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SUMMIT CREDIT UNION

Jun, 30, 2024 — SUMMIT CREDIT UNION is a federally insured state chartered credit union headquartered in GREENSBORO, NC with 8 branch locations and about $344.57 million in total assets. Opened 89 years ago in 1935, SUMMIT CREDIT UNION has about 36,379 members and employs 111 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:SUMMIT CREDIT UNION
Address:
(Main Office)
8210 W Market St
GREENSBORO, NC 27409
Phone:(336) 662-6200
Fax:(336) 662-6100
Website:https://summitcu.org
Branches:8 branch locations
Members:36,379
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:63020
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1935
Last Audited:Mar 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$344,571,421
CEO/Manager:Samuel W Whitehurst
Chairperson:Jack Thornton

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 26,738,143
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 85,923,773
 Unsecured Loans 22,948,202
 Other Loans 78,655,462
 TOTAL LOANS 187,527,437
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -934,683
 Land And Building 6,718,754
 Other Fixed Assets 745,353
 NCUSIF Deposit 2,867,173
 All Other Assets 0
  TOTAL ASSETS 344,571,421
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 2,778,609
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 18,615,502
 Regular shares 230,186,912
 All Other Shares & Deposits 55,471,213
  TOTAL SHARES & DEPOSITS 304,273,627
  TOTAL LIABILITIES 307,052,236
 Regular Reserve 0
 Other Reserves 8,306,692
 Undivided Earnings 29,212,493
  TOTAL EQUITY 37,519,185
  TOTAL LIABILITIES, SHARES, & EQUITY 344,571,421
INCOME & EXPENSE  
 Loan Income 8,200,546
 Investment Income 1,039,891
 Other Income 2,793,476
 Total Employee Compensation & Benefits 5,917,902
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 5,048,439
 Non-operating Income & (Expense) 7,000
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 749,014
 Cost of Funds 424,987
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,660,038
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