The Summit FCU posted its highest asset growth last year

ROCHESTER — The chair of the board of directors for the Summit Federal Credit Union (FCU) says the organization’s 2024 asset growth was its highest since 2020, with an increase of $91 million, or 7 percent.

It was part of board chair Chris Modesti’s message to a hybrid audience of board members, employees, and members during the credit union’s annual meeting held May 14. The event was held both virtually and in person, per the Summit FCU’s May 15 summary of the meeting. In his message, Modesti told the gathering that financially, the Summit had a “remarkable year.” “This is why we are able to continuously offer our members competitive interest rates on loans, and often higher-than-market rates on savings products,” he added. The credit union’s fiscal year ended on Dec. 31.

Besides Modesti, the Summit FCU president and CEO Laurie Baker discussed the credit union’s community engagement initiatives for 2024. “In 2024, our initiatives reached the highest levels of impact in our history,” Baker said, per the summary. “We supported 189 organizations with our time and talent as well as our monetary donations, reflecting over 1,100 hours spent in our communities — in classrooms, at festivals and events, and employment fairs. Each of these interactions and partnerships directly related to the overarching credit union philosophy of ‘people helping people.’” Besides the remarks from Modesti and Baker, the Summit also presented college scholarships to five graduating seniors who are pursuing higher education. The recipients of this year’s scholarships included Hannah Bouwens, of Homer High School, in Homer, in Cortland County. In addition, three of the Summit’s volunteers were recognized for their years of service to the credit union. Founded in 1941, the Summit Federal Credit Union is a nonprofit, member-owned, financial cooperative. With more than $1.4 billion in assets, the Summit has over 250 employees and provides financial products and services for more than 95,000 members in Central New York, the Finger Lakes Region, and Western New York.