In 1941, three employees of the Rochester Telephone Corporation founded our credit union with a simple goal: to help members save and borrow at attractive rates in order to improve their lives. Over 75 years later, with a vastly expanded array of products and services, The Summit still holds that goal.
Our Board of Directors keeps us mindful of this mission; their diverse array of backgrounds and expertise helps guide The Summit’s management to ensure that our practices are in the best interests of the members. Our annual report outlines these practices along with the financial results, and shows how we fulfilled our goals.
80,000+ active members
$850+ million in assets
700+ member companies
9 branches in the Rochester, NY area
3 branches in the Syracuse, NY area
2 branches in Cortland, NY area
2 branches in the Buffalo, NY area
1 branch in Seneca Falls, NY
History of the Credit Union
The early years
In 1937, Harold Madigan introduced the idea of starting a Federal Credit Union during a Departmental Council Meeting of the Rochester Telephone Corporation. View the original letter.
Founded in 1941 as Rochester Telephone Federal Credit Union
In 1957, we moved into our first headquarters on the 11th floor of the Sibley building in downtown Rochester
1980 – 1989
In 1983, The Summit name is born following a contest among members to submit a name for the credit union, and our Seneca Falls branch is opened in an old house next to Goulds Pump
In 1984, we introduced ATMs to our members
In 1988, we opened our Waring Road branch
1990 – 1999
In 1993, the Waring Road branch was relocated to the Hudson Plaza in Irondequoit
In 1995, we moved the location of our Seneca Falls branch to its current location on Fall St. and opened an East Rochester branch
In 1996, we moved into our new corporate headquarters in Greece with a branch on the ground floor and dedicated the building to John Bryson, our long-serving President and CEO
In 1999, we merged with SOD FCU and opened the Blue Cross Blue Shield satellite branch in downtown Rochester
2000 – 2009
In 2000, we opened our Henrietta branch in front of Southtown Plaza on Jefferson Road
In April 2000, we launched Online Access and Online Bill Payment
In 2003, we merged the Buffalo Telephone Employees Federal Credit Union into The Summit adding just over 5,000 members and one branch in downtown Buffalo
In 2005, we merged the Hilton Federal Credit Union into The Summit bringing just over 1,500 members and one branch location into the credit union
In 2005, we moved the East Rochester branch to Penfield Road in Penfield
In 2006, we opened a new Hilton branch and moved the City of Buffalo branch to Clarence
In 2006, we also merged the Brighton School Employees Federal Credit Union into our credit union adding over 400 members and one branch location
In July of 2006, we opened our new Brighton branch in the TOPS-Brighton Plaza
In 2007, we introduced Shared Branching (Co-Op Shared Branch)
In 2007, we merged First Link Federal Credit Union into The Summit adding over 1,200 members and opened our 2nd Buffalo branch on Delaware Ave. near Hertel
In 2009, we merged Kenton Federal Credit Union into our credit union bringing over 3,000 new members into the Summit family along with one branch location on Sheridan Drive in Tonawanda
In 2009, we moved the Irondequoit branch in the Wegmans Plaza to its current location right on Hudson Ave. near Titus Ave. in the same plaza and moved the Brighton branch to Monroe Ave. near the 12 Corners
2010 – today
On January 1, 2010 The Syracuse Federal Credit Union merged into The Summit adding over 22,000 members and 7 branches in Syracuse and Cortland
In March of 2011, we opened our Main/Winton branch in the city of Rochester
In May of 2011, we merged Frontier Federal Credit Union into The Summit adding over 500 new members into the Summit family
In August of 2011, we opened a branch on the SUNY Cortland campus in Neubig Hall, plus 3 on campus ATMs
In October of 2011, we launched Mobile Banking
In November of 2012, we launched Health Savings Accounts
In June 2013, we opened our Perinton branch located at 665 Moseley Rd. Fairport, NY 14450
In February 2014, we launched Mobile Check Deposit and Mobile Apps for Tablets
November 3, 2014, we launched The Summit Retirement & Investment Services
December 15, 2014, we launched Popmoney
January 9, 2015, we launched Design Your Own Card for our Visa® Credit Cards
January 2016, we opened our new Henrietta Branch located at 2087 East Henrietta Road, Rochester, NY 14623
June 2016, we opened our new Camillus Branch located at 130 Township Boulevard, Camillus, NY 13031
July 2017, we opened our new Taft Road Branch located at 5201 West Taft Road, Syracuse, NY 13212
November 2017, we opened our new Cortland Branch located at 877 Route 13, Cortland, NY 13045
Our 70+ year legacy is a long and storied one touching thousands of families, friends and neighbors along the way. The credit union remains strong and continues to thrive today operating by the same principles that were first established by our founders in 1941… to help members improve their lives.
Read the entire story of our credit union shown in pictures and words.
A Note from Our President
At The Summit, our member-owners and their financial needs are our top priority. We pride ourselves on being a large credit union that still holds true to traditional credit union values. Your voice and vote guides the direction of the credit union meaning that we’re here for you, we work for you, and we’ll do everything in our power to ensure that your relationship with The Summit is a positive and rewarding one through every phase of your life.
If you’re already a Summit member, you understand the exclusive benefits the credit union offers and have experienced our personal, world-class member service! If you’re not a member yet, please explore our website to learn more about the credit union and become a member today.
All of us at The Summit look forward to serving your financial needs now and in the future. We’ll continue to earn your business every day by providing a wide array of affordable products and services combined with competitive rates and the friendly personal service you’ve come to expect.
Thank you for your continued loyalty.
Michael S. Vadala
President and CEO
Board of Directors
Our Board of Directors is a diverse team of volunteers who live and work throughout New York State from Buffalo to Syracuse and everywhere in between. They are lawyers, professors, agency presidents, and community members. They provide knowledge and leadership to keep us focused on our members and our mission.
Current Board Members
- Thomas B. Quirk, Chair
- Augustin Melendez, Vice Chair
- Chris Modesti, Vice Chair
- Kofi Appiah Okyere, Treasurer
- Daryl Wolf, Secretary
- Clarence “Chip” Turner
- Elizabeth A. Dudman
- Gerald K. Gebauer
- Sarah Sorensen
- William A. Reifsteck
- Kate Sweeney
Board Election News 2020
Each year, the terms of several Summit Board Members expire and a Nominating Committee, comprised of Summit members, is formed to nominate members for the Board of Directors. This year, the Committee has nominated the following individuals:
Mr. Modesti was selected to the Board of Directors in 2013. In addition, he has proudly served the credit union on the Supervisory Committee for over 4 years, and has also been the Chairman of that committee.
He is EVP and CFO of Sweeteners Plus, LLC, a manufacturer and distributer of sugar products in Lakeville, NY. Chris has been in that role since May 2019. He was formerly President of Biomaxx, Inc. He remains on the Board there. Mr. Modesti has also held senior management level positions at Superior Energy, Energy East Corporation and Energetix, Inc.
Mr. Modesti has a BS degree in Business Management and Marketing from Cornell University and an MBA from the William E. Simon Graduate School of Business Administration at the University of Rochester. He is also a Board Director at Highland Hospital, and the Rochester Chapter of Financial Executives International. Chris is a Trustee of the University of Rochester Newman Interfaith Chapel. He resides in Fairport, New York with his wife Lisa and three sons.
Ms. Sweeney has been a Summit Board member since 2018 and is also a member of the Investments Committee. She previously was a member of the Supervisory Committee and served as an Associate Board member from 2016 – 2018.
She is currently employed as the Senior Financial Analyst for the National Technical Institute for the Deaf at Rochester Institute of Technology. Prior to joining RIT, Kate held Financial Analyst and External Reporting Accountant positions with Paychex, Inc.
Ms. Sweeney has a B.S. in Business Administration and Finance from Nazareth College, and a MBA with concentrations in Accounting and Management & Leadership from Rochester Institute of Technology.
CLARENCE “CHIP” TURNER
Mr. Turner was elected to the Board of Directors in 2010. He has proudly served the credit union on the Board and Supervisory Committee for over 20 years. He is employed at the Rochester Institute of Technology as senior budget analyst. He has over 20 years of experience in financial analyses, forecasting and information systems.
Mr. Turner is also active in the Rochester community. He has coached youth sports in the Gates-Chili and Greece area. He currently sits on the Board of Directors for the non-profit organization Youth For Christ. In addition, he is active leading various outreach and care programs through The Father’s House church. He and his wife are happily married and have three children. They reside in the town of Chili, NY.
Mr. Wolf was elected to the Board of Directors in 2013, and currently serves as Board secretary. He has been an active member of The Summit since 1985. During that time he served 10 years on the Nominating Committee (3 as Chairman) and 1 year on the Supervisory Committee. He currently serves on the Executive Committee and as Chair of the Benefits and Pension Committee.
He is Vice President of Construction for Wegmans Food Markets Inc. where he has been employed for over 24 years. Prior to working at Wegmans he was Project Manager and Estimator for a local general contractor for 12 years and a Structural Designer for 7 years.
Mr. Wolf has a BS in Civil Engineering from Syracuse University. He has been active in the Greece and Hilton community as a coach and volunteer for many baseball and basketball organizations. He has also been active with many church related activities with St. Mark’s Church. He and his wife Julie live in Greece with their three sons Carl, Mitchell, and Brian.
Under guidelines specified by the National Credit Union Administration (NCUA), members interested in petitioning to run for a volunteer position on the Board of Directors may do so by complying with these procedures:
1. A petition must be signed by 1% of our membership (at least 500) members. Signatures must be legible and include the member’s account number.
2. Included with your petition must be a statement of qualification and a biography with information about your current job, related credit union or financial experience and any other committee involvement.
3. Petitions must be received by February 13, 2020, and sent to Daryl Wolf, The Summit FCU, Canal Ponds Business Park, 100 Marina Drive, New York 14626.
4. The election will not be conducted by ballot and there will be no nomination from the floor when the number of nominees equals the number of positions filled.
The Supervisory Committee is a five-member committee of volunteer members who are appointed by The Summit Federal Credit Union’s Board of Directors. The committee works independently of the credit union’s management overseeing the work of internal and external auditors, and is responsible for ensuring that member assets are adequately safeguarded, accurate records are maintained, and proper business practices are followed.
In addition, reviewing and resolving member complaints that cannot be rectified through normal channels is another responsibility of the Supervisory Committee. However, most issues can be resolved efficiently by credit union staff in the branches, or through email at firstname.lastname@example.org or at (585) 453-7030 or (800) 836-SFCU extension 7030.
If you are unable to resolve an issue or discrepancy in your account through normal channels, you may contact the Supervisory Committee at PO Box 26477, Rochester, NY 14626, Attn: Supervisory Committee.
For more insight on our operations, feel free to review our current and past Annual Reports.