Governance
Nine volunteers, elected by members
Summit's board is not appointed and not paid. Nine members stand for election, serve three-year terms, and answer to the other 412,000 owners of this credit union.
What the board actually does
Directors do not approve individual loans or handle member accounts. They govern.
Sets strategy and policy
The board approves the long-range plan, the capital plan, and every major policy — lending, deposits, fees, and how far field of membership extends.
Hires and evaluates the CEO
Directors select the chief executive, set annual objectives, review performance each year, and approve executive compensation on the recommendation of a volunteer committee.
Watches the risk
Through the supervisory committee, the board commissions the independent annual audit, reviews examination findings, and oversees internal controls.
Protects members' capital
Directors monitor net worth, liquidity, and concentration limits so that the credit union stays strong through a rate cycle it did not choose.
Represents the membership
Directors read member correspondence, sit in on service reviews, and bring what they hear into the boardroom. They are members first, directors second.
Meets in the open
The board meets monthly and holds the annual meeting each May, where members hear results, ask questions, and vote on the slate.
Your board of directors
Terms run three years and are staggered so that three seats stand for election each spring.
Directors serve without compensation. Reasonable travel and training expenses related to board duties are reimbursed and disclosed in the annual report.
How to run for a seat
Any member in good standing over 18 may stand for election. You do not need a finance background — you need judgment and time.
Request a nomination packet
Packets open December 1 and close January 31. Ask at any branch or through the secure message center.
Gather 250 member signatures
Nominations by petition require signatures from 250 members in good standing, or you may seek the nominating committee's endorsement.
Complete the eligibility review
Candidates submit a short biography, a statement to members, and the background check required of all federal credit union officials.
Stand for the vote
Ballots reach every member in April. Results are announced at the annual meeting in May, and new directors are seated that evening.
Common questions
Are directors really unpaid?
Yes. Federal credit union directors serve as volunteers and receive no salary, fees, or stock. Only documented travel and training expenses are reimbursed.
How much time does the role take?
Plan on eight to twelve hours a month: a monthly board meeting, committee work, reading materials in advance, and roughly two days a year of required governance training.
Do I need to be an accountant or a banker?
No. Boards work best with a mix of backgrounds — teachers, tradespeople, nurses, small business owners. Financial literacy training is provided to every new director in their first year.
What is the supervisory committee?
It is an independent committee that engages the outside auditor, verifies member accounts, and reviews member complaints about the credit union's practices. Members may write to it confidentially.
Can I attend a board meeting?
Members may request to observe a regular board meeting by writing to the secretary at least ten days in advance. Closed sessions covering personnel or individual member matters remain confidential.
How do I vote?
Every member of record receives a ballot in April, votable by mail or in digital banking. One member, one vote, regardless of account balance.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Consider putting your name forward
Nomination packets open December 1. If you are curious but unsure, ask for a conversation with a current director first.