Overview / Commentary
Summit Federal Credit Union is headquartered in Akron and is the 103rd largest credit union in the state of Ohio. It is also the 2,342nd largest credit union in the nation. It was established in 1951 and as of June of 2024, it had grown to 14 employees and 4,784 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)
See current membership details
Health
B+
Data as of Q2 2024
Learn why bank health mattersAdditional 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 Chartered | 1951 |
| Employees | 14 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.6% |
| Return on Equity - YTD | 11.4% |
| Annual Interest Income | $1.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $56.6MM$58.2MM |
| Loans | Q2 2024vs Q2 2023 | $32.7MM$31.7MM |
| Deposits | Q2 2024vs Q2 2023 | $48.3MM$50.8MM |
| Equity Capital | Q2 2024vs Q2 2023 | $8MM$7.1MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $192K$207K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $127K$59K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |