introducing the gleason works - The Summit Federal Credit Union

PRESIDENT’S MESSAGEBy Michael S. Vadala,President & CEO of The Summit Federal Credit UnionWhen Credit Unions work together, our members benefit.The Summit takes pride inknowing that you, our members,are most happy with the quality ofservice we provide. Our well-trainedstaff does a terrific job and we’re proudof the friendly and professional servicethey deliver to you each and every dayin Rochester and Buffalo.“In 2004 we will be takingdramatic steps toimprove convenienceand accessibility for you,our member owners.”Many of you have voiced concernsabout ATM access and the currentnumber of branch locations - and we’velistened. The great news is that in 2004we will be taking dramatic steps toimprove convenience and accessibilityfor you, our member owners.Although ATM surcharges have becomea way of life, we felt that it wasimportant to do something proactivelyto reduce or eliminate these fees for ourmembers. By sending letters to everybank and credit union in the Rochesterand Seneca Falls area, we have beensuccessful in establishing reciprocalsurcharge arrangements throughout theregion.As a result of this initiative, we now offersurcharge-free ATM access at anyRochester area credit union and even ata few local banks. In turn, members ofthese institutions have free access to anySummit-owned ATM. Moving forward,we have already begun to expand thisprogram into the Buffalo area and havealready established solid partnerships withtwo Buffalo-area credit unions.Partnering with other credit unions worksfor better and more convenient branchaccess too! Presently, we have enteredan agreement with six Rochester-areacredit unions and additionally, ourmembers will soon have access toanother 12 to 14 locations stretching fromSodus to Chili. Furthermore, thispartnership allows access to a full 1,000branches nationwide, including populardestinations such as Florida andCalifornia! There are even threeparticipating locations in the Buffalo/Niagara area, including Lockport,Tonawanda, and Niagara Falls. Once thisprogram is finalized, Summit memberswill be able to access their accounts fordeposits and withdrawals at any of thesemany participating institutions!As always, The Summit’swebsite and Online AccountAccess offer members (withinternet access) conveniencethat’s second to none forinquiries, bill payments,transfers of funds, checking balances,online loan applications and much more.Our members will also continue to benefitfrom our relationship with Wegmanssupermarkets by making use of theirElectronic Teller machines for depositsat no charge to them.Managing your financial needs with TheSummit really is becoming moreconvenient than ever before, with manyoptions to suit your schedule and lifestyle,but we’re not stopping there.In 2004, we plan to open two new fullservicebranches with one targeted forRochester and another slated to debutin the Buffalo area. We also hope toinstall even more ATM locations atsome of our key member companiesand plan to work closely with theseemployers to meet their needs.In summary, The Summit FederalCredit Union continues to put membersfirst and trust that you are as excitedabout these upcoming improvementsand enhancements as we are. Asalways, our goal is to provide the bestin service, products, and conveniencethis year and in the years to come.Michael S. Vadala,President & CEO ofThe Summit Federal Credit Union“We now offersurcharge-free ATM accessat any Rochester area credit unionand even at a few local banks.”The Summit FCU’sAnnual MeetingTuesday, May 4 th5:30p.m.Corporate Office100 Marina DriveRochester, NY 14626Please R.S.V.P.to (585) 453-7066 or(800) 836-SFCU ext. 7066or emailMemberUpdates@summitfcu.org2 TO SUMMITUP

BOARD ELECTION NEWSEach year, the terms of three Summit Board members expire and a Nominating Committee, comprised of Summitmembers, is formed to nominate members for the Board of Directors. This year, the committee has nominated thefollowing individuals:K.GERALDK. GEBEBAUERMr. Gebauer was elected to the Board of Directors of the formerBuffalo Telephone Employees Credit Union on October 1987and served as President of the Board from September 2000through the merger date of September 30, 2003. He continuesto serve as a Board Member for The Summit FCU post merger.Mr. Gebauer is retired from Verizon Telephone after 25 yearsof service as a Manager.Mr. Gebauer is currently self employed in the interstate truckingbusiness.THOMASQUIRKMr. Quirk was elected to the Board of Directors at the May 11,1995 Annual Meeting. He is currently the Treasurer of theBoard and also sits on the Executive and Investment Committeesof the Board. He works for Birds Eye Foods in the FinancialPlanning & Analysis Department. He lives in Pittsford with hiswife Molly and 2 children, Clay (16) and Meghan (14).Mr. Quirk has also been involved in various fundraising activitiesfor non-profit organizations, including chairing the alumni givingprogram for his class at Bucknell University, LewisburgPennsylvania.A.WILLIAMA. REIFSTECKMr. Reifsteck has served on the Board of Directors since 1976with his most current position as Board Secretary and Chairmanof the Canal Ponds Credit Union Services, Inc. (CUSO) Boardof Directors. He also serves on the Board of Directors for theNew York State Telephone Credit Union Association.Mr. Reifsteck is retired from Rochester Telephone Corporationafter 40 years, where he was an Outside Plant Engineer.CONTINUED)REIFSTECK(CONTINUEDMr. Reifsteck is also retired from TCS Communication as anOSP Engineer and Construction Inspector.Mr. Reifsteck and his wife Mary have seven children.EDWARDSZPILAMr. Szpila was elected to the Board of Directors of the formerBuffalo Telephone Employees Credit Union on January 1984and served through the merger date. He continues to serve asa Board Member for The Summit FCU following the merger.Mr. Szpila is retired from NYNEX after 35 years in Engineering.E.JOSEPHE. THYRHYROFFMr. Thyroff has served on the Board of Directors since 1982.He is past Board Chairman, Treasurer and SupervisoryCommittee member. He currently chairs the TechnologyCommittee and serves on the Investment and PensionCommittees.In 1994, Mr. Thyroff retired from Rochester TelephoneCorporation after 27 years of service. He held variousmanagement positions in information systems.Mr. Thyroff holds an MBA in Finance from the William E.Simon Graduate School of Business Administration, Universityof Rochester. He holds a variety of insurance related licensesand provides insurance products as an independent agent/broker for Paris-Kirwan Associates, Inc. Mr. Thyroff is aprincipal partner for Thyroff & Thyroff, LLC, a propertymanagement company.Mr. Thyroff and his wife Jeanne reside in Pittsford, New York.Under guidelines specified by the National Credit Union Administration (NCUA), members interested in petitioning to run for avolunteer 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 430 members). Signatures must be legible and includethe member’s account number.2. Included with your petition must be a statement of qualification and biography with information about your currentjob, related credit union or financial experience, and any other committee involvement. Petitions must be received byMarch 25, 2004, and sent to William Reifsteck, The Summit FCU, Canal Ponds Business Park, 100 Marina Drive,Rochester, New York 14626.3. If the credit union does not receive any petitions, a general election will not be held and candidates selected by theNominating Committee will be appointed to The Summit Federal Credit Union’s Board of Directors.TO SUMMITUP 3

We’re Here For YouCanal Ponds Business Park100 Marina DriveRochester, NY 14626-5104www.summitfcu.orgPRSRT STDU.S. POSTAGEPAIDROCHESTER NYPERMIT #1905HAVE YOUHEARD?The Summit isnow playing ona radio stationnear you withreal testimonialsfrom our members!GO PAPERLESS!Receive ToSummitUpelectronically bysending an email toMemberUpdates@summitfcu.org withyour name, emailaddress andhome addressVisit us on the World Wide Web atwww.summitfcu.org’tis theFOR EDUCATIONwithseason fora Coverdell ESAgiving andEducation Savings Accountsharing...Let The Summit Help You Plan...A tax advantaged account that can help yousave for your child’s education expenses.FOR RETIREMENTwitha ROTH IRAIndividual Retirement AccountThe Roth IRA offers a different type of taxadvantage while saving for retirement.COVERDELL ESAS AND ROTH IRAS -Two more ways that The Summit is Here For You!For more information, contact (585) 453-7030 or(800) 836-SFCU extension 7030.Your savings federally insured to $100,000National Credit Union Administration,a U.S. Government AgencyWe’re Here For YouWe Do Business in Accordance with the Federal Fair HousingLaw and the Equal Credit Opportunity Act.