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Overview / Commentary
100 Wheeler St
Akron, OH 44311-1122

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.

Field of Membership Restrictions

Must be an employee of Summit County or other select company and organization. - See Details

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Data for Q1 2014

Institution Health

Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Summit Credit Union has a low asset base.

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 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.

Texas Ratio Trend


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.

Deposit Growth


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.

Institution Statistics

NCUA #7182
Year Chartered1951
Primary Regulator
Assets and Liabilities
Assets$43.23 million
Loans$21.07 million
Deposits$37.85 million
Equity Capital$5.19 million
Loan Loss Allowance$94,000
Unbacked Noncurrent Loans$117,000
Real Estate Owned$93,000
Historic Data - March 2013
Assets$40.98 million
Equity Capital$5.09 million
Loan Loss Allowance$125,000
Unbacked Noncurrent Loans$117,000
Real Estate Owned$102,000
Profit Margin - Quarterly
Return on Assets0.31%
Return on Equity2.62%
Interest Income$281,000
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Summit Credit Union Savings Account Rates

0.05%$101-Regular Shares
0.05%$101-Club Account
0.05%$101-IRA Passbook Account
0.05%$101-Roth IRA Passbook Account
0.05%$101-CESA Passbook Account

Summit Credit Union Money Market Rates

0.10%$2k-Silver Money Market Checking

Summit Credit Union CD Rates

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

Summit Credit Union IRA Rates

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 Office100 Wheeler StAkron, OH 44311-1122
Branch Office1446 State Route 344Salem, OH 44460-3838