annual report 2014 - Summit Credit Union

ANNUAL REPORT 2014
THE POWER TO SPEND SMART
THE POWER TO SAVE MORE
THE POWER TO GIVE BACK
SUMMIT’S VISION:
CONNECT PEOPLE AND INSPIRE ACTION TO
CREATE MEMBER AND COMMUNITY WEALTH
2 SUMMIT CREDIT UNION
CONTENTS
CHAIR/CEO REPORT
06
THE POWER TO
SPEND SMART
08
THE POWER TO
GIVE BACK
16
Pay it Forward Winner at Co-op Connection 2014
THE POWER TO
SAVE MORE
20
TREASURER’S REPORT
22
INCOME STATEMENT
& STATEMENT OF
FINANCIAL CONDITION
24
2014 Member Fest Obstacle Race Champions
3
YOUR 2014
BOARD OF DIRECTORS
Mike O’Brien
Chair
Local Sales Manager
Journal
Broadcast Group
John Litscher
Vice Chair
Partner
Comprehensive
Wealth Planner
The Capital Group
Mike Schenk
Secretary
Vice President
Economics & Statistics
Credit Union
National Association
Dave Reszel
Treasurer
Retired
Milwaukee Journal
Sentinel
Dennis Sauey
Immediate Past Chair
Owner/President
Norse Leasing
Corporation
Sue Racine
Director
Director - Product
Marketing
CUNA Mutual Group
Stephanie Norvaisas
Director
Managing Director
& Principal
Design Concepts
Bob Lindner
Director
Vice President
Madison Investment
Advisors, LLC
Mary Turke
Director
Managing Partner,
Attorney at Law
Michael Best &
Friedrich, LLC
2014
LOOK WHAT WE’VE ACCOMPLISHED TOGETHER!
#1 Small Business Administration Lender
Among CUs in Wisconsin
Governor’s Financial Literacy Award
for Summit’s CUatWork workplace financial wellness program
CUNA National Desjardins Financial Education Award
for Summit’s Project Teen Money
CUNA Diamond Award
for Summit’s CUatWork workplace financial wellness program
Top Co-op Award of Merit — Mobilization and Involvement
for Co-op Connection from International Summit of Cooperatives
CUES Golden Mirror Award for Branch Design and Positioning
for Summit’s Inspiration Branch
CUDL Best Practice in Marketing to Members
for Summit’s Sign & Drive option for members
Co-op Builder Award
Kim Sponem, CEO/President of Summit Credit Union for outstanding
contributions to advance cooperative philosophy & ideals
In Business Executive Choice Award
Summit voted #1 preferred credit union (5th year in a row)
CUNA ELLy Training Champion Award
For senior manager vision and leadership in training initiatives
CUNA ELLy Award for Excellence in E-Learning Design
BRAVA Best Financial Institution
Voted #1 by readers of BRAVA
Best Financial Institution of Sun Prairie
Voted #1 by readers of The Sun Prairie Star (5th year in a row)
Best Financial Institution of Waunakee
Voted #1 by readers of Waunakee Tribune and the
Waunakee-Westport Chamber of Commerce (5th year in a row)
Star of Madison Award
Summit voted #1 credit union by readers of Madison.com,
Wisconsin State Journal, Capital Times and 77 Square (5th year in a row)
United Way of Dane County Best Practices, Bronze Award,
& The Red Feather Award
Certificate of Engagement for Sustainability
For Summit’s 2013-14 MPower Business Champion participation from
Sustain Dane and the Mayor of Madison
CHAIR/CEO REPORT
Mike O’Brien, Board Chair
Kim Sponem, CEO/President
Dear Members,
As a member of Summit Credit Union, the more you do business with Summit,
the more you receive in savings, innovations, convenience and a richer life.
Here are a few of the highlights of 2014, another year of making Summit
members’ lives richer:
• As a cooperative, we saved our members $16.1 million in 2014 over for-profit
financials in Wisconsin.1 That includes our board-approved payout of our
first Cash Boomerang. On top of significant every-day savings to all
members, Cash Boomerang was a $1.48 million member give-back based on
how much members build the cooperative by checking, saving and
borrowing with Summit.
• We completed the welcoming of members from Veterans
Administration Credit Union and Greater Milwaukee Credit Union.
• We provided more than $1.1 billion in loans to members to help them reach
their dreams.
• We introduced multiple checking options to give you the best fit. It was
a resounding success. We had 7,559 more checking accounts at the
end of 2014 than the year before.
• We launched Summit’s new mobile app and added remote deposit capture
in April. By the end of 2014, over 26,600 members were using it to make
managing money easy, including making more than 94,619 mobile deposits.
6 SUMMIT CREDIT UNION
•
•
•
•
•
We opened a new branch in Stoughton, a new mortgage loan office in
Verona, started construction on a Waukesha location and have plans underway
for future locations in Franklin and Muskego.
As a leader in financial education, we provided resources and programs to
thousands of members and the wider community online, in person and in
the media. And we were awarded the 2014 Governor’s Financial Literacy
Award for our CUatWork program.
We continued as the Small Business Administration’s number one SBA lender2
among credit unions in Wisconsin since 2011.
And we continued to be the number one mortgage lender in Dane County
providing more than $1 million3 in mortgage savings in 2014.
Our total membership grew by 6,706 to 142,880 as of December 31, 2014.
In the pages of this annual report to our members, you’ll find more highlights
of 2014 and the impacts we make together (pp. 8 - 21), awards and recognition
(p. 2), information you can use (p. 15 & p. 27) and coupons to save even more
in 2015 (p. 27).
We appreciate your trust in us to provide returns you won’t find anywhere else —
from genuine savings, to money know-how, to a richer life. Thank you,
members, employees and board members for owning the possibilities!
Mike O’Brien, Board Chair
Kim Sponem, CEO/President
As a Summit Credit Union member,
the more you do business with Summit
the more you’ll know about your
money and the more you’ll save
so you’ll be happier and
tell your friends to join
and Summit will grow
and return even more to
you and the community
and the richer your life becomes!
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
NCUA
Federally insured by NCUA
1. Savings over the average cost of doing business with a for-profit banking institution in WI. CUNA Economics & Statistics
Department, Customized Analysis of Member Benefits for Summit Credit Union for the 12 months ending December 31, 2014.
2.SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in May, 2014.
3.2014 savings in lower average closing costs than other area financial and in interest savings when refinancing.
National Credit Union Administration, a U.S. Government Agency
7
THE POWER TO
SPEND SMART
Summit believes anyone can be financially
successful and that financial wellness makes
life richer. So we have a fierce commitment to
financial education — from one-on-one meetings
with members to programs that reached national
audiences in 2014!
As a leader in financial education, Summit Credit
Union helps members and the wider community
take a bold approach to their financial possibilities.
8 SUMMIT CREDIT UNION
“By changing the
conversation and
providing steps, we
offer a new way of
looking at money and
we help people make
the small changes that
add up to big impacts
in their lives.”
— Kim Sponem,
CEO/President
THE POWER TO SPEND SMART
Money tips go national in 2014,
year six of Project Money
Summit’s annual Project Money
challenge helps participants
and thousands of others make
the small changes that add up
to big improvements in their
financial lives. Project
Money gives the
community access
to the collaboration
and financial guidance
we provide our members
every day.
In 6 Project Money seasons, 24 participants:
Together, 2014 Project Money participants
increased their savings by $40,151 and
decreased their debt by $34,916 in
seven months.
In 2014 ABCNews.com shared money tips from Summit’s Project
Money participants in two online articles. ABCNews.com gets
11 million unique visitors per month.
2014 Project Money winner, Katie, took what felt like
insurmountable student loans with 16 years to pay off and,
with her coach Adam’s help, is now on a path to pay them
off in four years and to get out of credit card debt this summer.
2014 Project Money
winner, Katie.
9
THE POWER TO SPEND SMART
Peer-to-peer financial education and scholarship challenge
Summit’s peer education and scholarship competition
helps young adults achieve financial success. Summit
awarded $5,000 in scholarships to the program’s first
contestants in 2014 and unleashed the power of peer
financial education through the videos contestants
created to inspire others to save more, spend smart
and give back.
In 2014 Project Teen Money was awarded
the National Desjardins Financial Education
Award by Credit Union National Association.
winner
$5,000
$5,000 in scholarships awarded in 2014
La Follette High School
2014 Project Teen Money Participants
Memorial High School
2014 Project Teen Money Participants
10 SUMMIT CREDIT UNION
Summit’s in-person financial
education impacts lives
Summit provides free, live financial
education programs to the community,
schools, and in work places.
In 2014 we reached 3,665 people
through in-person educational events.
3,665 people
Impacted by education events in 2014
Impacts of Summit’s in-person financial education
“Summit Credit Union’s
financial and educational support
of our programs allowed our students
to focus on the content and message to
families as it relates to saving and
investing.” - Josh Fassl, Marketing
Instructor, DECA Advisor, Monona Grove
High School — talking about
student-led DECA Financial
Literacy Night
“Your presentation
helped me refocus
on getting my budget
back on track. Thanks
again for all your
great ideas.”
- Black Women Wellness
Day attendee
“Many thanks!
We’ve gotten a lot of great
feedback. I truly think it has helped
some employees to get their
finances back on track! Thank you!”
– Jessica Liegel, HR Generalist,
NORD Gear Corporation
“Summit Credit Union has
exceeded our expectations with their
presentations, and has truly made
a difference on how the Herzing
University faculty and students view
their finances.” – Karen Smith,
Associate Director of Admissions
Herzing University
11
2014 Governor’s Financial Literacy Award-winning program — CUatWork
Through Summit’s innovative workplace
financial education program, CUatWork,
businesses can provide employees a benefit
that reduces money stress,
increases productivity and
makes lives richer. Business partners choose from a variety of
in-person and online education options that meet the needs of
their employees. In 2014, CUatWork partnerships expanded with
five additional businesses serving 4,500 employees. That means 80 CUatWork
business partners with more than 38,000 employees who have more resources
to a richer life.
The more you know
The greater control you have
The more you know
The fewer financial worries you have
The greater control you have
Which means less stress
The fewer financial worries you have
Better health
Which means less stress
And a more stable personal life
Better health
Which And
makes
youstable
happier
in thelife
a more
personal
really important, outside-of-work,
rest-of-your-life.
Which
makes you happier in the
really important, outside-of-work,
rest-of-your-life.
12 SUMMIT CREDIT UNION
Summit teaches money skills for a lifetime
Summit branches in Madison’s La Follette and Memorial High Schools
serve the students and teachers with financial education in the branch,
class rooms, and, new in 2014, lunch-and-learns to prepare students for
financial success.
Summit provides FoolProof, a unique online
resource that helps young people avoid costly
financial mistakes, free to students, educators
and parents.
Schools using
FoolProof in 2013
®
Schools using
FoolProof in 2014
STAR Credit Union, co-founded by Summit
CEO/President Kim Sponem in partnership with Boys and Girls Club of Dane County, is supported by Summit and remains the world’s only youth chartered credit union. In its 9th year, 2014, STAR opened a record number of new accounts; over 100 more young people
have a place to save and learn good financial habits. Some of the growth was
fueled by a new partnership with the Boys and Girls Club and Madison School
District’s college readiness program, AVID/TOPS. STAR Credit Union provides
education for program participants in Madison high schools on budgeting,
finances for the first year of college and scholarship application writing.
STAR Credit Union member Kelsey celebrates her
achievement of saving more than $500 and
opens her first Summit account to save more.
13
THE POWER TO SPEND SMART
More lifetime money skills
Summit partners with Badgerland
Girl Scouts, assisting scouts with
earning their Budgeting, Savvy
Shopper and Money Counts badges.
Troop leaders can get a Financial
Literacy Kit at any Summit Branch.
Red SHOES – financial wellness ready when you are
Created to give you well-defined steps, encouragement and support to make
smart money decisions and achieve your financial goals, Summit’s exclusive
financial wellness program,
Red SHOES celebrated
its second year in 2014.
The Red SHOES program
offers self-paced step-by-step
instruction and support.
Not a one-size-fits-all program,
Red SHOES lets you customize
and prioritize your action steps
and identify the guidance you need most.
With Red SHOES, action takes over for wishing and wondering.
Downloa
Summit’s d
app
today!
Spend time wisely – own it
Summit unveiled our new mobile app in April, 2014. By the end of the year,
members made over 94,619 mobile deposits, each one in just seconds – Snap.
Tap. Send. How much time and energy could you be saving?
14 SUMMIT CREDIT UNION
PROVEN TIPS FOR SPENDING
ON FOOD
Looking to save on food
expenses? So were 2013
Project Money winners
Stacey and Brandon
Steinmetz. They found
a way to spend $700
less a month on food
by avoiding eating out
and following the steps
below. Their smart
spending tips were
included in articles by
Elisabeth Leamy on
ABCNews.com in 2014.
Here is how they did it:
tip 1. Set a grocery budget. The Steinmetz’s budget was $75 per week for their 2-person household.
tip 2. Take inventory of the food you have at home to avoid unnecessary purchases and to help you make meal plans that use what you have. Scan store circulars and plan meals around the sale items. Besides saving money with the lower-
cost ingredients, you’re likely to cook healthier, too.
2013 Project Money Winners,
Stacey and Brandon
tip 3. Consider the two-stop-shop strategy Stacey used: visiting a national chain for the bulk of her groceries and a local supermarket for deeply discounted weekly sale items. Stacey kept a list of local sale prices with her to compare.
tip 4. Pay attention to unit prices to equalize and compare prices of items of different sizes. The savings are not always in the larger size items.
tip 5. Shop for groceries
with cash only. That way you can only spend up to what you have budgeted.
Use your savings to
spur more saving! In
their seven months with
Project Money, Brandon
and Stacey used these
and other strategies to
decrease their debts by
$29,982 and increase
their savings by
$14,402. Learn
more by clicking
on the Project
Money tab at
15
SummitCreditUnion.com.
THE POWER TO
GIVE BACK
Summit Gives Back in 2014
At Summit, we take a holistic approach to giving. We
believe a strong community makes all our lives richer,
so we develop strong relationships with community
partners, imagining what we can do together to make
a difference. We focus on organizations that impact
sustainable initiatives for women, children and
families in the areas of:
• Health and wellness
• Financial stability
• Environmental stability
• Safe neighborhoods
Our partnerships may include financial donations,
employee volunteering, financial education or other
collaborations to meet community needs.
16 SUMMIT CREDIT UNION
“Because we are a
cooperative, every
Summit product
or service our over
140,000 members
choose strengthens
their power to save
and our power to
build strong,
thriving communities.”
— Kim Sponem,
CEO/President
SUMMIT GIVES BACK
STAFF
VOLUNTEER
HOURS IN
2014
4
S
1,70
UR
HO
ilds for
Summit’s Katie bu
ity, May, 2014.
Habitat for Human
Summit donated to more
than 200 local
non-profit
organizations
in 2014
200
Summit employees at the Share Your Holidays
Sort-a-thon for Second Harvest Food Bank,
December, 2014
Summit employees support American Heart Association’s
Go Red campaign to save lives
17
THE POWER TO GIVE BACK
Summit took on three United Way Days of Caring projects
and provided more than 60 hours of volunteer time during
the three-day event.
60
HOURS
As a strong community partner, Summit celebrated Domestic Abuse
Intervention Services’ (DAIS) new shelter opening in July of 2014.
Summit sparks green in 2014
C
A
L.
YO
LO
U.
N
TIO
CO-O
Protecting the earth is part of Summit’s
commitment to giving back. In 2014
we continued to offer energy efficiency
loans through our partnership with
$2,254,627
the City of Milwaukee, and to offer our
members a .25% interest rate discount
on loans for hybrid vehicles.
As of Dec. 31, 2014, Summit made 336 loans for $2,254,627
through community partner energy-efficiency programs
On the forefront of the growing trend
of workplace Community Supported Agriculture (CSA), Summit was one of 19
companies piloting a CSA membership for employees to enjoy fresh produce
and support local farmers.
Paper Shredded & Recycled
CONNEC
We also hostedPand co-sponsored
Better
Business Bureau ShredFest events in
Milwaukee and Madison, implemented
more green practices in our Summit
buildings, and continued with a Summit
employee “Champion” to support
sustainable practices at each Summit branch.
TR
UST
E D. S E R
VI
N
G
19.5 tons of paper collected in Milwaukee
8.73 tons of paper collected in Madison
28.23 TONS
Recognizing outstanding commitment to sustainability as an
MPower Business Champion, Summit Credit Union was
awarded a Certificate of Engagement in 2014 by Madison’s
Mayor Paul Soglin and Sustain Dane.
18 SUMMIT CREDIT UNION
Join u
Co-op C s for the 5th Ann
onnectio
ual
100 Blocn, Sat. Oct. 3
Martin L
k of
uther Kin
8:30 - no g Jr. Blvd.
on
C
A
L.
YO
LO
U.
N
TIO
CO-O
Co-op Connection gets
international recognition!
In a collaboration with more than
25 area cooperatives and cooperative
support organizations, and in
partnership with UW-Center for
ONNEC
PC
Cooperatives, CUNA Mutual and
The Cooperative Network, Summit
hosted the 4th annual Co-op
Connection. With more than
More than 3,000 visitors braved the cold and rain to
3,000 visitors, we celebrated all that
learn about the cooperatives at Co-op Connection 2014.
cooperatives provide our communities
and the economy through our sustainable business model.
Summit was awarded the TOP CO-OP Award of Merit for mobilization and
involvement by the International Summit of Cooperatives for the event.
TR
UST
E D. S E R
VI
N
G
New member giveback in 2014
Speaking of giving back, we added another special
way to give back to our members in 2014:
Member Fest — Annual Meeting and Obstacle Races!
Watc
itCredit h
Union.c
for in
om
Membe fo on
r Fest 2
016
Summ
“I can’t thank you enough
for a wonderful 2014 Member Fest.
I’m proud to be a member of such a
great organization who cares
about its members”
– Dave
Member Fest
2014 attendee
“When’s the next
Member Fest?
I can’t wait!”
– Kaleb
obstacle race
participant
We thanked our members with Member Fest, our annual
membership meeting, family picnic, music, gifts and
kids’ obstacle races & activities
19
THE POWER TO
SAVE MORE
Summit Members Save Millions in 2014
As a member of Summit Credit Union, you save real
money! In fact, CUNA Research reports that in 2014
alone, Summit Credit Union members saved over
$16.1 million1 compared to doing business at
Wisconsin’s for-profit financial institutions.
That means, on average, $116 more dollars in a
Summit member’s pocket in 2014, just for tapping
into Summit products and services. And the more
you use Summit, the more you save!
Summit’s Oodles
member reward
program extended
$1,283 in discount
offers per Oodles
member in 2014
20 SUMMIT CREDIT UNION
“We believe anyone
can succeed
financially and saving
is the foundation of
that success.”
— Kim Sponem,
CEO/President
2014 Member savings
$16.1 MILLION
WOW!
1
total member benefit
Average of:
$116 PER MEMBER
$220 PER HOUSEHOLD
$1,052 PER HIGH-USE MEMBER
Members with a Summit mortgage saved big in
2014 — together, 2,023 Summit members saved
#
more than $1 million2 by getting their mortgages
at Summit! In addition to great guidance and
an exceptional online mortgage resource, those
savings helped Summit continue to be Dane
County’s number one mortgage lender in 2014.
Best of all, because Summit is a financial cooperative, every time you choose a
Summit financial product or service, you’re not just helping yourself, you’re
helping every member and the overall success of our credit union. So we found
a great way to say thanks.
In 2014 we added Cash Boomerang to our checking accounts. It’s a member
cash back reward to thank you for building the cooperative.
The more you save and borrow at Summit, the more your
Cash Boomerang can be!
Our first-ever Cash Boomerang was a $1.48 million
giveback to our members. Members loved it, and we look
forward to future Cash Boomerang rewards4.
So invite your friends and family to
join and save, too!
“Summit is
ve
amazing. I lo
it here!”
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
NCUA
Federally insured by NCUA
1. Savings over the average cost of doing business with a for-profit banking institution in WI. CUNA Economics & Statistics Department, Customized Analysis of Member Benefits for Summit Credit Union for21
the
12 months ending December 31, 2014. 2. 2014 Savings in lower average closing costs than other area financials and in interest savings when refinancing. 3. #1 mortgage lender based on number of mortgages
recorded with Dane Co. register of deeds. 4. Based on our financial performance as authorized by our board.
National Credit Union Administration, a U.S. Government Agency
3
TREASURER’S REPORT
Dave Reszel, Treasurer
In 2014, Summit Credit Union achieved significant growth and financial
progress. Among the highlights were:
• Total assets grew by $121 million, to $2.08 billion. Our annual growth rate
of assets was 6%.
• Member savings increased by $85 million, to $1.75 billion, for an annual
growth rate of 5%. Checking and savings account balances grew
the fastest.
• Loans outstanding to members grew by $192 million, or 14%. Our
fastest-growing loan categories were mortgage loans, vehicle loans,
and business loans.
Our 2014 growth rates were higher than the average growth rates for credit
unions nationwide. Our growth reflects our commitment to member service
as well as our continuing efforts to offer rates and fees that are among the
most attractive in our market areas.
The credit union earned $97 million in total revenue during 2014. Our largest
revenue source is loans to members.
Our revenue was used to pay dividends on member accounts and also
operating expenses incurred in providing services to members.
22 SUMMIT CREDIT UNION
In 2014:
WOW!
Total assets grew to
$2.08 BILLION
Member savings increased to
$1.75 BILLION
Loans to members grew to
$1.55 BILLION
Our operating expenses for 2014 were smaller than what is typical for a credit
union our size, and that efficiency allows us to return more to members while
also building our capital base. Our credit union earned $24 million in net
income after expenses, which was added to the credit union’s capital or net
worth to provide additional financial stability and to fund future growth.
Our ratio of net worth to total assets stood at a very strong 11.7% on
December 31, 2014, up from 11.2% the year before. Summit Credit Union is
well-positioned to continue providing high quality, affordable financial
services to its members from a foundation of sound financial management.
Risk Management
Summit Credit Union’s Risk Management Committee engaged the firm of
CliftonLarsonAllen to audit the credit union as of December 31, 2014. A copy
of this audit report is available upon request.
Risk Management Committee Members:
Mike Schenk, Chair
Dave Reszel
Karl Betz
Scott Sysol
Deborah Kretchmar
23
Income Statement for the Years Ending December 31, 2014 & 2013
2014 2013
INTEREST INCOME
Interest on Loans $
62,230,189
$ 58,905,408
Interest on Investments
8,025,298 7,840,027
Total Interest Income
70,255,487 66,745,435
INTEREST EXPENSE
Members’ Share and Savings Accounts
Borrowed Funds
7,307,770 504,160 6,778,900
531,013
Total Interest Expense
7,811,930 7,309,913
NET INTEREST INCOME
62,443,557 PROVISION FOR LOAN LOSSES
5,985,000 NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
56,458,557 NON-INTEREST INCOME
Service Charges and Fees
Other Non-Interest Income
Mortgage Servicing Rights Income
Net Gain on Sales of Loans
8,337,109 14,797,548 1,489,426 1,893,988 8,509,206
12,789,151
2,806,030
6,366,980
Net Gain on Sales of Investments
Other Non-Operating Income
Total Non-Interest Income
99,172 436,406 27,053,649 61,709
30,533,076
59,435,522
6,600,000
52,835,522
NON-INTEREST EXPENSE
Employee Compensation and Benefits 29,349,388 Office Occupancy & Operations
17,961,949 Share Insurance Premium
- Other Operating Expenses
11,629,179 Net Loss on Sale of Fixed Assets
48,679 Net Loss on Sale of Foreclosed Assets
210,311 Other-Than-Temporary Impairment Losses
- Total Non-Interest Expense 59,199,506 28,316,225
15,981,809
1,251,025 9,575,373
204,173
386,006
49,85261,709
55,764,463
NET INCOME
24 SUMMIT CREDIT UNION
$
24,312,700 27,604,135
Statement of Financial Condition as of December 31, 2014 & 2013
2014
2013
ASSETS
Cash and Cash Equivalents
$
19,690,145 20,770,109
Deposits in Other Financial Institutions
19,957,327 27,524,158
Securities - Available for Sale
374,790,796 439,874,904
Other Investments
18,425,454 Loans Held for Sale
5,125,459 Loans, Net 1,554,052,289 Accrued Interest Receivable
5,639,156 Foreclosed Assets 1,446,277 Property and Equipment, Net
49,342,476 NCUSIF Deposit
16,168,358 Mortgage Servicing Rights
6,203,863 Other Assets
5,193,203 Total Assets
$ 2,076,034,803 17,597,554
3,891,270
1,361,930,046
5,671,953
1,596,266
48,513,531
15,890,077
7,558,211
4,691,101
$ 1,955,509,180
LIABILITIES
Members’ Shares and Savings Accounts
$ 1,754,228,322
$ 1,668,991,668 Borrowed Funds
55,089,585 46,909,039
Accrued Expenses & Other Liabilities
24,686,406 23,846,799
Total Liabilities 1,834,004,313 1,739,747,506
MEMBERS’ EQUITY
Regular Reserves
Undivided Earnings
Accumulated Other Comprehensive Loss Acquired Equity 26,984,573 212,664,001 (700,396)
3,082,312 26,984,573
188,351,301
(2,656,512)
3,082,312
Total Members’ Equity 242,030,490 215,761,674
Total Liabilities & Members’ Equity
$ 2,076,034,803
$ 1,955,509,180
25
TRUE STORIES OF SUMMIT
SAVINGS
A Summit employee
suggested a member talk with
a Summit lender about their
credit card debt elsewhere to
see if we could save them
money. The member agreed,
and saved $30,000 and 20 years
off of repayment as a result!
When Summit saved
a couple $591 a month for
bringing their existing mortgages
to one Summit mortgage, it was all
in a typical Summit day’s work. A
bit more unusual was the fact that
the lender brought the papers to
the members’ home for the signing
because one of the members was in
labor at the time. Contractions
were every four minutes at
the time of signing for all
those savings!
26 SUMMIT CREDIT UNION
Summit saved a young entrepreneur
more than money. He was attempting
to start a new landscaping business and
was turned down by two banks because
it was a start-up and lacked collateral.
On the advice of a friend, he checked
with Summit. We found a way to fund
his business with a Small Business
Administration (SBA) Express loan.
He is doing well and has multiple
big projects booked.
A dream was saved.
We consulted with
a member on how
they could restructure
their home and credit
card debts and they
saved $47,000!
One couple had several mortgages
at another institution for over $106 thousand.
We refinanced the mortgages, consolidated two
vehicle loans, provided funds to bring delinquent
taxes current, and set up a saving plan to help
them avoid delinquent taxes in the future. At the
same time, their monthly payments for the loans
went down by over $1,070 per month and they
will pay their mortgage off in just twelve years.
The members were very relieved.
$50
Visa
gift card
$50
cash
when you open a new
checking account with a
Summit Visa Debit Card.
with your next home
equity line of credit
or first mortgage loan
at Summit.
$25 50%
Visa
Off
gift card
with your next auto loan
at Summit.
Red SHOES registration
fee. A $10 value!
Enter promo code RS2015
when registering online at
SummitCreditUnion.com/
RedSHOES.
27
Federally Insured by the
NCUA. Membership requires
a primary savings account.
Primary Savings Account:
Minimum to open $5. Free
Checking: Minimum to
open $25. $50 cash bonus will
be deposited to your account
at account opening. Cash
bonuses are considered
taxable income and are
subject to 1099 tax reporting.
Offer subject to termination
at any time. Not valid with
any other special offers. Offer
expires 4/15/2016.
Loans currently financed
through Summit are not
eligible. This coupon can
only be used on one loan.
Gift card will be mailed to
the primary account holder
within 6 weeks of coupon
redemption. Limit one
coupon per member. Not
valid with any other special
offers. Offer expires
4/15/2016.
Employees of Summit Credit
Union are not eligible.
NMLS number #449323
Employees of Summit
Credit Union are
not eligible.
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
NCUA
R002
National Credit Union Administration, a U.S. Government Agency
M003
HE004
Not valid with any other
special offers. Offer expires
4/15/2016.
Employees of Summit
Credit Union are
not eligible.
Auto loans currently
financed through
Summit are not
eligible. Minimum $5,000
new money required.
Gift card will be mailed to
the primary account holder
within 6 weeks of coupon
redemption. Limit one
coupon per member.
Not valid with any other
special offers. Offer
expires 4/15/2016.
Employees of Summit
Credit Union are
not eligible.
28 SUMMIT CREDIT UNION
RS2015
A005
LOOKING FOR WAYS TO BE GREEN
& SAVE SOME GREEN? TRY THESE!
Improve your home’s insulation
Join freecycle.org
One dozen
Green
tips
Conserve water
turn off while
brushing teeth
or shampooing hair
Make your
Reduce CO2 emission
own compost deposit checks with Summit’s Mobile App
Switch out to LED light bulbs & recycle your CFLs
Lowering your water heater's temperature to 120 will
suffice for most household needs and cut energy costs.
Pay your bills online with
Summit’s Bill Payer in Online Branch
Cool Green your workout by taking it
with outside to local trails and parks
a fan
Keep our ground water clean — use biodegradable products
29
SUMMIT’S
SENIOR MANAGEMENT
30 SUMMIT CREDIT UNION
Kim Sponem
CEO/President
Rebecca Gerothanas
Senior VP Operations
Nancy Kasten
Senior VP HR
Dan Milbrandt
Chief Lending Officer
Keith Peterson
Chief Financial Officer
Christopher Schell
Senior VP Marketing
30 Branch Locations To Serve You
Madison Area
American Parkway
4800 American Pkwy, Madison
City Station
670 W Washington Ave, Madison
Cottage Grove
6420 Cottage Grove Rd, Madison
CUNA Branch
5810 Mineral Point Rd, Madison
Downtown
307 E Wilson St, Madison
Fitchburg
2939 S Fish Hatchery Rd, Fitchburg
Hill Farms
4802 Sheboygan Ave, Madison
LaFollette High School
(No public access)
702 Pflaum Rd, Madison
Memorial High School
(No public access)
201 S Gammon Rd, Madison
Old Sauk
645 Junction Rd, Madison
Rimrock
2424 Rimrock Rd, Madison
Stoughton
2105 McComb Rd, Stoughton
Sun Prairie
1333 W Main St, Sun Prairie
COMING SOON TO
FRANKLIN AND
MUSKEGO
Sun Prairie Mortgage Loan Office
1700 Windsor St, Sun Prairie
Thierer
1799 Thierer Rd, Madison
Verona Mortgage Loan Office
202 E Verona Ave, Verona
Waunakee
304 E Main St, Waunakee
Westport
5419 Blue Bill Park Dr, Madison
Yellowstone
401 S Yellowstone Dr, Madison
Milwaukee Area
Greenfield
10015 W Greenfield Ave, Milwaukee
Post Office
(No public access)
345 W St. Paul Ave, Milwaukee
Waukesha
1103 Spring City Lane, Waukesha
West Allis | GMCU
1606 S 84th St, West Allis
West Milwaukee | Journal
2159 Miller Park Way, Milwaukee
VA Hospital
5000 W National Ave, Milwaukee
Other Locations
Baraboo
871 Commerce Ave, Baraboo
Beaver Dam
104 Frances Ln, Beaver Dam
Lake Mills
141 E Tyranena Park Rd, Lake Mills
Portage
110 Henry Dr, Portage
Watertown Mortage Loan Office
1610 S Church St, Watertown
31
Find us on:
SummitCreditUnion.com
608-243-5000 | 800-236-5560
© 2015 Summit Credit Union
Printed on recycled paper