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Summit Community Bank loans review

Find the basics for businesses in VA and WV.

Bottom line: Summit offers a limited list of loan options for businesses and consumers, but is growing fast. Keep an eye out for new products and branches.

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Equipment loans, business lines of credit, commercial real estate financing, personal loans, HELOCs, mortgages

Types of loans available

No

Online applications

Details

Types of loans availableEquipment loans, business lines of credit, commercial real estate financing, personal loans, HELOCs, mortgages
Online applicationsNo
Number of branches32
Branch hoursVaries by branch; usually 9 a.m. to 5 p.m. weekdays, select branches open 9 a.m. to 12 p.m. Saturdays
Customer service hours8 a.m. to 6 p.m. weekdays, 8 a.m. to 2 p.m. Saturday
Customer service optionsPhone, email, live chat, fax, mail
Mobile appYes
Routing number52202225

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Summit Community Bank doesn’t appear to offer much when it comes to business — or other services, for that matter. But after a series of recent mergers and acquisitions, more products might be available in the future.

Despite its fast growth, employees give it mostly glowing reviews and it appears to have the potential to offer quality relationship-based banking. But ask around your business community before you set up an appointment with a loan officer.

What is Summit Community Bank?

Summit Community Bank is a local bank based in Moorefield, West Virginia. It has 32 branches across the Eastern Panhandle, Southern and North-Central areas of West Virginia. And it also has branches across the Northern, Southwestern and Shenandoah Valley areas of Virginia.

It also has several interactive teller machines, which allow you to virtually chat with a live representative without having to stop by a branch. While many community banks are active members of the communities that donate to charities and sponsor events, Summit appears to only offer financial services.

What types of loans does Summit Community Bank offer?

Summit offers businesses and residents of the area it serves basic banking products:

  • Equipment loans. Financing to buy machinery, vehicles and other equipment, backed by your purchase and with fixed or variable rates.
  • Business lines of credit. Access to cash that your business can withdraw as needed for routine expenses or unexpected costs.
  • Commercial real estate loans. Financing to purchase real estate for your business, backed by the purchase with fixed or variable rates.
  • Consumer loans. Financing to cover personal expenses, like buying a car or consolidating debt.
  • Home equity lines of credit (HELOC). Borrow up to 90% of your home's value with a term of 35 years and rates from 3.99% to 6.25% APR — after a three-month 0% APR introductory period.
  • Mortgages. Funding to buy or refinance your home loan with down payments starting at 5%.

How does borrowing with Summit Community Bank work?

Like with most community banks, you have to set up an appointment with a loan officer to apply for a loan through Summit. Typically the loan officer asks you to bring financial statements so you can go over your options together.

This can be a slow process the first time around — think at least a few weeks. But your loan officer can work with your business to make sure you don't have to wait for financing in the future.

How to get started

You can get started by reaching out to your local branch. Here's how to find the contact information you'll need.

  1. Go to the Summit Community Bank website.
  2. Select About us then Branch locations.
  3. Use the lists of branches and ATMs or select Click here for interactive map.
  4. Enter your city, address or ZIP code to find branches in your area.
  5. Review your options and click or tap on the branch to see the address, phone number and lobby hours.

Pros

  • Live chat available on website
  • Interactive teller machine (ITM) available at some locations
  • Mobile app

Cons

  • No unsecured business term loans
  • Little community involvement
  • Only select branches open Saturdays

See more business loans

Compare how Summit Community Bank stacks up against online lenders by selecting a few pieces of information about your business.

Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

National Funding business loans
Finder Rating: 4.75 / 5: ★★★★★

National Funding business loans
$5,000 – $500,000
4% to 8%
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Bitty Advance business cash advances
Finder Rating: 2.8 / 5: ★★★★★

Bitty Advance business cash advances
$2,000 – $25,000
Not applicable
$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score
With APRs in the triple digits, this is best saved as a last resort.
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Compare up to 4 providers

Summit Community Bank reviews and complaints

Summit Community Bank doesn't have enough reviews to make any judgments about what you can expect as a customer. This is common for banks of this size. Use members of your business community who have banked with Summit to get an idea of the customer experience.

What do employees say?

Most employee reviews are positive. Several employees say the work environment is like being part of a family, and one former employee even says they wished they still worked there.

This is usually a good sign for prospective customers. High morale often leads to better customer service and a strong, long-term relationship with your loan officer.

What other products does it offer?

Summit Community Bank offers the following products in addition to business and consumer loans.

  • Autobooks to manage invoices
  • Business cash management
  • CDARS
  • Checking and savings accounts
  • Investment services
  • IRAs
  • Merchant services

Summit Community Bank history

Summit Community Bank is a part of Summit Financial Group, a holding company worth $2.5 billion. It recently expanded its reach by acquiring four branches of MVB Bank in West Virginia and merging with Cornerstone Bank. It bought WinFirst Bank in September 2020, which will give the bank two branches in Kentucky.

Compare more business loans before you apply by visiting our guide to the best lenders.

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