Summit FCU receives NCUA’s ‘well capitalized’ rating

The National Credit Union Administration (NCUA) has the Summit Federal Credit Union (FCU) rated as “well capitalized,” representing NCUA’s highest rating category for credit union net worth. 

Kofi Appiah Okyere, treasurer of the Summit FCU board of directors, shared the information during the organization’s May 10 annual meeting. He was discussing the credit union’s financial status, including its reported net income of $11.1 million for 2022. 

Besides his role with the Summit, Appiah Okyere is also a professor in the accounting department of the Martin J. Whitman School of Management at Syracuse University.

The Summit had one of its “most fiscally successful” years, adding 11,773 new members and reporting total assets of nearly $1.3 billion, per a May 17 news release about the annual meeting.

The Rochester–based credit union operates branches in Central New York.

In her message, CEO Laurie Baker said helping credit-union members navigate through their financial life stages and improve their financial well-being has always been “our primary missions.” 

She spoke to a hybrid audience of board members, employees, and members as the annual meeting was held both virtually and in person.

“We have never been more mindful of this than throughout this past year as we faced the lasting impacts of the pandemic and the current economic climate,” Baker said. “While watching the cost of living rise and hearing about the obstacles our members were experiencing, we asked ourselves ‘How can we best help our members achieve their financial goals while facing these ongoing challenges?’ We launched three landmark products in 2022: Our RoundUp savings account, Visa secured credit card, and CU Student Choice student-loan options.” 

Each of the products “filled an important need” for the Summit’s members, Baker contended.