The Summit Federal Credit Union Holds Virtual Annual Meeting

May 20, 2022

The Summit held its annual meeting virtually on May 19, 2022. Board Chair Chris Modesti, and President and CEO Laurie Baker reflected on 2021 and outlined the vision for the organization moving forward. 

The meeting began with a moment of silence to remember the victims of the May 14th tragedy in Buffalo, those who were injured or in harm’s way, and their families. The Summit has two branches and thousands of members in the Buffalo area.

Treasurer Kofi Appiah Okyere discussed the financial status of the credit union, citing The Summit’s reported net income of nearly $13 million for 2021. The Summit is rated as “well capitalized” by regulators, NCUA.  This is NCUA’s highest rating category for credit union net worth. The Summit enjoyed one of its most fiscally successful years adding over 10,000 new members and reporting total assets of $1.2 billion.

In her message to a virtual audience of board members, employees and members, Laurie Baker commented, “Having learned quickly from the uncertainties of 2020, we continued to be agile and innovative – all while keeping our members and staff safe. We altered branch operations to accommodate CDC requirements. We modified our branch footprint to reflect member usage. We invested in technology and created the Virtual Branch, giving members easy access to financial expertise from the comfort of their home, office or wherever they happened to be.”

Discussing The Summit’s commitment to elevating diversity, equity, and inclusion initiatives in the credit union’s mission, strategies and business practices, Baker commented, “We will continue to make DEI 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. Our very active 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.”

Four of The Summit’s volunteers were recognized for their years of service to the credit union: Joseph Thyroff (40 years), Daryl Wolf (20 years), Kofi Appiah Okyere (15 years), and Kelly McCormick-Sullivan (5 years). 

The Summit also presented scholarships to six graduating seniors who are pursuing higher education. The recipients of this year’s scholarships are: Neishmarie Ayala (East High School, Rochester NY); Abigail Burm (Waterloo High School); Peter Clements (Irondequoit High School), Stephanie Syl-Akinwale (Mount St. Mary Academy, Kenmore, NY); Connor Waasdorp (Irondequoit High School); and Tori Wilson (Fairport High School).

The Summit’s board members include Chris Modesti (DeJoy, Knauf & Blood LLP), Chair; Augie Melendez (ret. Hillside Family of Agencies), Vice Chair; Kofi Appiah Okyere (Syracuse University), Treasurer; Daryl Wolf (ret. Wegmans Food Markets), Secretary; Mollene Benison (DeJoy, Knauf & Blood LLP); Elizabeth Dudman (University of Rochester); Gerald Gebauer (ret. JBG Freight Lines); Thomas Quirk (ret. Bausch & Lomb); Sarah Sorensen ( AT&T); Kate Sweeney (Rochester Institute of Technology); Clarence Turner (Rochester Institute of Technology); and Emeritus Board Member William Reifsteck (ret. Rochester Telephone Corporation).

The organization’s fiscal year ended on December 31st, and audited results for 2021 are available at: