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.

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