State Employees' Credit Union

What State Employees' Credit Union does

State Employees' Credit Union (SECU) is a North Carolina state-chartered, not-for-profit, member-owned cooperative founded in 1937 and headquartered in Raleigh. It provides consumer banking, lending, insurance, and financial advisory services to approximately 2.9 million members, with an initial field of membership drawn from North Carolina state employees, public school teachers, university employees, and state agency workers, and expanded access to adjacent public-sector segments including law enforcement, healthcare, fire, and military personnel. The credit union operates 275 branch locations and 1,100 CashPoints ATMs across North Carolina, holds $60 billion in assets, and employs between 5,001 and 10,000 people. Its operations are scaled for one of the largest credit unions in the United States.

SECU's product platform spans deposit accounts (checking, share, money market, share term certificates, HSA, IRAs, education savings, youth savings under FAT CAT and Zard sub-brands), three Visa credit cards (Cash Rewards, Points Rewards, Classic) with no annual fee, a full mortgage suite including fixed-rate, 5-year ARM, HELOC, refinancing, and specialty products for manufactured and historic homes, plus auto loans, signature loans, salary advance loans, share-secured loans, and term notes. Insurance products (term life, whole life, annuities, Medicare, auto/home, travel, pet) are delivered through wholly-owned subsidiary SECU Life Insurance Company. Investment advisory and brokerage services run through wholly-owned Credit Union Investment Services Inc. (CUIS) and SECU Brokerage Services Inc., and community philanthropy is channeled through the affiliated SECU Foundation. Mortgage lending has been extended into a five-state Southeastern footprint (NC, SC, VA, GA, TN).

The technology stack is centered on SECU's digital banking platform, including Member Access online banking and the SECU Mobile App (iOS and Android) with biometric authentication, mobile check deposit, real-time alerts, card lock, and integrated BillPay. SECU operates the proprietary CashPoints Global ATM network via CO-OP Shared Branch integration. The credit union supports Apple Pay, Google Pay, Samsung Pay, and Garmin Pay digital wallets, enables peer-to-peer payments via Zelle and Venmo, offers Quicken download integration, and — per its 2026 Hyland Innovation Award — governs over 1 billion documents through AI-native content and process intelligence solutions. SECU generates revenue primarily through net interest income on its lending portfolio, supplemented by deposit account fees, credit card interest and interchange, mortgage origination fees, insurance premiums, and investment/brokerage commissions; as a cooperative, excess revenue is returned to members via lower loan rates, higher savings dividends, and reduced fees.

Name

State Employees' Credit Union

Legal name

State Employees' Credit Union

Website

https://ncsecu.org

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

State Employees' Credit Union (SECU) is a North Carolina state-chartered, member-owned cooperative founded in 1937, serving 2.9 million members with $60 billion in assets through 275 branches and 1,100 CashPoints ATMs. It delivers consumer banking, lending, insurance, and financial advisory products to North Carolina state employees, public-sector workers, and their families.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

akta.pro secondary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Consumer banking services
• Mortgage lending products
• Credit union services
• Member financial services
• Deposit and loan services

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: SECU generates revenue primarily through interest charged on loans including mortgages, auto loans, personal loans, and credit cards. As a not-for-profit credit union, excess revenue is returned to members through lower loan rates and higher savings rates.
2. Deposit Account Fees: Fees associated with account services including overdraft protection transfers, wire transfers, and other account-related services.
3. Credit Card Fees: Interest charges on credit card balances, balance transfer fees, and cash advance fees.
4. Mortgage Origination: Origination fees for mortgage loans (1% of loan amount, capped at $2,500) and associated closing costs.
5. Insurance Products: SECU Life Insurance Company offers term life, whole life, annuities, Medicare plans, auto/home insurance, and pet insurance through licensed insurance specialists.
6. Investment Services: Credit Union Investment Services (CUIS) and SECU Brokerage Services offer investment advisory and securities services with FINRA/SIPC membership.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

State Employees' Credit Union (SECU) is a not-for-profit, member-owned cooperative that provides consumer banking, lending, insurance, and investment advisory services to North Carolina state employees and their families. Its product portfolio spans checking and savings accounts, Visa credit cards, mortgage and home equity products, auto and personal loans, life and P&C insurance, and digital banking through Member Access online and the SECU Mobile App. The institution earns revenue primarily through interest income on loans, deposit and transaction fees, and commissions from insurance and brokerage subsidiaries.

Product overview

State Employees' Credit Union (SECU) offers a comprehensive suite of financial products and services primarily serving North Carolina state employees and their families. The credit union operates as a not-for-profit member-owned cooperative with $60 billion in assets and 2.9 million members. The product portfolio spans core banking services including checking, savings, and money market accounts; Visa credit cards (Cash Rewards, Points Rewards, and Classic) offering cash back and reward points; mortgage products including Fixed Rate Mortgages, Adjustable Rate Mortgages, Home Equity Lines of Credit, and specialized programs for manufactured and historic homes; auto and personal loans; insurance products through SECU Life Insurance Company; and digital banking via Member Access online and mobile platforms. The credit union also provides investment services through Credit Union Investment Services (CUIS) and SECU Brokerage Services, estate planning including trust services, and government grant programs for first-time homebuyers through partnerships with the Federal Home Loan Bank of Atlanta. With 275 branch locations and over 1,100 ATMs, SECU delivers services through physical branches, digital channels, and third-party integrations including TrueCar for auto purchases, Visa for payment processing, digital wallets (Apple Pay, Google Pay, Samsung Pay, Garmin Pay), and Quicken for financial data synchronization.

Differentiator

Problem solved

Functional benefit

Brands

• CashPoints: SECU's ATM network and associated account services including CashPoints Global for international transactions.
• FAT CAT
• Zard
• FlexIRA

Products and services

• SECU Checking Account Everyday checking account for SECU members offering dividend earnings, BillPay, account alerts, debit card access, and integration with Member Access online and mobile banking.
• Share Account Primary member savings account that establishes SECU membership and earns dividends on deposits.
• Money Market Share Account Tiered savings account offering higher dividend rates than the standard share account for members building larger balances.
• Share Term Certificates (STC) Term deposit accounts offering fixed rates over set terms for members who can commit funds for a defined period.
• Health Savings Account Tax-advantaged HSA for members enrolled in high-deductible health plans, allowing pre-tax contributions for qualified medical expenses.
• Retirement Savings (IRAs) Traditional, Roth, and SEP Individual Retirement Accounts offering tax-advantaged retirement savings for members.
• Education Savings Coverdell Education Savings Accounts allowing members to save tax-free for qualified education expenses.
• FAT CAT Share Account Youth savings account branded with the FAT CAT mascot to encourage early financial literacy among child members.
• Zard Accounts Banking accounts for teens providing a stepping stone between children's accounts and full adult membership.
• Summer Cash Account Targeted savings account for educators and other members paid over the school year to set aside funds for summer months.
• Holiday Cash Club Account Year-round savings account with automatic contributions to help members budget for holiday expenses.
• Cash Rewards Visa Credit Card Visa credit card earning 1.5% cash back on qualifying purchases with up to 2% total rewards for members with qualifying direct deposit. No annual fee.
• Points Rewards Visa Credit Card Visa credit card earning 3x points on gas and EV charging, 2x at restaurants, and 1.5x on other purchases. Points redeemable for travel, gift cards, cash back, and merchandise. No annual fee.
• Classic Visa Credit Card Low-rate Visa credit card with variable APR of 11.25-14.25%, designed for members who carry balances or transfer higher-rate debt.
• Fixed Rate Mortgage Mortgage loan with fixed interest rate and predictable monthly payments, available in 10, 15, 20, and 30-year terms for properties in NC, SC, VA, GA, and TN. No PMI required.
• Adjustable Rate Mortgage (ARM) 5-year ARM with initial rate lower than fixed options; rate adjusts every five years with 2% per-adjustment and 6% lifetime caps. Available in NC, SC, VA, GA, TN.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with a 15-year draw period and variable rates starting at 6.25% APR. Properties in NC, SC, VA, or GA eligible.
• Mortgage Refinancing Refinance options for existing mortgages, including rate-and-term and cash-out refinancing to lower payments or access home equity.
• Manufactured Home Loans Financing for single- and double-wide manufactured homes placed on permanent foundations as primary residences, up to a 20-year term.
• Historic Preservation Home Loans Mortgage financing for homes under Preservation North Carolina or local historic preservation board jurisdiction, up to 70% LTV and $400,000.
• First-Time Homebuyer's Mortgage Specialized mortgage for first-time buyers offering up to 100% financing (up to $500,000) and up to $2,000 toward closing costs. Available to those who have not owned a home in three years or NC public-sector employees.
• Auto Loans New and used vehicle financing for members with competitive rates and an extended first-payment option of up to 90 days on qualifying originations.
• SECU Car Buying Service Vehicle purchasing service powered by TrueCar that provides members with upfront pricing and dealer network access for new and used vehicles.
• Signature Loans Unsecured personal loans underwritten on creditworthiness without requiring collateral.
• Salary Advance Loans Short-term loan advance against expected salary, providing quick funds access for qualified members.
• Share-Secured Loans Personal loans secured by the member's existing SECU savings, typically offering lower rates with the share balance as collateral.
• Term Notes Fixed-term personal loans with set repayment schedules and fixed interest rates.
• Member Access Online Banking Comprehensive online banking platform providing account management, BillPay, statements, funds transfer, Quicken Download, credit card management, and loan applications through secure web access.
• SECU Mobile App Mobile banking app for iOS and Android with biometric authentication, mobile check deposit, real-time alerts, card lock features, and full Member Access functionality.
• BillPay Online bill payment service integrated with Member Access allowing members to schedule payments and manage payees.
• CashPoints ATM Network SECU's proprietary ATM network with 1,100+ ATMs statewide providing fee-free cash withdrawals and deposits for members.
• CashPoints Global Worldwide surcharge-free ATM access for SECU members through the CO-OP Shared Branch network.
• Direct Deposit Electronic deposit service for recurring payments such as salary, Social Security, and other government benefits into SECU accounts.
• Wire Transfer Domestic and international wire transfer services for sending and receiving funds between financial institutions.
• Visa Gift Card Prepaid Visa gift cards available for purchase at SECU branches, usable anywhere Visa is accepted.
• Auto & Home Insurance Property and casualty insurance products for vehicles and homes offered through SECU's insurance services.
• Term Life Insurance Term life insurance coverage issued through SECU Life Insurance Company, a wholly-owned subsidiary, with application turnaround in as little as 15 minutes.
• Whole Life Insurance Permanent life insurance with cash value accumulation, offered through SECU Life Insurance Company.
• Annuities Retirement income products providing guaranteed income streams, offered through SECU's insurance services.
• Medicare Plans Medicare-related insurance products to help members cover healthcare costs in retirement.
• Travel Insurance Insurance coverage for travel-related risks including trip cancellation, medical emergencies, and lost luggage.
• Pet Insurance Insurance coverage for veterinary expenses and pet health care.
• Trust Services Estate planning services including revocable living trusts, special needs trusts, and assistance with trust administration through SECU Trust Services.
• Financial Advisory Services Investment and financial planning services through Credit Union Investment Services (CUIS) and SECU Brokerage Services, covering retirement, education savings, and wealth management.
• Safe Deposit Boxes Secure storage for valuables and important documents, available at SECU branch locations.
• Mortgage Assistance Program Program helping members experiencing difficulty with mortgage payments explore options to retain their homes.
• FHLBA Community Partners Product Federal Home Loan Bank of Atlanta grant program administered by SECU providing up to $20,000 in home purchase assistance for law enforcement officers, educators, healthcare workers, firefighters, first responders, and military personnel.
• FHLBA First-Time Homebuyer Assistance Product Federal Home Loan Bank of Atlanta grant program administered by SECU providing up to $17,500 in home purchase assistance for eligible first-time homebuyers with household income at or below 80% of area median income.
• FHLBA Workforce Housing Plus+ Program Federal Home Loan Bank of Atlanta grant program administered by SECU providing up to $15,000 in home purchase assistance for members with household income between 80% and 120% of area median income.

Quantifiable outcome

• 2.9 million members served
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Federal Home Loan Bank of Atlanta (FHLBA)coreStrategic or Co-development PartnerSECU participates in FHLBA programs including Community Partners Product (up to $20,000 in home purchase assistance for public sector workers), First-Time Homebuyer Assistance Product (up to $17,500), and Workforce Housing Plus+ Program (up to $15,000) to help members afford homeownership.
• National Credit Union Administration (NCUA)coreOthersNCUA insures member deposits through the National Credit Union Share Insurance Fund (NCUSIF), backed by the full faith and credit of the U.S. government. Provides up to $250,000 coverage per owner for each individual account.
• SECU FoundationcoreStrategic or Co-development PartnerSECU Foundation is a separate nonprofit organization that supports community initiatives including housing, education, and health programs for North Carolina residents.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Alliant Credit Union: Large Illinois-based credit union with a digitally-led, nationally accessible membership model. Comparable full-service retail banking, lending, and credit card offerings, and a useful benchmark for SECU's digital ambitions.
• Delta Community Credit Union: Georgia-based employer-affiliated credit union serving Delta Air Lines employees and the broader community. Closely comparable occupational/community credit union model with mortgage, deposit, and investment services in the Southeast.
• Digital Federal Credit Union (DCU): Massachusetts-based digital-first credit union serving a broad membership base. Comparable full-service product set with emphasis on online/mobile delivery — a relevant benchmark for SECU's digital channel evolution.
• VyStar Credit Union: Large regional credit union headquartered in Florida serving a broad community membership. Comparable full-service retail banking model (checking, mortgages, credit cards, wealth) at similar asset scale.
• First Tech Federal Credit Union: Employer-affiliated credit union serving employees of major technology firms, with a similar occupational-charter origin and expanded community membership. Comparable full-service product suite and digital-first orientation.
• SchoolsFirst Federal Credit Union: California-based credit union serving school employees and their families — a textbook employer/occupational credit union comparable to SECU's state-employee charter, with similar membership-driven banking, lending, and retirement offerings.
• Patelco Credit Union: California-based community credit union offering comparable checking, savings, mortgage, auto, and investment products. Similar member-owned cooperative model and mid-to-large credit union scale.
• Navy Federal Credit Union: Largest credit union in the United States with a similar full-service model (banking, lending, credit cards, investments) anchored to a defined occupational membership (military, DoD, veterans). Closest comparable in scale, scope, and member-owned cooperative structure.
• Boeing Employees Credit Union (BECU): Washington-state headquartered credit union originally serving Boeing employees, now community-chartered. Comparable occupational-to-community evolution, scale ($25B+ assets), and full-service banking and lending model.
• PenFed Credit Union: Large national credit union serving military and affiliated members with a comparable suite of deposit, mortgage, auto, credit card, and investment products. Directly comparable business model and member-ownership philosophy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ncsecu

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about State Employees' Credit Union