| OCR Text |
Show Earnings Increase At Summit Savings According to Dean S. Berrett, President of Summit Savings and Loan, the Association reported net earnings of $53,743.00 for the period ending October 31, 1982. This corresponds to an earnings per share of $.53. During this same time period Summit's total loan volume was in excess of $3,400,000.00. This is more than three times the total volume for all of 1981. Summit has total assets of $3,016,866.00, a net worth of $432,059, which is over four times the net worth required by federal regulations. A combination of strong financial finan-cial reserves, federal insur ance of accounts to $100,000.00 and increasing profitability places Summit among the states leading financial institutions. Berrett Ber-rett attributes Summits profitability pro-fitability and growth to an aggressive marketing of financial fi-nancial services such as Summit's "Super Checking" not paying 11.5, a very competitive posture with regard to jumbo certificates of deposit, and an efficient loan origination and brokerage broker-age service with other financial institutions in the secondary market. Berrett says the Association will continue its philosophy of offering consumers the most competitive product allowed by current regulations. regula-tions. Consistent with this philosophy Summit will offer effective December 14, 1982, the new account authorized by the federal government. The account will be insured by the FSLIC to $100,000.00, will offer limited checking features, and pay a high market rate of interest. Control of Summit Savings recently changed hands with California businessman, Peter Sajovich, acquiring a majority of the Association's outstanding stock. |
