO 4104877328 2025-11-12 1 WENDY CAMPOS P00448102 5032421447 2025-11-12 2024 2025-03-06 01:10:19Z JOHN ENA JR 971 CORPORATE BLVD LINTHICUM MD 210902337 398784828 0 X WWW.SECUMD.ORG X 1951 MD TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE. 9 9 496 0 293143 0 0 0 250593577 276039026 34562074 57494252 339073 -453990 285494724 333079288 58600 493398 0 0 47388719 51025824 0 0 0 185118451 236995575 232565770 288514797 52928954 44564491 5276282946 5471069735 4861899227 4995334026 414383719 475735709 X 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. 0 0 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. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 122110 0 1 496 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X JOHN ENA JR CFO 4104877328 971 CORPORATE BLVD LINTHICUM MD 210902337 MARK REGER DIRECTOR THRU 03/24 1.00 X 52893 0 0 SHARONNE BONARDI DIRECTOR 1.00 X X 47536 0 0 GAYLE SEWARD CHAIR/DIRECTOR 1.00 1.00 X X 43820 0 0 JUANCHO BAINO DIRECTOR 1.00 X X 39958 0 0 TIMOTHY LA VALLE VICE CHAIR/DIRECTOR 1.00 X X 39447 0 0 ELLEN GARDNER SECRETARY/DIRECTOR 1.00 1.00 X X 38968 0 0 JOHN KENNEY TREASURER/DIRECTOR 1.00 X X 35581 0 0 JANET BACON DIRECTOR 1.00 X 31835 0 0 GINA MCKNIGHT-SMITH DIRECTOR 1.00 1.00 X 22575 0 0 DYLAN BAKER DIRECTOR 1.00 X 4575 0 0 DAVID SWEIDERK CEO/PRESIDENT 40.00 X 1481399 0 2100143 STEVEN ARBAUGH CFO/EVP 40.00 X 883829 0 241006 KEVIN KESECKER CHIEF CREDIT OFFICER/EVP 40.00 X 632231 0 200271 REBECCA SMITH CHIEF GROWTH/ENGAGEMENT OFFICER/EVP 40.00 1.00 X 699537 0 64945 RODERIC FLOWERS CHIEF DEI & HR OFFICER/SVP 40.00 1.00 X 543079 0 203662 JANELLE BURGOYNE CGO & GENERAL COUNSEL/SVP 40.00 1.00 X 517800 0 192260 JAMES SMITH CHIEF BANKING OFFICER/GSVP 40.00 X 412508 0 127062 KEVIN STEHL CHIEF PRODUCT OFFICER/SVP 40.00 X 375068 0 124984 STEVEN MCKONE CHIEF SERVICE OPERATIONS OFFICER/SVP 40.00 X 393140 0 49863 JASON REIMER CHIEF INFRA & EXPERIENCE OFFICER/EV 40.00 X 324916 0 83239 JOHN ENA JR SVP, FINANCE & CONTROLLER 40.00 1.00 X 405443 0 94619 MARK DEITZ MD, ENTERPRISE SALES 40.00 X 397679 0 60203 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT 40.00 X 389188 0 59392 JAMES MELLENDICK MD, WEALTH MANAGEMENT 40.00 X 349673 0 64588 TESHIA DAVIS VP, PEOPLE 40.00 X 298683 0 67119 AMY BASTA CHIEF MARKETING OFFICER/SVP 40.00 1.00 X 296079 0 61479 VICTOR HAZAN VP, COMMERCIAL LENDING 40.00 X 283744 0 59871 ADRIENNE ALLGIRE VP, OPERATIONS 40.00 X 290641 0 52249 DALE SKINNER MD, COMMERCIAL LENDING 40.00 X 278913 0 63021 HARRY FLORIO JR VP, ORG DEVELOPMENT THRU 05/24 40.00 X 285321 0 31147 KELLY MAKAREHCHI SVP, TRANSFORMATION & OPTIMIZATION 40.00 X 242562 0 59927 MARK CONSIDINE MORTGAGE LOAN OFFICER 40.00 X 358570 0 36486 WILLIAM HARPER MORTGAGE LOAN OFFICER 40.00 X 360866 0 33630 JONATHAN WASEY FINANCIAL ADVISOR 40.00 X 301560 0 25352 GEORGE GIRLING CHIEF OF STAFF 40.00 X 260526 0 57692 JOHN TODD III MD, TECHNOLOGY SOLUTIONS 40.00 X 238397 0 58077 11658540 0 4272287 121 0 1 0 OPEN TECHNOLOGY SOLUTIONS LLC 8085 SOUTH CHESTER ST STE 100 CENTENNIAL CO 80112 TECHNOLOGY SERVICES 16325324 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 FINANCIAL SERVICES SOFTWARE 4218693 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM NETWORK & MEMBER ONLINE BANKING 3541973 QSI INC 107 SCHULER DR BARDSTOWN KY 40004 ATM/ITM EQUIPMENT & MAINTENANCE 3014124 DIEBOLD NIXDORF INC 5995 MAYFAIR RD NORTH CANTON OH 44720 ATM/ EQUIPMENT & MAINTENANCE 1416715 75 INTEREST ON LOANS 522100 217679199 217679199 SERVICE CHARGES INCOME 522100 37399700 37150365 249335 OTHER FEE INCOME 522100 20882669 20838861 43808 EQUITY IN EARNINGS OF 522100 77458 77458 276039026 42874302 42874302 453990 -453990 -453990 -453990 23724067 56147433 14970497 50281053 8753570 5866380 14619950 14619950 333079288 275745883 293143 57040262 X 493398 14199671 27939197 2233117 3882826 2771013 264604 32275731 6441435 5830185 31102727 3205442 133411 425985 104634172 5779113 1529641 PROVISION FOR LOAN LOSS 25220654 CHECKING & LENDING SERV 6227374 REWARDS/LOYALTY PROGRAM 4521102 EQUIPMENT EXPENSE 4404853 4999146 288514797 256373499 208103094 3988703344 4327793752 5962703 6451375 106191658 69936713 40358892 36254945 840908444 750032173 16762033 15882463 127214031 126551933 5276282946 5471069735 77257114 77382070 7917645 9232961 4776724468 4908718995 4861899227 4995334026 X 0 0 0 0 414383719 475735709 414383719 475735709 5276282946 5471069735 X 44564491 16787499 X 0 1 X 1 0 0 1 11435415 11435415 33237374 20024053 13213321 14974615 10135536 4839079 46510926 39743796 6767130 33328 33328 0 36254945 DEPOSIT - NCUSIF 43809970 F INVESTMENTS - AVAILABLE FOR SALE 541459928 F INVESTMENTS - FHLB STOCK 12362300 F METLIFE GROUP LIFE 19247621 F ZURICH GROUP LIFE 133152354 F 750032173 SHARES AND DEPOSITS 4692459555 ACCRUED DIVIDENDS AND INTEREST PAYABLE 10923905 BORROWINGS - FHLB 182500000 LEASE LIABILITY 22835535 4908718995 X PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER THE INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2024 AND 2023. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. SECU TITLE SERVICES, LLC, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION, AND THEREFORE IS NOT SUBJECTED TO FEDERAL AND STATE INCOME TAXES. SECURITY FINANCIAL GROUP, INC. IS NOT SUBJECT TO TAXES. PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND REAL ESTATE TAXES ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. 1 SECU MD FOUNDATION 971 CORPORATE BLVD LINTHICUM MD 21090 821896987 501(C)(3) 345000 0 OPERATING AND SCHOLARSHIP PROGRAM SUPPORT SPECIAL OLYMPICS MARYLAND 3701 COMMERCE DRIVE SUITE 103 BALTIMORE MD 21227 237089144 501(C)(3) 40000 0 GENERAL SUPPORT KENNEDY KRIEGER FOUNDATION INC 707 NORTH BROADWAY BALTIMORE MD 21205 521734695 501(C)(3) 24500 0 GENERAL SUPPORT ULMAN FOUNDATION 2118 EAST MADISON STREET BALTIMORE MD 21205 522057636 501(C)(3) 21000 0 GENERAL SUPPORT CREDIT UNION FOUNDATION OF MD & DC 8975 GUILFORD ROAD COLUMBIA MD 21046 521749045 501(C)(3) 15000 0 GENERAL SUPPORT MARYLAND COUNCIL ON ECONOMIC EDUCATION 8000 YORK ROAD TOWSON MD 21252 520743956 501(C)(3) 10000 0 GENERAL SUPPORT THE BEST IS AHEAD FOUNDATION 1945 NORTHWESTERN DRIVE EL PASO TX 79912 883207201 501(C)(3) 10000 0 GENERAL SUPPORT BALTIMORE COMMUNITY FOUNDATION INC 11 EAST MOUNT ROYAL AVENUE BALTIMORE MD 21202 237180620 501(C)(3) 7500 0 GENERAL SUPPORT 8 0 PART I, LINE 2: THERE IS NO MONITORING OF THE FUNDS ISSUED TO THESE ORGANIZATIONS. X X X 1 1 0 DAVID SWEIDERK CEO/PRESIDENT 912667 0 562050 0 6682 0 2059441 0 40702 0 3581542 0 0 0 STEVEN ARBAUGH CFO/EVP 420188 0 448750 0 14892 0 196358 0 44648 0 1124836 0 0 0 KEVIN KESECKER CHIEF CREDIT OFFICER/EVP 398961 0 220750 0 12520 0 182841 0 17429 0 832502 0 0 0 REBECCA SMITH CHIEF GROWTH/ENGAGEMENT OFFICER/EVP 446060 0 242950 0 10527 0 29694 0 35251 0 764483 0 0 0 RODERIC FLOWERS CHIEF DEI & HR OFFICER/SVP 363208 0 165750 0 14121 0 157858 0 45805 0 746741 0 0 0 JANELLE BURGOYNE CGO & GENERAL COUNSEL/SVP 300878 0 165715 0 51207 0 156680 0 35580 0 710060 0 0 0 JAMES SMITH CHIEF BANKING OFFICER/GSVP 327736 0 75150 0 9623 0 87456 0 39606 0 539570 0 0 0 JOHN ENA JR SVP, FINANCE & CONTROLLER 311863 0 86870 0 6710 0 86920 0 7700 0 500062 0 0 0 KEVIN STEHL CHIEF PRODUCT OFFICER/SVP 295510 0 69865 0 9693 0 85089 0 39895 0 500052 0 0 0 MARK DEITZ MD, ENTERPRISE SALES 216926 0 175311 0 5441 0 19477 0 40726 0 457881 0 0 0 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT 270197 0 113161 0 5830 0 25843 0 33549 0 448580 0 0 0 STEVEN MCKONE CHIEF SERVICE OPERATIONS OFFICER/SVP 312895 0 69198 0 11048 0 10350 0 39513 0 443003 0 0 0 JAMES MELLENDICK MD, WEALTH MANAGEMENT 266956 0 75947 0 6770 0 26936 0 37652 0 414262 0 0 0 JASON REIMER CHIEF INFRA & EXPERIENCE OFFICER/EV 194059 0 125750 0 5107 0 80077 0 3162 0 408155 0 0 0 MARK CONSIDINE MORTGAGE LOAN OFFICER 13635 0 337653 0 7283 0 9922 0 26564 0 395056 0 0 0 WILLIAM HARPER MORTGAGE LOAN OFFICER 28871 0 327084 0 4910 0 23789 0 9841 0 394496 0 0 0 TESHIA DAVIS VP, PEOPLE 249414 0 48032 0 1238 0 25882 0 41238 0 365802 0 0 0 AMY BASTA CHIEF MARKETING OFFICER/SVP 237839 0 54750 0 3491 0 23841 0 37638 0 357558 0 0 0 VICTOR HAZAN VP, COMMERCIAL LENDING 224956 0 54525 0 4262 0 25079 0 34792 0 343614 0 0 0 ADRIENNE ALLGIRE VP, OPERATIONS 238650 0 46163 0 5829 0 24848 0 27401 0 342890 0 0 0 DALE SKINNER MD, COMMERCIAL LENDING 156726 0 116757 0 5430 0 25796 0 37226 0 341935 0 0 0 JONATHAN WASEY FINANCIAL ADVISOR 89426 0 211775 0 359 0 24309 0 1042 0 326911 0 0 0 GEORGE GIRLING CHIEF OF STAFF 206999 0 53151 0 376 0 22294 0 35398 0 318218 0 0 0 HARRY FLORIO JR VP, ORG DEVELOPMENT THRU 05/24 123571 0 42476 0 119274 0 18284 0 12864 0 316468 0 0 0 KELLY MAKAREHCHI SVP, TRANSFORMATION & OPTIMIZATION 202330 0 38664 0 1568 0 20463 0 39464 0 302489 0 0 0 JOHN TODD III MD, TECHNOLOGY SOLUTIONS 198487 0 38685 0 1225 0 19782 0 38295 0 296473 0 0 0 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. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE CREDIT UNION MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVE MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO AND CONTROLLER PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C SECU ADMINISTRATION AND INTERNAL AUDIT HANDLE THE CREATION, DISTRIBUTION, AND COLLECTION OF THE ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES TO THE DIRECTORS, OFFICERS, SUPERVISORY COMMITTEE MEMBERS, CREDIT COMMITTEE MEMBERS, DESIGNATED AGENT(S), DESIGNATED ATTORNEY(S), THE PRESIDENT, VPS, AND AVPS. A REPORT DETAILING THE RESULTS OF THE ANNUAL CONFLICT OF INTEREST REVIEW ARE SHARED WITH THE BOARD, AND ANY HIGH-RISK CONCERNS AND ISSUES, INCLUDING ITEMS ACCEPTED AS DEFINED BY POLICY WITH VALUES >$150, ARE BROUGHT TO THE ATTENTION OF THE SUPERVISORY COMMITTEE FOR REPORTING TO THE BOARD AT THE DISCRETION OF THE VP OF INTERNAL AUDIT. IN THE EVENT THAT A CONFLICT OR POSSIBLE CONFLICT OF INTEREST EXISTS, BOARD MEETING MINUTES WILL REFLECT PROCEEDINGS RELATED TO THE CONFLICT, AND THE BOARD WILL DIRECT THAT IT BE RESOLVED. ANYONE INVOLVED IN A CONFLICT OF INTEREST MAY NOT VOTE ON OR DISCUSS THE PARTICULAR TRANSACTION IN WHICH HE OR SHE HAS AN INTEREST. TERMINATION OR SUSPENSION OF DUTIES MAY BE RECOMMENDED IN CERTAIN CASES IF THE CONFLICT OF INTEREST IS NOT RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 FOR VP LEVEL EMPLOYEES, THE PRESIDENT/CEO CONTROLS DECISIONS WITH THE BOARD BEING INFORMED OF THE DECISION BUT NOT FORMALLY INVOLVED. THE CEO USES EXTERNAL SOURCES FOR VP SALARY MARKET DATA. THE CEO REVIEWS THIS DATA AND SETS VP MARKET SALARIES IN CONJUNCTION WITH THE CHIEF DEI AND HR OFFICER. ANNUALLY THE BOARD MEETS WITH A CREDIT UNION INDUSTRY CONSULTANT TO REVIEW THE CEO COMPENSATION PLAN. CEO COMPARISON DATA, ALONG WITH PERFORMANCE, IS USED TO DETERMINE SALARY. THE DETAILS OF THIS MEETING ARE DOCUMENTED IN BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES 8,424,214. CUSO SERVICES 23,851,517. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS 14,246,764. MTM HEDGE GAIN 94,441. OTHER COMPREHENSIVE INCOME ADJUSTMENT 2,446,294. SECU TITLE SERVICES LLC 971 CORPORATE BLVD LINTHICUM MD 210902337 463163747 TITLE SERVICES MD 77458 1220840 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC SECU MD FOUNDATION INC 971 CORPORATE BLVD LINTHICUM MD 210902337 821896987 SCHOLARSHIPS MD 501(C)(3) LINE 10 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 SECU MD FOUNDATION Q 345000 CASH VALUE