May 23, 2024
The Summit held its annual meeting virtually and in person on May 22, 2024. Board Chair Chris Modesti, and President and CEO Laurie Baker reflected on 2023 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, “2023 was a year of positive strategic growth. We had a very solid financial year and posted a net worth ratio of 10.61% which is considered “Well Capitalized” by the NCUA – the highest level of measurement on the credit union scale. 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.”
In talking about The Summit’s community engagement initiatives for 2023, Baker remarked, “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. Each of these interactions and partnerships gave deeper meaning to the credit union philosophy of “people helping people.””
Treasurer Kofi Appiah Okyere discussed the financial status of the credit union, citing The Summit’s reported net income of $10.5 million and total assets of just under $1.3 billion for 2023. This places The Summit in the top 10% of credit unions nationwide, number 359 out of 4,702 credit unions nationwide. The Summit enjoyed one of its most fiscally successful years, adding 12,077 new members.
Six of The Summit’s volunteers were recognized for their years of service to the credit union: Meghan Dailey (5 years); Sarah Clark, Kate Sweeney, and John Pusloskie (10 years); Chris Modesti (15 years); and William Reifsteck (50 years). Tribute was also paid to former board member Richard Murphy who passed away in June. Murphy served on The Summit’s Board of Directors from 1981 to 2018.
The Summit also presented scholarships to five graduating seniors who are pursuing higher education. The recipients of this year’s scholarships are Sarah Adams (East High School, Rochester); Kelsey Dwyer (Charles W. Baker High School, Baldwinsville); Sora Gavelis (Fairport High School); Leah Nemi (Jamesville-DeWitt High School), and Ruth Esther Stein (Penfield High School).
The Summit’s board members include Chris Modesti (DeJoy & Co. LLP), Chair; Mollene Benison (DeJoy & Co. LLP) and Pamela Crocker (The Vanguard Group, Inc.), 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); Kate Sweeney (Rochester Institute of Technology); Daryl Wolf (ret. Wegmans Food Markets); Associate Member Orlando Ortiz (RocOn Property Management, LLC); and Emeritus Board Members William Reifsteck (ret. Rochester Telephone Corporation) and Sarah Sorensen (AT&T).
The organization’s fiscal year ended on December 31st and audited results, as well as details on our community impact for 2023 are available at: summitfcu.org/about-us/.