Summit Federal Credit Union

Overview / Commentary
100 Wheeler St
Akron, OH 44311

Summit Federal Credit Union is headquartered in Akron and is the 103rd largest credit union in the state of Ohio. It is also the 2,358th largest credit union in the nation. It was established in 1951 and as of March of 2024, it had grown to 14 employees and 4,778 members at 2 locations. Summit Federal Credit Union's CD rates are 4X the national average, and it has a B+ health rating.

Field of Membership Restrictions

Summit Federal Credit Union is open to employees or members of eligible companies and organizations, as well as their immediate family members. (A complete list of requirements and member groups are listed on the credit union's website)
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Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Summit Federal Credit Union has a relatively low asset base.

Health Grade Components

NCUA #7182
Year Chartered1951
Primary Regulator
Profit Margin
Return on Assets - YTD1.44%
Return on Equity - YTD10.48%
Annual Interest Income$640K
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$56.6MM$58.8MM
LoansQ1 2024vs Q1 2023$32.7MM$31.1MM
DepositsQ1 2024vs Q1 2023$48.5MM$51.7MM
Equity CapitalQ1 2024vs Q1 2023$7.7MM$6.8MM
Loan Loss AllowanceQ1 2024vs Q1 2023$193K$238K
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$93K$89K
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Summit Federal Credit Union Savings Account Rates

0.20%$101-Regular Shares
0.20%$101-Club Account
0.20%$101-IRA Passbook Account

Summit Federal Credit Union Money Market Rates

0.55%$2k-Silver Money Market Checking

Summit Federal Credit Union CD Rates

3.85%$2.5k-9 Month Share Certificate
3.85%$500-12 Month Share Certificate
3.50%$2.5k-3 Month Share Certificate
3.50%$2.5k-6 Month Share Certificate
3.00%$500-24 Month Share Certificate
3.00%$500-18 Month Share Certificate
2.25%$500-60 Month Share Certificate
2.00%$500-48 Month Share Certificate
2.00%$500-54 Month Share Certificate
1.75%$500-36 Month Share Certificate
1.75%$500-42 Month Share Certificate

Summit Federal Credit Union Locations
Branch Office100 Wheeler StAkron, OH 44311-1122
Branch Office1070 E State St Ste CSalem, OH 44460-2200

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