Summit CU (WI) is headquartered in Madison and is the 3rd largest credit union in the state of Wisconsin. It is also the 82nd largest credit union in the nation. It was established in 1935 and as of March of 2014, it had grown to 346 employees and 137,502 members. Summit CU (WI) has a A+ health rating.
Field of Membership Restrictions
Anyone can join Summit Credit Union. - See Details
Summit Credit Union Review
We have been a member of Summit Credit Union in Sun Prairie, WI for several years now and they have never failed to bend over backward to meet our every need. We used to belong to another bank when we first moved here and were so disappointed in their service that we actively sought out a different financial institution. SCU is always willing to sit down with you and go over anything you want to look at. When my mother moved up here, we suggested SCU to her and she has had great success with them. She sometimes gets confused and doesn't understand things. They will call her to discuss transactions or she will go there and they will sit down and go over her accounts with her. That is SO awesome. When we started our own business, they were wonderful about helping us figure out a plan of "attack" and helping us to figure out how to get the money we needed. I can't say enough good things about them.
Summit Credit Union
I have been a member of Summit Credit Union for over five years now. Every time I go there, I have been treated with respect. Even when applying for a mortgage, they made me feel welcome, and never intimidated. Every person who works there - in the front, or the back offices, has always been helpful and extremely professional. I would not go back to a bank unless I absolutely had to. At Summit, you always get the sense that they are looking out for their members.
Big town credit union small town feel
I feel like a real person at Summit and not based by the amount in my account. I like the fee free ATM and I love the Pay if Forward idea. The Credit Union is involved in the community and I appreciate that. I can't see myself changing to another financial institution and for the first time I actually enjoy going to a financial institution.
Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Summit CU (WI) had $12.37 million in non-current loans and owned real-estate with $241.05 million in equity and loan loss allowances on hand to cover it. This gives Summit CU (WI) a Texas Ratio of 5.13% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Summit CU (WI) decreased dramatically from 8.02% as of March 31, 2013 to 5.13% as of March 31, 2014, resulting in a positive change of 36.03%.This indicates that the balance sheet and financial strength for Summit CU (WI) has improved dramatically in recent periods.
Deposit Growth
In the past year, Summit CU (WI) has increased its total deposits by $55.65 million, resulting in 3.35% 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 CU (WI) has shown is excellent.
Capitalization
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 CU (WI) has $2.01 billion in assets with $241.05 million in equity, resulting in a capitalization level of 12.02%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 67190 |
| Year Chartered | 1935 |
| Employees | 346 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $2.01 billion |
| Loans | $1.40 billion |
| Deposits | $1.72 billion |
| Equity Capital | $222.43 million |
| Loan Loss Allowance | $18.62 million |
| Unbacked Noncurrent Loans | $11.53 million |
| Real Estate Owned | $842,000 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $1.93 billion |
| Equity Capital | $197.43 million |
| Loan Loss Allowance | $19.71 million |
| Unbacked Noncurrent Loans | $11.53 million |
| Real Estate Owned | $1.35 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 0.98% |
| Return on Assets | 1.06% |
| Return on Equity | 9.6% |
| Interest Income | $17.19 million |
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Summit CU (WI) Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $25 | - | IRA | |
| 0.15% | $25 | $10k | GoSave Account | |
| 0.10% | $25 | - | Savings | |
| 0.10% | $25 | - | 2nd Savings | |
| 0.10% | $25 | - | Holiday Savings |
Summit CU (WI) Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $100k | - | Money Market Plus Account Rates |
Summit CU (WI) Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.05% | $2,500 | - | Business Dividend Checking | |
| 0.05% | $25 | - | Dividend Checking |
Summit CU (WI) CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.50% | $500 | - | 60 Month CD | |
| 1.00% | $500 | - | 48 Month CD | |
| 1.00% | $500 | - | 30 Month CD Special | |
| 0.90% | $500 | - | 36 Month CD | |
| 0.55% | $500 | - | 24 Month CD | |
| 0.55% | $500 | - | 10 Month CD Special | |
| 0.45% | $500 | - | 18 Month CD | |
| 0.30% | $500 | - | 9 Month CD | |
| 0.30% | $500 | - | 12 Month CD | |
| 0.30% | $1k | - | 24 Month Riser CD | |
| 0.30% | $250 | - | 24 Month Plus CD | |
| 0.20% | $500 | - | 6 Month CD | |
| 0.20% | $250 | - | 18 Month Plus CD | |
| 0.15% | $500 | - | 3 Month CD | |
| 0.15% | $250 | - | 12 Month Plus CD | |
| 0.10% | $250 | - | 6 Month Plus CD |
Summit CU (WI) IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.50% | $500 | - | 60 Month IRA | |
| 1.00% | $500 | - | 48 Month IRA | |
| 1.00% | $500 | - | 30 Month IRA Special | |
| 0.90% | $500 | - | 36 Month IRA | |
| 0.55% | $500 | - | 24 Month IRA | |
| 0.55% | $500 | - | 10 Month IRA Special | |
| 0.45% | $500 | - | 18 Month IRA | |
| 0.30% | $500 | - | 9 Month IRA | |
| 0.30% | $500 | - | 12 Month IRA | |
| 0.30% | $250 | - | 24 Month Plus IRA | |
| 0.30% | $1k | - | 24 Month Rate Riser IRA | |
| 0.20% | $500 | - | 6 Month IRA | |
| 0.20% | $250 | - | 18 Month Plus IRA | |
| 0.15% | $500 | - | 3 Month IRA | |
| 0.15% | $250 | - | 12 Month Plus IRA | |
| 0.10% | $250 | - | 6 Month Plus IRA |
Summit CU (WI) has 24 locations. Click to view all Summit CU (WI) locations.