The largest credit unions in Maryland and New Jersey recently landed sponsorship agreements with Division 1 athletic programs in their respective states.
The University of Maryland Athletics announced a 10-year partnership with the $5.1 billion-asset SECU in Linthicum, Maryland, that will recognize the credit union as the official banking partner of the Maryland Terrapins. In addition to the official partner designation, the facility previously known as Capital One Field at Maryland Stadium will be renamed SECU Stadium and will debut on Oct. 1.
At the same time, Seton Hall University Athletics announced it has partnered with the $3.8 billion-asset Affinity Federal Credit Union in Basking Ridge, New Jersey to become the official credit union of the University's athletics program.
In the University of Maryland deal, SECU will pay Maryland Athletics a guaranteed $11 million, including a $2.5 million gift that will support programs and facilities, including the 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.
"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," Dave Sweiderk, SECU's president and chief executive, said in a press release.
In New Jersey, Affinity will sponsor men's and women's basketball, men's and women's soccer and baseball. It will also participate in campus events including freshman move-in day, involvement fair and university weekend, plus have a strong presence on Seton Hall Athletics' radio network and their social and digital platforms. Financial terms of the deal were not disclosed.
"Affinity has a long history of being involved with its surrounding communities, including the students and faculty at Seton Hall University," said Jacqui Kearns, chief strategy officer at Affinity. "We are dedicated to increasing the financial wellbeing of communities in the New Jersey area and are excited to have the opportunity to collaborate with the historic and powerful brand of Seton Hall Athletics."
SECU earned $20.7 million in the first six months of 2022, a 71% increase from a year earlier, according to call report data from the National Credit Union Administration.
Affinity FCU earned $11.4 million in the first six months of 2022, a 15% year-over-year increase, according to call report data.
