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AboutOur Story

A UNION BUILT ON SHARED VALUES.

On July 1, 2026, San Francisco Federal welcomed Summit Financial into our family of members. “Our growth strategy and long-term goals are rooted in the needs of local Bay Area communities, homeowners, and small businesses,” said Ray Shams. “Over the past four decades, Shirley Nelson and the Summit Bank team have built a legacy of strong customer relations, trust, and community service that aligns with our vision for the future of community-based banking. We look forward to honoring that legacy as we expand into the East Bay and continue to enhance our services for the benefit of all members.”

Since opening its first branch in Oakland in 1982, Summit Financial built its reputation on knowing clients by name, tailoring banking solutions for small and medium businesses, professionals, and individuals with care and precision. That same philosophy has guided San Francisco Federal for over 70 years.

Together, we bring Summit Financial members access to a broader range of financial products and services, backed by the stability and member-ownership structure of a federally chartered credit union. The personal attention Summit Financial members have always counted on remains, strengthened by the resources and reach of San Francisco Federal. The press release is available here.

Timeline:

  • July 1, 2026: San Francisco Federal successful completed its acquisition of Summit Bank, the second credit union-to-bank transaction in California history. Summit Bank officially begins operating under the name Summit Financial.
  • 2025: San Francisco Federal announced its intention to acquire Summit Bank.
  • 2017: American Banker named Summit Bank among the Top 200 Community Banks nationwide. We are one of only three top rated banks in the greater Bay Area.
  • 2017: Winner of the Top 100 Corporate Philanthropists by San Francisco Business Times
  • 2017: Shirley Nelson, Executive Chairman, received the Most Influential Women in the Bay Area Business Award by the San Francisco Business Times
  • 2017: 15 Time Winner of the ‘Super Premier’ Performing Banks Award by The Findley Reports on Financial Institutions
  • 2014: National Community Banker of the Year from the Independent Community Bankers Association
  • 2010: U.S. Banker named Summit Bank among the Top 200 Community Banks nationwide
  • 2009: U.S. Banker named Summit Bank among the Top 200 Community Banks nationwide.
  • 2008: Recognized by U.S. Banker in June 2008 as number 41 in the nation among banks between $100 million and $3 billion in assets.
  • 2007: The ABA Banking Journal recognized Summit Bank as the 33rd highest rated bank in the nation, as measured by return on average equity among banks and thrifts between $100 million and $3 billion in assets.
  • 2007: Shirley Nelson, Executive Chairman, received the 25 Most Powerful Women in Banking Award from U.S. Banker Magazine
  • 2007: Shirley Nelson, Executive Chairman, received the Marjorie Magner Lifetime Achievement Award from American Banker