NCUA rates the Summit FCU as “well capitalized”

The Summit Federal Credit Union (FCU) is rated as “well capitalized” by regulators with the National Credit Union Administration (NCUA). 

It represents NCUA’s highest rating category for credit union net worth, the Summit FCU said in a May 20 release providing details about its May 19 virtual annual meeting. 

The credit union said it “enjoyed one of its most fiscally successful years,” adding over 10,000 new members and reporting total assets of $1.2 billion.

Kofi Appiah Okyere, treasurer of the credit union’s board of directors, discussed the organization’s financial status during the virtual annual meeting, citing the Summit’s reported net income of nearly $13 million during 2021. The organization’s fiscal year ended on Dec. 31.

Besides his role on the Summit FCU board of directors, Okyere is also director of accounting programs and a professor of accounting practice at Syracuse University’s Martin J. Whitman School of Management. 

The virtual annual meeting began with a moment of silence to remember the victims of the May 14 Tops Markets mass shooting in Buffalo, along with those who were injured or in harm’s way, and their families. The Summit has two branches and thousands of members in the Buffalo area, the Rochester–based organization said.

Chris Modesti, chair of the Summit FCU board of directors and Laurie Baker, president and CEO of the Summit FCU, reflected on 2021 and outlined the vision for the organization moving forward. 

Baker also delivered remarks to the virtual audience of board members, employees, and members. 

“Having learned quickly from the uncertainties of 2020, we continued to be agile and innovative — all while keeping our members and staff safe,” Baker said. “We altered branch operations to accommodate [Centers for Disease Control and Prevention] requirements. We modified our branch footprint to reflect member usage. We invested in technology and created the Virtual Branch, giving members easy access to financial expertise from the comfort of their home, office or wherever they happened to be.”