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SUMMIT FEDERAL CREDIT UNION

Jun, 30, 2021 — SUMMIT FEDERAL CREDIT UNION is a federal credit union headquartered in AKRON, OH with 2 branch locations and about $56.49 million in total assets. Opened 70 years ago in 1951, SUMMIT FEDERAL CREDIT UNION has about 4,877 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.


ABA Routing Number: 241273463
Name:SUMMIT FEDERAL CREDIT UNION
Address:
(Main Office)
P O BOX 1460
AKRON, OH 44309-1460
Phone:(330) 376-3626
Fax:(330) 376-7196
Website:https://www.summitfcu.com
Branches:2 branch locations
Members:4,877
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, 2020
FHLB Member:No
Low Income Designation:No
Assets:$56,486,925
CEO/Manager:Sharon K Arthur
Chairperson:John W Drew

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 13,226,975
TOTAL INVESTMENTS 11,844,137
Loans Held for Sale 0
 
 Real Estate Loans 12,605,527
 Unsecured Loans 2,606,767
 Other Loans 12,200,264
 TOTAL LOANS 27,412,558
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -226,949
 Land And Building 254,795
 Other Fixed Assets 67,193
 NCUSIF Deposit 450,209
 All Other Assets 3,458,007
  TOTAL ASSETS 56,486,925
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 234,549
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 6,922,041
 Regular shares 34,621,786
 All Other Shares & Deposits 8,488,211
  TOTAL SHARES & DEPOSITS 50,032,038
  TOTAL LIABILITIES 50,266,587
 Regular Reserve 1,162,475
 Other Reserves 0
 Undivided Earnings 5,057,863
  TOTAL EQUITY 6,220,338
  TOTAL LIABILITIES, SHARES, & EQUITY 56,486,925
INCOME & EXPENSE  
 Loan Income 548,348
 Investment Income 23,230
 Other Income 71,907
 Total Employee Compensation & Benefits 420,608
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 354,625
 Non-operating Income & (Expense) 1,584
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 38,632
 Cost of Funds 40,514
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -39,350
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