What Summit Credit Union does

Summit Credit Union is a Wisconsin-chartered, member-owned credit cooperative founded in 1935 and headquartered in Madison, Wisconsin. It provides full-service retail and small-business banking to members primarily in Wisconsin (with some members in other U.S. states and internationally through the World Council of Credit Unions). The core product suite spans deposit products (free, student, ultimate, and dividend checking; primary and money-market savings; certificates; traditional and Roth IRAs; HSAs), lending products (residential mortgages, HELOCs, home equity, auto, recreational-vehicle, personal, student, SBA, and energy-efficient loans), credit cards (Ultimate CashPerks, Visa Platinum Rewards, Visa Platinum, Student Rewards, Global Good Card), investment services (Guided Wealth Portfolios, mutual funds, managed accounts, stocks and bonds, annuities), and insurance (life, long-term care, AD&D, homeowners, loan protection). Member support is delivered through 19+ branches across Madison, Milwaukee, and Green Bay plus a digital banking platform built on Lumin Digital with mobile deposit, digital wallets, Zelle, and a dedicated SCU Business app.

Name

Summit Credit Union

Legal name

Summit Credit Union

Website

https://summitcreditunion.com

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

101–250 employees

Short description

Summit Credit Union is a Wisconsin-chartered, member-owned cooperative founded in 1935, providing full-service retail and small-business banking — deposits, mortgages, loans, credit cards, and investments — to Wisconsin residents across 19+ branches and a digital banking platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035), National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Retail banking services
• Mortgage lending
• Consumer loans
• Credit union services
• Digital banking

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Interest Income from Lending: Primary revenue source from mortgage loans, auto loans, personal loans, home equity products, and business banking services. The credit union offers various loan products including fixed-rate mortgages, HELOCs, construction loans, and energy-efficient loans.
2. Deposit Account Fees and Services: Revenue from checking accounts, savings accounts, money market accounts, certificates, and IRAs with various fee structures including overdraft protection and early payday features.
3. Investment and Insurance Products: Revenue from investment products including mutual funds, managed accounts, stocks and bonds, IRAs, annuities, and Guided Wealth Portfolios. Also offers insurance products including life, long-term care, AD&D, homeowners, and loan protection.
4. Credit Card Revenue: Income from credit card products including Ultimate CashPerks, Visa Platinum Rewards, Visa Platinum, Student Rewards, and Global Good Card.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Summit Credit Union is a member-owned cooperative providing retail and commercial banking products and services, including deposit accounts (checking, savings, money market, certificates, IRAs), consumer and commercial lending (mortgages, home equity, auto, personal, student, energy-efficient, SBA loans), credit cards, managed investment portfolios, and insurance. Services are delivered through 19+ Wisconsin branches plus a Lumin Digital-powered mobile and online banking platform with biometric authentication, mobile deposit, digital wallets, Zelle, and fraud-prevention integrations.

Product overview

Summit Credit Union offers a comprehensive suite of financial products and services through a digital-first, branch-accessible banking platform. The core offering centers on deposit products (checking, savings, money market, certificates, and IRAs) and lending products (mortgages, home equity, auto loans, personal loans, and credit cards). Digital banking capabilities are delivered through online and mobile platforms with features including mobile deposit, digital wallets, and Zelle payments. Investment services include Guided Wealth Portfolios for managed accounts. The product portfolio also includes specialized programs like Project Money (financial coaching), insurance products, energy-efficient loans, and business banking services. The company operates primarily in Wisconsin with a focus on community engagement and women's financial wellness.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Checking Fee-free consumer checking account with early paycheck access via the Early Payday feature, designed for everyday personal banking members.
• Student Free Checking Fee-free checking account for students designed to help young members build banking habits.
• Ultimate Checking Premium consumer checking account offering enhanced features and benefits for members seeking more from their banking relationship.
• Dividend Checking Interest-earning consumer checking account that pays dividends on balances.
• Primary Savings Basic member share savings account that establishes the member relationship with Summit Credit Union.
• Money Market Accounts Tiered money market savings accounts (Money Market Maximizer, Ultimate Money Market, Money Market Plus) offering competitive rates with minimum balance requirements.
• Certificates Term share certificates including Regular Certificate and Certificate Plus offering fixed APYs over defined terms for member savings.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings accounts including Traditional IRA, ROTH IRA, and Education Savings Account for individual members.
• Health Savings Account Tax-advantaged savings account for individuals with high-deductible health plans to pay for qualified medical expenses.
• Mortgage Loans Home purchase and refinance mortgages including fixed-rate, construction, second/vacation home, investment property, and first-time homebuyer loans, with preapproval in under 15 minutes and up to $1,100 cash back or closing-cost credits.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with 0% introductory APR for 3 months and a variable rate thereafter.
• Home Equity Loans Fixed-rate loans secured by home equity for one-time lump-sum financing needs.
• Auto Loans Vehicle financing for new and used automobiles and recreational vehicles, with competitive rates and a 90-day skip-payment option.
• Personal Loans Unsecured personal loans, personal lines of credit, certificate-secured loans, overdraft protection lines of credit, and share-secured loans for various consumer financing needs including debt consolidation.
• Student Loans Education financing including Private Student Loans, Graduate Student Loans, and Student Loan Refinance options for students and graduates.
• Energy Efficient Loans Specialized loans for energy-efficiency improvements and solar energy systems for homes and properties.
• Ultimate CashPerks Credit Card Credit card offering cash-back rewards and perks for consumer cardholders.
• Visa Platinum Rewards Credit Card Rewards credit card offering points or cash back on purchases for consumer cardholders.
• Visa Platinum Credit Card Standard Visa Platinum credit card with competitive rates for everyday consumer purchases.
• Guided Wealth Portfolios Professionally managed investment accounts providing personalized portfolios based on individual risk tolerance and financial goals.
• Business Banking Full business banking offering including business checking, commercial loans, SBA lending, and the SCU Business mobile app for commercial members and small business owners.
• Insurance Products Personal insurance offerings including Life, Long Term Care, AD&D, Auto, Homeowners, and Loan Protection insurance to protect members and their families.
• Digital Banking Mobile and online banking platform providing account access, mobile check deposit, digital wallet integration, and Zelle peer-to-peer payments for consumer and commercial members.

Quantifiable outcome

• Mortgage preapproval in less than 15 minutes with up to $1,100 cash back or off closing costs
• +3 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability3 records

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• University of Wisconsin Student AthletesminorStrategic or Co-development PartnerPartnership with four UW female student-athletes to serve as Financial Wellness Ambassadors, helping them build financial habits while inspiring community members to make financial strides.
• Community OrganizationscoreStrategic or Co-development PartnerPartnerships with numerous community organizations that share Summit's vision of providing financial education and championing equity for all.
• Lumin DigitalcoreTechnology or IntegrationDigital banking platform provider for Summit's online and mobile banking services. Lumin Digital provides the technology infrastructure for digital banking operations.
• Visa DPScoreTechnology or IntegrationPayment processing and card services provider for credit and debit card transactions.
• World Council of Credit UnionscoreStrategic or Co-development PartnerInternational credit union association enabling Summit to serve members internationally through reciprocal arrangements.
• Commerce State BankcoreOthersWisconsin state-chartered bank acquisition target. First acquisition of a bank for Summit Credit Union, expected to expand presence in southeastern Wisconsin and add to assets and locations. Deal approved by both boards, pending shareholder and regulatory approval, expected to close Q3 2022.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Connexus Credit Union: Wausau-based Wisconsin credit union with multi-state membership serving similar consumer and business banking needs. Comparable in scale and product breadth, with overlapping Wisconsin footprint and digital-first delivery model.
• Community First Credit Union: Appleton-headquartered Wisconsin credit union serving the Fox Valley region and broader Wisconsin. Comparable in member-owned cooperative structure, product suite, and community-focused positioning; overlaps with Summit in Wisconsin geography.
• UW Credit Union: Wisconsin-headquartered credit union serving University of Wisconsin communities and broader Wisconsin residents with similar deposit, lending, and investment products. Direct competitor for mortgage origination, deposits, and member relationships in Madison and surrounding markets.
• Consumers Cooperative Credit Union: Wausau-based Wisconsin credit union serving central and northern Wisconsin. Comparable community credit union model with similar consumer lending, deposit products, and member-focused service approach.
• Educators Credit Union: Wisconsin-based community credit union headquartered in Racine with branches across southeastern Wisconsin. Directly competes for consumer deposits, mortgage lending, and small business banking in Wisconsin markets adjacent to Summit's footprint.

Broad incumbents

• BMO Harris Bank: Major North American bank with deep Wisconsin presence following BMO's acquisition of M&I Bank. Competes directly with Summit on mortgages, deposits, and consumer lending in Madison, Milwaukee, and Green Bay, with broader commercial banking capabilities.
• Associated Bank: Green Bay-based regional bank and largest Wisconsin-headquartered bank with full-service consumer, mortgage, and business banking across the Midwest. Competes with Summit across the full Wisconsin footprint with a much larger branch network and commercial banking capabilities.

Regional players

• GreenState Credit Union: Iowa-headquartered credit union with significant Wisconsin expansion through branch acquisitions. Comparable in member-owned cooperative model and aggressive growth strategy; competes with Summit in Wisconsin deposit and mortgage markets.
• PremierBank: Wisconsin-based community bank serving northeastern Wisconsin including the Fox Valley and Green Bay. Competes with Summit for small business banking, mortgages, and consumer deposits in overlapping Wisconsin markets with a bank charter.

Emerging players

• Alliant Credit Union: Chicago-headquartered digital-first credit union serving members nationwide. While not Wisconsin-specific, it competes for digitally-engaged Wisconsin residents with high-yield deposit products and online lending, pressuring Summit's online member acquisition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SummitDoMore

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Summit Credit Union