Summit Bank & Trust is headquartered in Broomfield and is the 62nd largest bank in the state of Colorado. It is also the 4,419st largest bank in the nation. It was established in 2006 and as of December of 2013, it had grown to 66 employees at 3 locations. Summit Bank & Trust's savings rates are 44% higher than the national average, and it has a A health rating.
2/2012 - went to go in to open an account, I didn't know it but the woman has started the "process" based on the information that I gave her over the phone, so when I went in with kids in tow, I was in and out in about 5-10 minutes. I couldn't believe it! My cost to open the "free" account was $25, $10 for checks. The drive thru has been very friendly and helpful. The one thing that I do not like is I live in a big apartment complex right across the street, apparently my ATM Visa card got sent back to the processing center, I was never called. I asked about it in the drive thru and I was told it was "resent" to me and to wait another week. So I waited, no card. So I called my personal banker, no call back for 2 days. I said, then when she did call back she asked me to wait another 5 biz days, I agreed, that came and went. I called and said I wanted my card overnighted, she called back and said a "rush" was put on the card and that I should expect it by Friday and I could come to bank to pick it up. Today is Saturday 3/31 (account opened 2/28), no card, no call to follow up. So needless to say, strong start, very poor finish... and the girl said "oh you will love us for our customer service"... ya
We banked at the Erie branch. Had a good relationship until a couple of days ago when they started charging our customers to cash our checks. They provided no notice of this policy change and refused to talk to us about it. We chose Summit Bank two years ago because they did not charge this fee. Management was very rude and informed us that we were not important enough to them for them to discuss this matter with us.
This is not a bank that I could reccomend in any way, except to stay away from.
I began banking with Summit Bank & Trust after I moved to the area from Atlanta. With the banking debacle I was/am not interested in banking with one of the mega banks. I wanted a strong bank with a community bank feel. I found this at Summit Bank in Erie. The staff is very friendly and knowledgeable. After one or two visits they recognized me and call me by name. I was pleased to open a "free checking" account, that really is free.
On several occasions I was away on business and they helped me over the phone and over email with my account. I've been able to make wire transfers without being there face-to-face. This is a refreshing difference from my big bank experience, which did away with this and required me to sign in person for wire transfers. My drive-thru experiences are equally as strong. The staff is always very pleasant, and even my dogs like going the drive-thru, as they get doggie treats.
I use on-line banking for transfers between Summit and my other banks, located out-of-state. The transfers are a breeze, and more importantly, there is no charge. My Atlanta bank charged me $3.00 for every transfer outside the bank, and it took several days.
Another plus that I like is that when I make a deposit it goes into my account immediately. It doesn't matter if it is after 2pm (a cutoff time for a lot of banks, big and small), or if it's Saturday at 11:45am. This is great for my personal cash flow.
All in all, I am extremely pleased. I haven't had one complaint since I began banking with them.
I used to bank at the Summit bank in Thornton. Although I though the majority of employees who worked there were friendly and helpful, a quasi-managerial employee was incompetent, and dishonest. When I complained about her behavior, I was told to leave the bank. If I ran my business like that, I would be out of business in a year!
Bank posts debits before deposits. Excessive fees, inflexible staff.
Opened an account at Summit Bank & Trust's Broomfield office recently and was blown away by their service quality. Personal banker named Ashley helped me find the right checking account, added a debit card and internet banking for me, and in less than 20 minutes I was on my way. When I got my debit card they were able to assist me in getting my PIN changed to one I wanted. The bank not only has a warm feeling about it, their staff is friendly and knowledgeable. On top of that, my new Cash Rewards account is earning me 3.03%. I should have left US Bank a long time ago.
Customer since they opened. Quality of staff and service has gone downhill. There are a lot of better banks...looks like they are struggling. Too bad - used to be good community bank.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Summit Bank & Trust had $1.67 million in non-current loans and owned real-estate with $12.42 million in equity and loan loss allowances on hand to cover it. This gives Summit Bank & Trust a Texas Ratio of 13.47% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Summit Bank & Trust decreased dramatically from 25.56% as of December 31, 2012 to 13.47% as of December 31, 2013, resulting in a positive change of 47.30%.This indicates that the balance sheet and financial strength for Summit Bank & Trust has improved dramatically in recent periods.
In the past year, Summit Bank & Trust has increased its total deposits by $8.13 million, resulting in 8.71% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Summit Bank & Trust has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Summit Bank & Trust has $113.72 million in assets with $12.42 million in equity, resulting in a capitalization level of 10.92%, which is above average.
|FDIC Certificate #||58458|
|Assets and Liabilities|
|Equity Capital||$11.08 million|
|Loan Loss Allowance||$1.33 million|
|Unbacked Noncurrent Loans||$688,000|
|Real Estate Owned||$984,000|
|Historic Data - December 2012|
|Equity Capital||$12.39 million|
|Loan Loss Allowance||$1.20 million|
|Unbacked Noncurrent Loans||$688,000|
|Real Estate Owned||$315,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.54%|
|Return on Assets||-0.52%|
|Return on Equity||-5.22%|
|Interest Income||$4.31 million|
Always verify rates and promotions with the bank or credit union. We are not Summit Bank & Trust, we are a rate comparison website and can not provide official rates or promotions.
|0.75%||$100k||-||High Yield Savings|
|2.01%||-||$20k||Cash Rewards Checking|
|0.01%||-||-||Cash Rewards Checking|
|1.60%||-||-||60 Month CD|
|1.20%||-||-||48 Month CD|
|0.85%||-||-||36 Month CD|
|0.50%||-||-||24 Month CD|
|0.40%||-||-||12 Month CD|
|0.40%||-||-||18 Month CD|
|0.30%||-||-||6 Month CD|
|1.70%||-||-||60 Month IRA (Traditional,Roth,CESA)|
|0.85%||-||-||36 Month IRA (Traditional,Roth,CESA)|
|0.50%||-||-||24 Month IRA (Traditional,Roth,CESA)|
|0.40%||-||-||12 Month IRA (Traditional,Roth,CESA)|
|Summit Bank & Trust Locations|
|Larkridge Branch||16501 Washington Street||Thornton, CO 80023|
|Summit Bank & Trust||199 South Briggs Street||Erie, CO 80516|
|Summit Bank & Trust||2002 East Coalton Road||Broomfield, CO 80021|