SUMA Federal Credit Union

What SUMA Federal Credit Union does

SUMA Federal Credit Union is a federally chartered, member-owned financial cooperative founded in September 1964 by Ukrainian immigrants in Yonkers, NY. The institution serves the Ukrainian-American community through an exclusive field-of-membership tied to approximately 10 charter sponsor organizations, including branches of the Ukrainian-American Youth Association (CYM) and specific Ukrainian Catholic and Ukrainian Baptist churches across New York, Connecticut, and Florida. As of 2025, the credit union holds in excess of $450 million in assets, serves more than 9,000 members, and has originated over $1 billion in loans since inception (milestone reached February 2025). Membership eligibility is gated through sponsor organizations, with the credit union actively expanding this list annually through NCUA-approved charter amendments executed in 2021, 2023, 2024, and 2025.

The credit union's core technology platform is a digital banking infrastructure supporting native iOS and Android mobile apps and desktop online banking. The platform integrates third-party services for crypto and stock trading, Tap2Local merchant payment processing (powered by Moov), Autobooks invoicing, Zelle P2P payments, Apple Pay/Google Pay/Samsung Pay digital wallet tokenization, and a Money Manager personal finance dashboard. The lending product suite spans residential mortgages (10/15/20/25/30-year fixed and 5/1 ARM starting at 5.125% APR), auto loans (new from 4.50% APR, used from 5.00% APR), personal loans, student loans, and Visa credit cards (Classic at 9.00% APR, Business Platinum at 10.95% APR). Deposit products include interest-bearing checking, regular shares (0.25% APY), money market accounts (1.65%–2.40% APY), share certificates (up to 3.87% APY), and IRAs (2.50% APY). Security infrastructure includes multi-factor authentication, 2FA login, dark web monitoring, SSN tracking, and change-of-address fraud detection. Notable proprietary functionality includes Tap2Local (winner of the 2026 FinTech Breakthrough Small Business Payments Solution of the Year, with 65–70% instant approval for merchant enrollment), integrated crypto and stock investing, Auto GAP Insurance, and a Teen Debit Card program for ages 13+ with parental controls.

SUMA FCU operates a community-led go-to-market motion anchored by deep ties to Ukrainian-American churches, youth groups, and cultural organizations across the Eastern US and Florida, with planned expansion into Texas (Houston) and additional Florida (Jacksonville) markets in 2026. The business model is primarily Net Interest Income driven — interest earned on the loan portfolio funded by member deposits. Supplementary revenue streams include transaction fees (wire transfers $20–$50, NSF $20, plastic card replacement rush $40, account research $25/hour), merchant payment processing fees via Tap2Local, and Visa interchange on credit and debit card transactions. Distribution is hybrid: six current physical branches (Yonkers, Spring Valley, Stamford, New Haven, North Port, St. Petersburg) plus two announced for 2026 (Houston, Jacksonville), complemented by self-serve mobile/web digital banking, the community sponsor referral network, and toll-free/text-enabled phone support with multilingual staff.

Name

SUMA Federal Credit Union

Legal name

SUMA Federal Credit Union

Website

https://sumafcu.org

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

11–50 employees

Short description

SUMA Federal Credit Union is a federally chartered, member-owned credit union founded in 1964 by Ukrainian immigrants, serving the Ukrainian-American community across the Eastern US and Florida through charter partnerships with Ukrainian churches and the Ukrainian-American Youth Association.

Ownership category

akta.pro rank

Product category

Credit Union Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099), Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

Keywords

• Credit union services
• Consumer banking products
• Mortgage and auto lending
• Digital banking platform
• Merchant payment processing

Headquarters

HQ city

Yonkers

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income (Loan Interest): SUMA FCU's primary revenue stream is interest income from its loan portfolio, including real estate mortgages (conventional, HELOC, investment, commercial), auto loans (new and used), personal loans, credit cards (Visa Classic at 9% APR, Visa Business Platinum at 10.95% APR), and commercial real estate and truck loans. The credit union achieved over $1 billion in loans originated since inception as of February 2025.
2. Deposit Taking (Share Accounts): SUMA FCU collects deposits from members through regular shares (0.25% APY), share drafts/checking (0.05% APY), money market accounts (1.65%-2.40% APY depending on balance tier), share certificates (3.20%-3.80% dividend rate), and IRAs (2.50% APY). These deposits fund the loan portfolio.
3. Fee Income: SUMA FCU generates fee revenue from various banking services including wire transfers ($20-$50 depending on amount), plastic card replacement (no rush free, special rush $40), credit card late payments ($20-$30), overdraft/NSF fees ($20), stop payments ($20-$25), account research ($25/hour), money market minimum balance fee ($10), and notary services for non-members. BillPay, checking accounts, and most digital banking features are free for members.
4. Merchant Payment Processing (Tap2Local): Tap2Local enables business members to accept card payments via smartphone. Transaction fees apply to card payments processed through the service. QuickBooks and Xero accounting integration is included.
5. Credit Card Interchange: SUMA FCU issues Visa credit and debit cards (personal and business) earning interchange revenue on every transaction. Cards feature no annual fee, cash back, and rewards.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

SUMA Federal Credit Union is a federally chartered, member-owned credit union that provides consumer and small-business banking products including interest-bearing checking, savings, money market, IRA and share certificate accounts, mortgage and home equity loans, auto loans, Visa personal and business credit cards, personal and student loans, and commercial real estate and truck financing. Membership eligibility is defined by affiliation with Ukrainian-American Youth Association (CYM) branches and specific Ukrainian Catholic/Baptist parishes across the Eastern US and Florida. Services are delivered through eight physical branches, an award-winning mobile and online banking platform, and community sponsor organizations, with integrated crypto/stock investing, Zelle P2P, Autobooks invoicing and Tap2Local merchant payments.

Product overview

SUMA Federal Credit Union operates as a full-service member-owned financial institution offering a unified digital banking platform complemented by a comprehensive suite of financial products. The core digital banking platform provides account access, transfers, bill pay, mobile deposits, and card management, serving as the central hub for all member interactions. This platform is enhanced by specialized modules including Tap2Local (merchant payment acceptance), BillPay, External Transfers, eDocuments, Money Manager, and Autobooks for invoicing. The lending portfolio includes real estate mortgages, auto loans, credit cards (Visa Classic and Business Platinum), personal loans, and student loans. Deposit products encompass checking, savings, money market accounts, IRAs, and certificates of deposit. Investment services for stocks and cryptocurrency are integrated within the mobile banking app. Insurance offerings include Auto GAP protection. Additional services round out the ecosystem with safe deposit boxes, wire transfers, wire transfers, fraud prevention tools, credit monitoring, and a teen debit card program. The institution serves members through both digital channels and physical branch locations across New York, Connecticut, Florida, Texas, and Houston.

Differentiator

Problem solved

Functional benefit

Products and services

• Checking Accounts

Quantifiable outcome

• Over $450 million in assets and over 9,000 members as of 2025.
• +5 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature5 records

Partnerships

One partnership is on record.

• Moov (Tap2Local)coreTechnology or IntegrationMoov provides the underlying technology powering Tap2Local, SUMA FCU's mobile point-of-sale solution that enables business members to accept contactless card payments via smartphone. Moov handles payment processing, settlement, and compliance infrastructure. The partnership enables SUMA to offer merchant services without deploying hardware terminals.

Scale indicators8 records

Recent moves12 records

Expansion highlights7 records

Emerging players

• Lower East Side People's Federal Credit Union: Small New York-based community development credit union serving an underserved urban community. Comparable to SUMA as a community-focused, mission-driven credit union operating in a specific ethnic/neighborhood ecosystem with small-asset scale.

Direct peers

• Alliant Credit Union: Large digital-first credit union (Chicago-based) offering nationwide membership, award-winning mobile banking, and competitive deposit/loan rates. Comparable to SUMA as a digitally-forward credit union emphasizing low-fee consumer banking and embedded investing features.
• SchoolsFirst Federal Credit Union: California-based federal credit union serving a defined occupational/community membership group (school employees and families). Comparable to SUMA in offering a restricted community charter, multi-branch footprint, and full-service consumer and business banking.
• Self-Help Federal Credit Union: Community development credit union serving low-income and underserved communities across multiple states. Directly comparable to SUMA as a community/affinity-based credit union with a mission-driven, member-owned model offering retail and small-business banking.
• Bethpage Federal Credit Union: New York-based federal credit union serving a defined affinity community (military/veterans), with multi-state branches and a full-service retail/business banking offering. Highly comparable to SUMA's NY-anchored, community-restricted, multi-branch federal credit union model.
• Connexus Credit Union: Wisconsin-based credit union serving a national membership field (employer/association-affiliated) with strong digital banking and consumer/business lending. Comparable to SUMA in offering full-service digital banking with a defined membership field and competitive deposit/loan rates.
• Digital Federal Credit Union (DCU): Massachusetts-based digital-first credit union offering competitive consumer banking, business banking, and embedded technology. Comparable to SUMA in providing a tech-forward banking experience with a member-owned cooperative structure.
• First Tech Federal Credit Union: Federal credit union serving employees of technology and related companies, with a national digital footprint and full-service banking. Comparable to SUMA as a federally chartered, community-restricted credit union with strong digital capabilities.

Broad incumbents

• Navy Federal Credit Union: The largest US credit union, serving military members and their families with a national branch and digital footprint. Comparable to SUMA as a federally chartered, community-restricted credit union but operates at vastly greater scale and serves as a market benchmark for member-owned cooperative banking.
• Pentagon Federal Credit Union (PenFed): Large federal credit union originally serving military/defense community, now with a broad membership field and extensive digital banking. Comparable to SUMA as a federally chartered credit union originally tied to a specific community but with materially larger scale and broader geographic reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/suma_fcu
• Facebookfacebook.com/sumafederalcu
• LinkedInlinkedin.com/company/suma-yonkers-federal-credit-union
• Instagraminstagram.com/sumafederalcreditunion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about SUMA Federal Credit Union