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.
Name: | SUMMIT FEDERAL CREDIT UNION |
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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 |
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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 |
ASSETS: | $ Amount |
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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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