Summit Credit Union is headquartered in Akron and is the 106th largest credit union in the state of Ohio. It is also the 2,480th largest credit union in the nation. It was established in 1951 and as of March of 2014, it had grown to 12 employees and 5,520 members. Summit Credit Union has a B+ health rating.
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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 Credit Union had $210,000 in non-current loans and owned real-estate with $5.28 million in equity and loan loss allowances on hand to cover it. This gives Summit Credit Union a Texas Ratio of 3.98% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Summit Credit Union experienced no significant changes from 4.28% as of March 31, 2013 to 3.98% as of March 31, 2014, resulting in a positive change of 7.04%.This indicates that the balance sheet and financial strength for Summit Credit Union has had no significant changes in recent periods.
In the past year, Summit Credit Union has increased its total deposits by $2.14 million, resulting in 6% 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 Credit Union 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 Credit Union has $43.23 million in assets with $5.28 million in equity, resulting in a capitalization level of 12.22%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$5.19 million|
|Loan Loss Allowance||$94,000|
|Unbacked Noncurrent Loans||$117,000|
|Real Estate Owned||$93,000|
|Historic Data - March 2013|
|Equity Capital||$5.09 million|
|Loan Loss Allowance||$125,000|
|Unbacked Noncurrent Loans||$117,000|
|Real Estate Owned||$102,000|
|Profit Margin - Quarterly|
|Net Interest Margin||1.05%|
|Return on Assets||0.31%|
|Return on Equity||2.62%|
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|0.05%||$101||-||IRA Passbook Account|
|0.05%||$101||-||Roth IRA Passbook Account|
|0.05%||$101||-||CESA Passbook Account|
|0.10%||$2k||-||Silver Money Market Checking|
|1.10%||$500||-||60 Month Share Certificate|
|0.95%||$500||-||54 Month Share Certificate|
|0.80%||$500||-||48 Month Share Certificate|
|0.70%||$500||-||42 Month Share Certificate|
|0.55%||$500||-||36 Month Share Certificate|
|0.40%||$500||-||24 Month Share Certificate|
|0.20%||$500||-||12 Month Share Certificate|
|0.15%||$2,500||-||6 Month Share Certificate|
|0.15%||$2,500||-||9 Month Share Certificate|
|0.10%||$2,500||-||3 Month Share Certificate|
|1.10%||$500||-||60 Month IRA Share Certificate|
|0.95%||$500||-||54 Month IRA Share Certificate|
|0.80%||$500||-||48 Month IRA Share Certificate|
|0.70%||$500||-||42 Month IRA Share Certificate|
|0.55%||$500||-||36 Month IRA Share Certificate|
|0.40%||$500||-||24 Month IRA Share Certificate|
|0.20%||$500||-||12 Month IRA Share Certificate|
|0.15%||$2,500||-||6 Month IRA Share Certificate|
|0.15%||$2,500||-||9 Month IRA Share Certificate|
|0.10%||$2,500||-||3 Month IRA Share Certificate|
|Summit Credit Union Locations|
|Branch Office||100 Wheeler St||Akron, OH 44311-1122|
|Branch Office||1446 State Route 344||Salem, OH 44460-3838|