1st Summit Bank is headquartered in JOHNSTOWN and is the 37th largest bank in the state of Pennsylvania. It is also the 778th largest bank in the nation. It was established in 1924 and as of March of 2023, it had grown to 212 employees at 17 locations. 1st Summit Bank's money market rates are 2X the national average, and it has a B+ health rating.
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
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.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8426 |
| Year Established | 1924 |
| Employees | 212 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.59% |
| Return on Equity - YTD | 8.09% |
| Annual Interest Income | $11.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $1.34B$1.30B |
| Loans | Q1 2023vs Q1 2022 | $718.3MM$674.2MM |
| Deposits | Q1 2023vs Q1 2022 | $1.15B$1.15B |
| Equity Capital | Q1 2023vs Q1 2022 | $99.3MM$106.2MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $7.8MM$7.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $4.2MM$3.5MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $469.00K$0 |
