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SUMMIT FEDERAL CREDIT UNION

Dec, 31, 2023 — SUMMIT FEDERAL CREDIT UNION is a federal credit union headquartered in AKRON, OH with 2 branch locations and about $55.34 million in total assets. Opened 73 years ago in 1951, SUMMIT FEDERAL CREDIT UNION has about 4,793 members and employs 17 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:4,793
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, 2023
FHLB Member:No
Low Income Designation:No
Assets:$55,344,230
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 5,723,364
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 15,321,010
 Unsecured Loans 2,295,271
 Other Loans 15,510,022
 TOTAL LOANS 33,126,303
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -188,701
 Land And Building 217,499
 Other Fixed Assets 106,782
 NCUSIF Deposit 495,617
 All Other Assets 15,525
  TOTAL ASSETS 55,344,230
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 393,312
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 6,631,957
 Regular shares 31,658,614
 All Other Shares & Deposits 9,147,811
  TOTAL SHARES & DEPOSITS 47,438,382
  TOTAL LIABILITIES 47,831,694
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 7,512,536
  TOTAL EQUITY 7,512,536
  TOTAL LIABILITIES, SHARES, & EQUITY 55,344,230
INCOME & EXPENSE  
 Loan Income 1,577,273
 Investment Income 800,946
 Other Income 192,644
 Total Employee Compensation & Benefits 929,408
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 887,425
 Non-operating Income & (Expense) 28
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 45,145
 Cost of Funds 128,751
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 912,153
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