Dec, 31, 2023 — SUMMIT CREDIT UNION is a federally insured state chartered credit union headquartered in COTTAGE GROVE, WI with 60 branch locations and about $6.95 billion in total assets. Opened 89 years ago in 1935, SUMMIT CREDIT UNION has about 257,368 members and employs 914 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) | 1709 Landmark Dr COTTAGE GROVE, WI 53527-8957 |
| Phone: | (608) 243-5000 |
| Fax: | |
| Website: | https://www.summitcreditunion.com |
| Branches: | 60 branch locations |
| Members: | 257,368 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67190 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $6,949,503,128 |
| CEO/Manager: | Kim Sponem |
| Chairperson: | Mary C Turke |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 421,487,736 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 18,214,914 |
| Real Estate Loans | 4,266,514,067 |
| Unsecured Loans | 295,648,105 |
| Other Loans | 1,082,212,011 |
| TOTAL LOANS | 5,645,303,146 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -23,275,000 |
| Land And Building | 121,626,464 |
| Other Fixed Assets | 24,307,985 |
| NCUSIF Deposit | 44,603,306 |
| All Other Assets | 2,327,326 |
| TOTAL ASSETS | 6,949,503,128 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 508,741 |
| Notes & Interest Payable | 836,550,000 |
| Accounts Payable & Other Liabilities | 78,084,295 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,033,662,074 |
| Regular shares | 932,685,204 |
| All Other Shares & Deposits | 3,455,033,681 |
| TOTAL SHARES & DEPOSITS | 5,421,380,959 |
| TOTAL LIABILITIES | 6,337,823,995 |
| Regular Reserve | 0 |
| Other Reserves | -52,455,582 |
| Undivided Earnings | 664,134,715 |
| TOTAL EQUITY | 611,679,133 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 6,949,503,128 |
| INCOME & EXPENSE | |
| Loan Income | 263,796,593 |
| Investment Income | 21,347,074 |
| Other Income | 19,355,361 |
| Total Employee Compensation & Benefits | 84,292,025 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 80,361,451 |
| Non-operating Income & (Expense) | -50,946 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 18,494,536 |
| Cost of Funds | 110,298,594 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 51,129,068 |
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