Update to what I had to end up doing. I downloaded the file again and copied it to my memory card. Inserted it into my working unit (without the boot up issue), powered it on and did the update as normal. When finished, I put the memory card into my other unit that has the issue and it booted right past the card like it didn't see the update. Tried a second time with the same result. Navigated to the card on the unit and showed it was blank. Took the card out, put it in my computer and sure enough, it was blank. Copied the file to it, put it back into my unit and it did the same exact thing. Nothing on the card.
My solution was to copy the file back to the card, only this time I booted the unit up without the card in it. Once it was up, I inserted the card and navigated to it on the unit. Tapped the update file and it installed it and now works like it should. I turned it off and back on several times and it never hung on the splash screen once. The update, although a pain to get done, seems to have fixed the problem.