The Summit CEO discusses strategic growth at annual meeting

ROCHESTER —The president and CEO of The Summit Federal Credit Union called 2023 a “year of positive strategic growth.” That’s according to a recap of the credit union’s annual meeting held both virtually and in person on May 22. The Rochester–based federal credit union operates locations throughout Central New York.

“We had a very solid financial year and posted a net worth ratio of 10.61 percent which is considered ‘Well Capitalized’ by the NCUA [National Credit Union Administration] - the highest level of measurement on the credit union scale,” Laurie Baker, president and CEO of The Summit Federal Credit Union, said in the recap. “This is great news for our members because it means that we continue to maintain that delicate balance between safety and growth, making The Summit even more sustainable and resilient.” Her comment was part of Baker’s message to an audience of board members, employees, and members. She also talked about Summit’s community-engagement initiatives in 2023. “We supported 147 organizations throughout our entire footprint with our time and talent as well as our monetary donations, reflecting over 1,000 hours spent in our communities - at festivals and events, employment fairs, and in classrooms,” Baker said. “Each of these interactions and partnerships gave deeper meaning to the credit union philosophy of ‘people helping people.’” Besides Baker, Chris Modesti, chair of the credit union’s board of directors, also reflected on 2023 and outlined the vision for the organization moving forward. Treasurer Kofi Appiah Okyere discussed Summit’s financial status, including the credit union’s reported net income of $10.5 million and total assets of just under $1.3 billion for 2023. Those figures place the Summit in the top 10 percent of credit unions nationwide, number 359 out of 4,702 credit unions nationwide, per its summary of the annual meeting. The Summit also added 12,077 new members during the year.

The Summit board

Besides Modesti (DeJoy & Co. LLP), the Summit’s board members include (with company affiliation in parentheses) Mollene Benison (DeJoy & Co. LLP) and Pamela Crocker (The Vanguard Group, Inc.), who serve as vice chairs; Kofi Appiah Okyere (Syracuse University), board treasurer; and Clarence Turner (Rochester Institute of Technology), board secretary. The board also includes Elizabeth Dudman (retired, University of Rochester); Gerald Gebauer (retired, JBG Freight Lines); Augustin Melendez (retired, Hillside Family of Agencies); Thomas Quirk (retired, Bausch & Lomb); Kate Sweeney (Rochester Institute of Technology); and Daryl Wolf (retired, Wegmans Food Markets). In addition, Orlando Ortiz (RocOn Property Management, LLC) is an associate member and William Reifsteck (retired, Rochester Telephone Corporation) and Sarah Sorensen (AT&T) serve as emeritus board members, per the credit union’s announcement.