Dec, 31, 2023 — SUMMIT CREDIT UNION is a federally insured state chartered credit union headquartered in GREENSBORO, NC with 8 branch locations and about $338.21 million in total assets. Opened 89 years ago in 1935, SUMMIT CREDIT UNION has about 33,025 members and employs 108 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: | 33,025 |
| 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, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $338,211,628 |
| CEO/Manager: | Samuel W Whitehurst |
| Chairperson: | Jack Thornton |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 13,233,275 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 104,542,172 |
| Unsecured Loans | 24,311,044 |
| Other Loans | 86,028,488 |
| TOTAL LOANS | 214,881,704 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,623,941 |
| Land And Building | 6,456,456 |
| Other Fixed Assets | 1,576,845 |
| NCUSIF Deposit | 2,825,882 |
| All Other Assets | 0 |
| TOTAL ASSETS | 338,211,628 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,327 |
| Notes & Interest Payable | 10,000,000 |
| Accounts Payable & Other Liabilities | 3,593,450 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 15,780,780 |
| Regular shares | 200,756,800 |
| All Other Shares & Deposits | 64,315,077 |
| TOTAL SHARES & DEPOSITS | 280,852,657 |
| TOTAL LIABILITIES | 294,447,434 |
| Regular Reserve | 0 |
| Other Reserves | 11,766,195 |
| Undivided Earnings | 31,997,999 |
| TOTAL EQUITY | 43,764,194 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 338,211,628 |
| INCOME & EXPENSE | |
| Loan Income | 13,603,582 |
| Investment Income | 1,845,482 |
| Other Income | 4,085,214 |
| Total Employee Compensation & Benefits | 8,164,367 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,157,668 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,081,768 |
| Cost of Funds | 1,756,051 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,699,739 |
| ↑ Back to Top | |