Search
 

Some Bright Spots Shine Through the Economic Gloom

Despite the gloom and doom in the mainstream and trade press regarding the economy--things humming along as they should isn't news--there are many locations that are not affected as much as the headline-grabbing vortexes of California, Florida and some other places.

By Sarah Snell Cooke | Updated on August 26, 2008

Despite the gloom and doom in the mainstream and trade press regarding the economy–things humming along as they should isn’t news–there are many locations that are not affected as much as the headline-grabbing vortexes of California, Florida and some other places.

Take for instance The Summit Federal Credit Union in Rochester, N.Y. CEO Mike Vadala said his $425 million credit union is concerned about whether his members will be able to continue to pay their loans after some local job losses, but generally speaking, Rochester has experienced little of the economic problems that are making news. A look at The Summit’s financials supports that they haven’t had much to worry about. Loans, shares and membership are up, while delinquent loans are an enviable 0.36% of total loans as of June 2008 and cost of funds is down. Return on assets is above peer average and growth in net worth, market share, assets and membership at The Summit bests its peers. Vadala also explained that the Visa initial public offering gave his bottom line a boost.

At the same time, kudos goes out to the credit union for continuing its charitable giving efforts and never having made staffing cuts.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.