State Employees Credit Union

What State Employees Credit Union does

State Employees Credit Union (State ECU / SECU) is a not-for-profit, member-owned financial cooperative chartered in New Mexico and headquartered in Santa Fe, with operations tracing to 1958 (one source cites 1955). The institution serves individuals who live, work, worship, or attend school in seven New Mexico counties (Bernalillo, Santa Fe, Sandoval, Valencia, Rio Arriba, San Miguel, Dona Ana), as well as qualifying government and public-sector employees, small businesses, and family members of existing members — the latter creating a generational acquisition channel. Membership is opened with a $5 share deposit, and the cooperative is governed by a volunteer member-elected Board of Directors.

The product suite spans the full retail-banking surface: a lending portfolio of auto loans (rates from 3.99% APR for 84 months), home mortgages, home equity loans and HELOCs, personal and secured loans, and a Visa Platinum credit card at 7.50% APR; a deposit franchise of Kasasa-branded rewards checking (Cash, Cash Back, Tunes), regular checking, savings, money market, share certificates, and IRAs; and business banking including checking, savings, share certificates, and Clover merchant services. Access infrastructure consists of eight owned branches, a digital banking platform (FundsXpress/Apiture with mobile and online channels), Zelle P2P, DocuSign e-signature, TARA telephone-banking virtual assistant, e-statements, and the CO-OP Shared Branching network (5,000+ branches, 30,000+ surcharge-free ATMs). Wealth and insurance adjacencies are delivered through Onward Wealth Planning and TruStage Insurance.

Revenue is generated primarily through net interest income on the loan portfolio and deposit float, supplemented by transaction-based fees (NSF $25, overdraft $25, domestic wire $15, international wire $50, ATM charges after free-allowance thresholds) and merchant services income. The credit union does not publicly disclose revenue; it surpassed $1B in total assets at year-end 2022 and is recognized by Newsweek (5-Star, 2024), Bauer Financial (5-Star, 2025), and CUToday (top 1% of credit unions nationwide) for financial strength and growth. Customer acquisition is community-led: local branch presence, word-of-mouth referrals, community events, content marketing (blog, newsletter, social), and earned media through awards.

Name

State Employees Credit Union

Legal name

State Employees Credit Union

Website

https://secunm.org

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

51–100 employees

Short description

State Employees Credit Union is a not-for-profit, member-owned cooperative bank offering consumer and business banking — loans, deposits, wealth, and merchant services — to residents, public-sector employees, and small businesses across seven New Mexico counties.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro industry

PRIMARYFSABAEAA

Community Credit Unions (Retail/Consumer Focus)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

SECONDARYFSABAEAK

Public Sector & Municipal Credit Unions

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

Keywords

• Retail banking services
• Consumer lending
• Mortgage loans
• Deposit accounts
• Credit union services

Headquarters

HQ city

Santa Fe

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income from Loans: As a not-for-profit credit union, SECU generates revenue primarily from interest charged on loans including auto loans, home mortgages, home equity loans, personal loans, and credit cards. Interest rates vary by product with auto loans as low as 3.99% APR and credit cards at 7.50% APR.
2. Financial Services Fees: Various account and transaction fees including NSF fees ($25), overdraft privilege fees ($25), wire transfer fees ($15 domestic, $50 international), ATM fees ($0.65 after free withdrawals, $1.50 foreign ATM), and stop payment fees ($25).
3. Deposit Account Services: Revenue from managing deposit accounts including checking, savings, money market accounts, and share certificates. The credit union uses these deposits to fund loans to members.
4. Business Services: Merchant services through Clover for business clients, business checking and savings accounts, and business loans.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

State Employees Credit Union is a not-for-profit, member-owned credit union providing personal and small-business banking products and services. Core offerings include consumer deposit accounts (free Kasasa-branded checking and savings, regular checking, money market, share certificates, IRAs), consumer loans (auto loans, home mortgages, home equity loans/HELOCs, credit cards, personal loans, secured loans), business banking (business checking, business savings, business share certificates, Clover merchant services), and access services (online and mobile banking, Zelle P2P payments, TARA virtual telephone assistant, and shared branching). Members gain nationwide access through the CO-OP Network.

Product overview

State Employees Credit Union is a not-for-profit financial institution offering a comprehensive suite of banking products organized around three core pillars: Borrow (loans), Save & Spend (accounts), and Access (digital and branch services). The loan portfolio includes Auto Loans, Home Mortgage Loans, Home Equity Loans, Home Equity Lines of Credit (HELOC), State ECU Credit Cards, Personal Loans, Local Financing, and Secured Loans. Deposit products span Checking accounts (Kasasa Cash, Kasasa Cash Back, Kasasa Tunes, Regular Checking), Savings accounts (Kasasa Saver, Member Savings, Special Savings, Club Accounts including Vacation and Christmas Clubs), Money Market accounts (Advantage+ and standard), Share Certificates, and Individual Retirement Accounts (IRAs). Business services include Business Savings, Business Share Certificates, Business Checking, and Merchant Services from Clover. Access services encompass Digital Banking Experience, Mobile Banking, TARA Virtual Assistant telephone banking, E-Statements, Shared Branches (5,000+ nationwide), Zelle person-to-person payments, and over 30,000 surcharge-free ATMs. Wealth services include Onward Wealth Planning, Fraud Prevention & Security, and TruStage Insurance products. The institution is built on community-focused cooperative principles, serving members who live, work, worship, or attend school in seven New Mexico counties.

Differentiator

Problem solved

Functional benefit

Brands

• SECU: Abbreviated form of State Employees Credit Union, commonly used in branding and marketing materials.

Products and services

• Auto Loans Vehicle financing for purchasing or refinancing automobiles with rates as low as 3.99% APR for terms up to 84 months, available to State ECU members in central and northern New Mexico.
• Home Mortgage Loans
• Home Equity Loans
• Home Equity Line of Credit (HELOC)
• State ECU Credit Cards (Visa Platinum)
• Personal Loans
• Local Financing
• Secured Loans
• Kasasa Cash Checking
• Kasasa Cash Back Checking
• Kasasa Tunes Checking
• Regular Checking
• Kasasa Saver
• Member Savings
• Special Savings
• Club Accounts
• Advantage+ Money Market
• Money Market Account
• Share Certificates
• Individual Retirement Accounts (IRAs)
• Business Savings
• Business Share Certificates
• Business Checking
• Merchant Services from Clover
• Digital Banking Experience
• Mobile Banking
• TARA Virtual Telephone Assistant
• E-Statements
• Shared Branches
• Zelle Person-to-Person Payments
• Onward Wealth Planning
• TruStage Insurance
• Fraud Prevention & Security Services

Quantifiable outcome

• Auto loan rates as low as 3.99% for 84 months
• +4 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, important and supplementary.

• KasasacoreTechnology or IntegrationKasasa provides the rewards checking account platform for State ECU's Kasasa Cash, Kasasa Cash Back, Kasasa Tunes, and Kasasa Saver products. These are free checking accounts with reward features including high interest, cash back, and music rewards.
• CO-OP Financial ServicescoreChannel Partner/ Reseller/ DistributorCO-OP Network provides shared branching services and surcharge-free ATM access. State ECU members can access over 5,000 shared branches and 30,000+ ATMs nationwide through this partnership.
• AudioEyeimportantTechnology or IntegrationAudioEye provides web accessibility testing, monitoring, and certification for State ECU's website, ensuring WCAG 2.2 Level AA compliance and digital inclusion for users with disabilities.
• ClovercoreTechnology or IntegrationClover provides merchant services for State ECU business members, enabling point-of-sale processing, inventory management, and business analytics for small business owners.
• TruStage InsurancesupplementaryGTM or Marketing PartnerTruStage provides insurance products offered to State ECU members as part of the membership benefits package, including credit insurance and related products.
• BALANCEsupplementaryGTM or Marketing PartnerBALANCE provides financial wellness resources and debt consolidation calculators for State ECU members, supporting financial education and debt management.
• Onward Wealth PlanningsupplementaryGTM or Marketing PartnerOnward Wealth Planning provides wealth planning and investment services to State ECU members through a partnership arrangement.
• DocuSigncoreTechnology or IntegrationDocuSign provides electronic signature capabilities for State ECU's digital banking platform, enabling members to sign documents remotely.
• VisacoreTechnology or IntegrationVisa provides the payment network for State ECU's credit cards and debit cards, enabling worldwide acceptance for card transactions.
• ZellecoreTechnology or IntegrationZelle provides person-to-person payment services integrated into State ECU's digital banking platform, allowing members to send money instantly to friends and family.
• FIRSTBranch by KasasacoreTechnology or IntegrationFIRSTBranch provides the website content management system for State ECU's website, enabling the credit union to manage and publish digital content.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• BECU (Boeing Employees Credit Union): Large Washington-state credit union that started as an employer-based institution and expanded into community membership. Comparable in cooperative structure, broad product suite, and historical shift from single-employer to community field of membership.
• Alliant Credit Union: National digital-first community credit union offering consumer deposits, lending, and credit cards to a broad field of membership. Comparable on community-charter structure and product mix, but with materially larger scale and a digital-native operating model.
• Patelco Credit Union: California-based community credit union offering a similar full suite of consumer and business banking products under a cooperative structure. Comparable on member-owned model, product breadth, and digital banking investments.

Emerging players

• Connexus Credit Union: Community-charter credit union with a strong digital banking platform, Kasasa-based rewards checking, and national ATM access through CO-OP. Comparable in product positioning (Kasasa rewards, digital-first) but operates at a larger scale and broader geography.

Direct peers

• SchoolsFirst Federal Credit Union: Large California-based credit union serving public-sector/employee-defined membership with a comprehensive consumer and business banking suite. Comparable in member-base definition (public sector employees), product breadth, and member-owned cooperative model.
• Rio Grande Credit Union: Albuquerque-based New Mexico credit union serving similar consumer and small business segments with a member-owned structure. Direct geographic and product peer, competing for the same Bernalillo County and surrounding-county membership.
• Nusenda Credit Union: New Mexico-headquartered community credit union operating across the same geography as State ECU, with a comparable mix of consumer lending, deposits, and member-owned cooperative structure. Most directly comparable peer on footprint, charter type, and product set.
• Sandia Laboratory Federal Credit Union: New Mexico-based federal credit union serving a defined employee/member group with a similar community focus, multi-branch footprint, and full product suite (consumer loans, mortgages, credit cards, wealth). Comparable in scale and cooperative model.
• Del Norte Credit Union: New Mexico community credit union with comparable consumer lending, deposit, and digital banking offerings serving overlapping northern New Mexico counties. Closely comparable on charter type, size, and product mix.
• First Financial Credit Union: New Mexico community credit union with overlapping branch geography in central New Mexico, offering similar consumer and business banking products as a not-for-profit cooperative. Direct competitor for the same member base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/secu_newmexico
• LinkedInlinkedin.com/company/state-employee-credit-union

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Employees Credit Union