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 and 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. Unlike other financial institutions, SummitFCU is owned and controlled by its members. SFCU is a not-for-profit cooperative. We have no outside stockholders and no paid board of directors. All of SFCU'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.