About Us and Our Mission
We’ve been serving our members for over 70 years. Unlike other financial institutions, credit unions are owned and controlled by their members. Credit unions are not-for-profit cooperatives. There are no outside stockholders and no paid board of directors. All of your credit union's excess earnings are returned to members in the form of lower interest rates on loans and higher dividend rates on deposits. The all-volunteer Board of Directors is democratically elected by the membership, and each member is entitled to one vote regardless of the amount they have on deposit.
Deciding to do financial business with Summit Federal is easy. We offer a large variety of member services at competitive prices in a friendly, personal atmosphere. At Summit Federal, you're a member, not an account number! Let us know what we can do for you!
Your money is well protected: funds deposited at SFCU are covered by the National Credit Union Share Insurance Fund (NCUSIF). Not one member has lost a single penny of insured savings at this credit union. Additionally, savings in excess of the $250,000, up to $500,000 is covered by Excess Share Insurance (ESI).
Summit FCU Mission Statement
Summit Federal Credit Union is a member-owned and member-controlled financial cooperative formed and operated by people whose purpose is to support and promote:
- the provision of a broad range of high-quality, cost-effective financial services
- the education and assistance of members in achieving their financial goals, and
- the assurance of the credit union’s continuing financial stability while upholding the credit union philosophy of “people helping people"
A short history about Summit Federal Credit Union
In 1951, Summit Federal Credit Union ( then known as Summit School Employees Federal Credit Union), like all credit unions, was organized because a handful of people believed in an idea and were willing to work, to serve, to create, to bring to reality a cooperative financial institution. We organized for mutual protection and financial assistance to our members. Self-managed under federal law, we provide members with a variety of financial services at competitive rates and strive to meet all their financial needs.
In 1974, our field of membership was expanded to include employees of Summit County Government. Since that time, our membership has expanded to include many employee groups and family members. But our mission has remained the same...to provide quality, confidential, personalized services to meet the financial needs of members while maintaining safety, soundness and financial stability.