2 star ratingAverage User Rating:
2 star rating based on 5 reviews.

Summit Bank & Trust

Summit Bank & Trust Locations
2002 East Coalton Road
Broomfield, CO 80021
303.460.4700
www.summitbt.com

FDIC


Summit Bank & Trust is headquartered in Broomfield and is the 61st largest bank in the state of Colorado. It is also the 4,420th largest bank in the nation. It was established in 2006 and as of December of 2012, it had grown to 58 employees at 3 locations. Summit Bank & Trust has a 4-star health rating.

Summit Bank & Trust Routing Number: 107007197

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4.01% Reward Checking Account at a Colorado Bank (Summit Bank and Trust) - 5/25/2008

Update 4/04/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.Summit Bank & Trust is offering a rewards checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM...

5.80% 10-Month CD at a Colorado Bank (Summit Bank and Trust) - 2/13/2007

Summit Bank and Trust is offering a special 5.80% APY 10-month certificate of deposit. The minimum deposit is $1,000 and the maximum is $35,000. It requires that you open a checking account with direct depsoit. There's also a 5.75% APY listed that may...



See Rates for: Checking | Savings | CD | IRA

Summit Bank & Trust Checking Account Rates

ApyMinMaxProduct
2.01%-$20kCash Rewards Checking

Summit Bank & Trust Savings Account Rates

ApyMinMaxProduct
0.75%$100k-High Yield Savings

Summit Bank & Trust CD Rates

ApyMinMaxProduct
1.20%--60 Month CD
1.00%--48 Month CD
0.70%--36 Month CD
0.65%--24 Month CD
0.55%--18 Month CD
0.50%--12 Month CD
0.35%--6 Month CD

Summit Bank & Trust IRA Rates

ApyMinMaxProduct
1.30%--60 Month IRA
1.30%--60 Month Roth IRA
1.30%--60 Month CESA
0.70%--36 Month IRA
0.70%--36 Month Roth IRA
0.70%--36 Month CESA
0.65%--24 Month IRA
0.65%--24 Month Roth IRA
0.65%--24 Month CESA
0.50%--12 Month IRA
0.50%--12 Month Roth IRA
0.50%--12 Month CESA

Rates updated: 5/20/2013 * Not all products updated

Data for Q4 2012


Institution Statistics


Summit Bank & Trust
FDIC Certificate #58458
BankRate ReportView
Year Established2006
Employees58
Primary RegulatorFDIC

Assets and Liabilities

Assets$119.75 million
Loans$81.47 million
Deposits$93.32 million
Equity Capital$12.39 million
Loan Loss Allowance$1.20 million
Unbacked Noncurrent Loans$3.16 million
Real Estate Owned$315,000

Historic Data - December 2011

Assets$101.12 million
Equity Capital$12.44 million
Loan Loss Allowance$1.01 million
Unbacked Noncurrent Loans$2.85 million
Real Estate Owned$344,000

Profit Margin - Quarterly

Net Interest Margin3.59%
Return on Assets-0.28%
Return on Equity-2.37%
Interest Income$4.17 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio3
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, 2012 Summit Bank & Trust had $3.47 million in non-current loans and owned real-estate with $13.59 million in equity and loan loss allowances on hand to cover it. This gives Summit Bank & Trust a Texas Ratio of 25.56% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Summit Bank & Trust held steady from 23.73% as of December 31, 2011 to 25.56% as of December 31, 2012, resulting in a negative change of 7.71%. This indicates that the balance sheet and financial strength for Summit Bank & Trust has held steady in recent periods.
Deposit Growth5
In the past year, Summit Bank & Trust has increased its total deposits by $12.1 million, resulting in 14.89% 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.
Capitalization4
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 $119.75 million in assets with $13.59 million in equity, resulting in a capitalization level of 11.35%, which is above average.
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Was Impressed...
3 stars - wasimpressed - Saturday, March 31, 2012 - 5:08 PM

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

5

Not A Good Bank
1 stars - eriegs - Friday, June 10, 2011 - 3:42 PM

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.

5

Great Local Bank
5 stars - moxiehoxie - Friday, March 25, 2011 - 3:09 PM

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.

4

Lack Of Professionalism By Summit Bank
1 stars - Ankrum - Saturday, June 18, 2011 - 7:44 AM

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!

3

Charge Excessive Fees
1 stars - jd - Wednesday, August 25, 2010 - 10:35 AM

Bank posts debits before deposits. Excessive fees, inflexible staff.

2