May 17, 2023
The Summit held its annual meeting virtually and in person on May 10, 2023. Board Chair Chris Modesti, and President and CEO Laurie Baker reflected on 2022 and outlined the vision for the organization moving forward.
In her message to a hybrid audience of board members, employees and members, Laurie Baker commented, “Helping our members navigate through their financial life stages and improve their financial well-being have always been our primary missions. 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. 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,” she continued. “Each of these products filled an important need for our members.”
Discussing The Summit’s commitment to elevating diversity, equity, and inclusion initiatives in the credit union’s mission, strategies and business practices, Baker commented, “Our Diversity Equity and Inclusion (DEI) Council is made up of representatives from departments across the organization, encouraging diversity of thought and opinion that will continue to strengthen our ability to think and act strategically. The council is set on the foundation of The Summit’s Core Values, providing a brave space for honest discussion and continuous improvement and growth. The council aspires to help every voice be heard and every team member to feel valued and aims for each person to have a sense of belonging and to see a piece of themselves represented in The Summit’s culture. DEI is an integral part of our hiring process, recruiting top talent to grow our credit union into one that is more reflective of the communities that we serve.”
Treasurer Kofi Appiah Okyere discussed the financial status of the credit union, citing The Summit’s reported net income of $11.1 million for 2022. The Summit is rated as “well capitalized” by their regulator, NCUA. This is NCUA’s highest rating category for credit union net worth. The Summit enjoyed one of its most fiscally successful years, adding 11,773 new members and reporting total assets of nearly $1.3 billion.
Two of The Summit’s volunteers were recognized for their years of service to the credit union: Mollene Benison (5 years), and Gerald Gebauer (35 years). Tribute was also paid to former board member Charles Faggiano who passed away last month. Faggiano served on The Summit’s Board of Directors from 1974 to 2013.
The Summit also presented scholarships to six graduating seniors who are pursuing higher education. The recipients of this year’s scholarships are Frederick Carey, Jr. (Vertus High School); Colin Fanning (Honeoye Falls Lima High School); Evelyn Gardner (City Honors Magnet School, Buffalo); Rocco Jones (Brighton High School), Olivia Pusloskie (Avon Central School); and Ethan Snyder (Marcellus High School).
The Summit’s board members include Chris Modesti (DeJoy & Co. LLP), Chair; Mollene Benison (DeJoy & Co. LLP), and Daryl Wolf (ret. Wegmans Food Markets), Vice Chairs; Kofi Appiah Okyere (Syracuse University), Treasurer; Clarence Turner (Rochester Institute of Technology), Secretary; Elizabeth Dudman (ret. University of Rochester); Gerald Gebauer (ret. JBG Freight Lines); Augustin Melendez (ret. Hillside Family of Agencies); Thomas Quirk (ret. Bausch & Lomb); Sarah Sorensen (AT&T); Kate Sweeney (Rochester Institute of Technology); Associate Member Pamela Crocker (The Vanguard Group, Inc.); and Emeritus Board Member William Reifsteck (ret. Rochester Telephone Corporation).
The organization’s fiscal year ended on December 31st and audited results for 2022 are available at: summitfcu.org/about-us/.