Jun, 30, 2024 — SUMMIT FEDERAL CREDIT UNION is a federal credit union headquartered in AKRON, OH with 2 branch locations and about $59.33 million in total assets. Opened 73 years ago in 1951, SUMMIT FEDERAL CREDIT UNION has about 4,787 members and employs 15 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 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 100 Wheeler St AKRON, OH 44311-1122 |
| Phone: | (330) 376-3626 |
| Fax: | (330) 376-7196 |
| Website: | https://www.summitfcu.com |
| Branches: | 2 branch locations |
| Members: | 4,787 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7182 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Jun 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $59,334,802 |
| CEO/Manager: | Tiffany M Katzenmeyer |
| Chairperson: | John W Drew |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,598,015 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 15,668,816 |
| Unsecured Loans | 2,256,187 |
| Other Loans | 11,711,660 |
| TOTAL LOANS | 29,636,663 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -205,579 |
| Land And Building | 242,665 |
| Other Fixed Assets | 138,171 |
| NCUSIF Deposit | 508,216 |
| All Other Assets | 6,618 |
| TOTAL ASSETS | 59,334,802 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 300,663 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,950,459 |
| Regular shares | 35,908,626 |
| All Other Shares & Deposits | 8,771,961 |
| TOTAL SHARES & DEPOSITS | 52,631,046 |
| TOTAL LIABILITIES | 52,931,709 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 6,403,093 |
| TOTAL EQUITY | 6,403,093 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 59,334,802 |
| INCOME & EXPENSE | |
| Loan Income | 868,003 |
| Investment Income | 122,668 |
| Other Income | 139,606 |
| Total Employee Compensation & Benefits | 625,986 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 550,499 |
| Non-operating Income & (Expense) | -2,983 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 13,714 |
| Cost of Funds | 37,149 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 138,254 |
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