1st Summit Bank

Overview / Commentary
125 Donald Lane
Johnstown, PA 15904

1st Summit Bank is headquartered in JOHNSTOWN and is the 41st largest bank in the state of Pennsylvania. It is also the 796th largest bank in the nation. It was established in 1924 and as of March of 2024, it had grown to 206 employees at 19 locations. 1st Summit Bank's money market rates are 2X the national average, and it has a B+ health rating.

Reviews (2)

Be Careful!

I opened a checking account at this bank in my hometown. It is a free checking account unless my balance falls under a certain amount and offers online access. The online experience is not very good and the website feels very clunky to use. I'm used to bigger institutions that have better designed web offerings. However, my biggest complaint with this small bank is that they do not do a good job of protecting your information. Sometimes when I go into the bank to withdraw money, even large amounts, they do not ask for identification. This is not because they know who I am, but because they do not do their due diligence in protecting my information. They even deposited money in the wrong account once -- they put the money in my sister's account instead of mine. Be careful when banking with them because they do not do a good job of protecting your assets.

Terrible experiences banking with a small bank

Posted by: |

I recently needed to open up a bank account with my mum before a trip we were doing so that we could pool our money. She's from a small town in Pennsylvania and suggested setting up the bank account with her local bank, 1st Summit. I agreed and we opened the checking account in both of our names. The process to open the account was easy, even though I was out of state. They also personally called me when my mum used the wrong account for a purchase and over-drafted ours (we hadn't pooled our money into it yet so it was pretty bare). I really liked those experiences. However, their security was terrible. They consistently fell prey to cyber attacks and would send us new debit/credit cards more than once a year which seemed absurd. They also did not ask for ID when I was withdrawing funds from the account at one of the local branches. Also, once when my mum was depositing money, they deposited it into my sister's account instead of my mum's. The error was not discovered by the bank, but by my family. These practices make me feel nervous about banking with small banks.


Health Grade Components

FDIC Certificate #8426
Year Established1924
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-0.18%
Return on Equity - YTD-2.5%
Annual Interest Income$13.4MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$1.36B$1.34B
LoansQ1 2024vs Q1 2023$756.9MM$718.3MM
DepositsQ1 2024vs Q1 2023$1.2B$1.15B
Equity CapitalQ1 2024vs Q1 2023$94.2MM$99.3MM
Loan Loss AllowanceQ1 2024vs Q1 2023$7.8MM$7.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$5.9MM$4.2MM
Real Estate OwnedQ1 2024vs Q1 2023$807K$469K
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Always verify rates and promotions with the bank or credit union. We are not 1st Summit Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

1st Summit Bank Savings Account Rates

1.00%$0-Holiday Club w/ Automatic Deduction
0.75%$0-Holiday Club w/o Automatic Deduction
0.51%$25-Variable Great Going IRA
0.51%$25-Variable Best Relationship IRA
0.11%*$25k*-Statement Savings Accounts
OTHER TIERS: 0.06% $50 - $25k
0.11%*$25k*-Smart Savers Club
OTHER TIERS: 0.06% $50 - $25k

1st Summit Bank Money Market Rates

1.00%*$1m*-Insured Money Market Account
OTHER TIERS: 0.06% $300 - $100k | 0.11% $100k - $200k | 0.21% $200k+ | 0.75% $500k - $1m
1.00%*$1m*-Advantage Plus Money Management
OTHER TIERS: 0.06% $0 - $100k | 0.11% $100k - $200k | 0.21% $200k - $500k | 0.75% $500k - $1m
1.00%*$1m*-Business Insured Money Market Account
OTHER TIERS: 0.06% $300 - $100k | 0.11% $100k - $200k | 0.21% $200k - $500k | 0.75% $500k - $1m
1.00%*$1m*-Non-profit Insured Money Market Accounts
OTHER TIERS: 0.06% $300 - $100k | 0.11% $100k - $200k | 0.21% $200k - $500k | 0.75% $500k - $1m

1st Summit Bank Checking Account Rates

0.11%*$25k*-Primetimer's Club Checking Accounts
OTHER TIERS: 0.06% $300 - $25k
0.11%*$25k*-The Club Checking Accounts
OTHER TIERS: 0.06% $300 - $25k
0.11%*$25k*-Club Gold Checking Accounts
OTHER TIERS: 0.06% $300 - $25k
0.06%$1k-Business Now

1st Summit Bank CD Rates

2.26%$500-182 Day Best Relationship CD
2.26%$500-12 Month Best Relationship CD
2.26%$500-18 Month Best Relationship CD
2.26%$500-24 Month Best Relationship CD
2.26%$500-30 Month Best Relationship CD
2.26%$500-36 Month Best Relationship CD
2.26%$500-48 Month Best Relationship CD
2.26%$500-60 Month Best Relationship CD
2.11%$500-42 Month Best Relationship CD
2.01%$500-182 Day Great Going CD
2.01%$500-12 Month Great Going CD
2.01%$500-24 Month Great Going CD
2.01%$500-30 Month Great Going CD
2.01%$500-18 Month Great Going CD
2.01%$500-48 Month Great Going CD
2.01%$500-60 Month Great Going CD
2.01%$500-36 Month Great Going CD

1st Summit Bank IRA Rates

2.51%$100-18 Month Best Relationship IRA
2.26%$100-18 Month Great Going IRA
2.26%$100-42 Month Best Relationship IRA
2.26%$100-12 Month Best Relationship IRA
2.26%$100-12 Month Great Going IRA
2.01%$100-42 Month Great Going IRA


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