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SUMMIT FEDERAL CREDIT UNION

Mar, 31, 2022 — SUMMIT FEDERAL CREDIT UNION is a federal credit union headquartered in AKRON, OH with 2 branch locations and about $58.06 million in total assets. Opened 71 years ago in 1951, SUMMIT FEDERAL CREDIT UNION has about 4,803 members and employs 14 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)
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:4,803
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, 2021
FHLB Member:No
Low Income Designation:No
Assets:$58,062,577
CEO/Manager:Tiffany M Katzenmeyer
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 11,167,115
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 15,282,960
 Unsecured Loans 2,188,867
 Other Loans 11,266,189
 TOTAL LOANS 28,738,016
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -213,864
 Land And Building 249,568
 Other Fixed Assets 58,680
 NCUSIF Deposit 492,773
 All Other Assets 0
  TOTAL ASSETS 58,062,577
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 310,325
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 6,833,752
 Regular shares 35,619,783
 All Other Shares & Deposits 9,049,530
  TOTAL SHARES & DEPOSITS 51,503,065
  TOTAL LIABILITIES 51,813,390
 Regular Reserve 0
 Other Reserves 1,162,475
 Undivided Earnings 5,086,712
  TOTAL EQUITY 6,249,187
  TOTAL LIABILITIES, SHARES, & EQUITY 58,062,577
INCOME & EXPENSE  
 Loan Income 271,839
 Investment Income 11,833
 Other Income 42,183
 Total Employee Compensation & Benefits 219,930
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 182,587
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 4,072
 Cost of Funds 14,089
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -15,652
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