Summit Federal Credit Union


Overview / Commentary
330-376-3626
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 2,346th largest credit union in the nation. It was established in 1951 and as of September of 2023, it had grown to 14 employees and 4,799 members at 2 locations. Summit Federal Credit Union's CD rates are 5X 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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Health
B+
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

Overall
NCUA #7182
Year Chartered1951
Employees14
Primary Regulator
Profit Margin
Return on Assets - YTD1.63%
Return on Equity - YTD12.91%
Annual Interest Income$1.7MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$57.3MM$59.3MM
LoansQ3 2023vs Q3 2022$32.1MM$29.6MM
DepositsQ3 2023vs Q3 2022$49.6MM$52.6MM
Equity CapitalQ3 2023vs Q3 2022$7.3MM$6.4MM
Loan Loss AllowanceQ3 2023vs Q3 2022$208K$206K
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$112K$13K
Real Estate OwnedQ3 2023vs Q3 2022$0$0
Rates
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Summit Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%$101-Regular Shares
0.20%$101-Club Account
0.20%$101-IRA Passbook Account

Summit Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$2k-Silver Money Market Checking

Summit Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.15%$2.5k-6 Month Share Certificate
4.75%$500-12 Month Share Certificate
4.50%$2.5k-9 Month Share Certificate
4.25%$2.5k-3 Month Share Certificate
3.50%$500-18 Month Share Certificate
3.25%$500-24 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
Locations


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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