Credit Union to Support Maryland Athletics, Financial Literacy and Community Service
Photo by John T. Consoli
Maryland Athletics on Friday announced a sweeping partnership with the credit union SECU that will include renaming the University of Maryland’s stadium and will provide millions of dollars in support to programs and facilities.
SECU (pronounced “see-cue”) will be the official banking partner of the Maryland Terrapins, and the facility known as Capital One Field at Maryland Stadium will be renamed SECU Stadium. It will debut on Oct. 1 as Maryland Football hosts Michigan State for its Big Ten home opener.
The 10-year partnership will also include benefits for the entire campus. SECU will co-present financial wellness workshops for faculty and staff, and will partner on the creation of a new financial literacy course for all students. Additionally, Maryland Athletics will amplify SECU's Kindness Campaign, a project designed to inspire acts of service throughout our communities.
SECU will pay Maryland Athletics a guaranteed $11 million, including a $2.5 million gift that will support programs and facilities, like construction of the Barry P. Gossett Basketball Performance Center. Additionally, the agreement includes variable compensation that is estimated to net Maryland Athletics another $300,000 to $400,000 annually.
The new agreement was made possible when Capital One agreed to relinquish its naming rights, which were scheduled to run through 2032.
"We are proud to welcome SECU into our Maryland Athletics family," said Damon Evans, Barry P. Gossett Director of Athletics. "From the very beginning, we aligned with SECU on goals and objectives, and more importantly, our values. It is our intent to use this partnership to do good for our student-athletes, our university and our communities."
"As Maryland's largest credit union, SECU takes great pride in partnering with Maryland Athletics and the entire university. Together, we are not only united in our love for Maryland but also in our commitment to positively impacting the people and communities we serve," said Dave Sweiderk, president and CEO of SECU. "As we continue to grow, it is important for SECU to give back to our communities and uphold our dedication to education and financial wellness. That's why we are pleased to contribute to the enduring vitality of UMD, while helping its more than 40,000 students, 14,000 faculty members and Maryland's next generation of leaders set a foundation for financial success."
Headquartered in Linthicum, Md., SECU has 25 financial centers and provides access to over 50,000 free ATMs. With more than $5 billion in assets, SECU ranks among the top 60 credit unions nationwide based on total assets in the U.S.
"SECU is a longstanding stalwart corporate citizen of the state of Maryland and the University of Maryland is thrilled to be partnering with them on a wide-range of initiatives that will benefit not just Maryland Athletics, but our entire campus community," said Darryll J. Pines, university president.
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