Dec, 31, 2023 — THE SUMMIT FEDERAL CREDIT UNION is a federal credit union headquartered in ROCHESTER, NY with 15 branch locations and about $1.28 billion in total assets. Opened 83 years ago in 1941, THE SUMMIT FEDERAL CREDIT UNION has about 93,756 members and employs 240 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | THE SUMMIT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 100 MARINA DR ROCHESTER, NY 14626-5104 |
| Phone: | (585) 453-7000 |
| Fax: | (585) 453-7039 |
| Website: | https://www.summitfcu.org |
| Branches: | 15 branch locations |
| Members: | 93,756 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4580 |
|---|---|
| Membership Type: | Multiple common bond - Primarily communications and utilities |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,283,958,237 |
| CEO/Manager: | Laurie Baker |
| Chairperson: | CHRISTIAN MODESTI |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 41,353,770 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 313,689,312 |
| Unsecured Loans | 46,430,359 |
| Other Loans | 768,639,836 |
| TOTAL LOANS | 1,128,759,506 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,818,867 |
| Land And Building | 13,313,394 |
| Other Fixed Assets | 1,511,060 |
| NCUSIF Deposit | 10,540,106 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,283,958,237 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 17,713,923 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 184,845,472 |
| Regular shares | 188,823,190 |
| All Other Shares & Deposits | 759,283,087 |
| TOTAL SHARES & DEPOSITS | 1,132,951,749 |
| TOTAL LIABILITIES | 1,150,676,038 |
| Regular Reserve | 0 |
| Other Reserves | 17,449,764 |
| Undivided Earnings | 115,832,435 |
| TOTAL EQUITY | 133,282,199 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,283,958,237 |
| INCOME & EXPENSE | |
| Loan Income | 50,469,706 |
| Investment Income | 1,447,315 |
| Other Income | 5,503,252 |
| Total Employee Compensation & Benefits | 19,618,097 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 15,507,570 |
| Non-operating Income & (Expense) | 4,850,633 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,772,237 |
| Cost of Funds | 19,245,328 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 10,948,613 |
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