Diamond Credit Union CEO John Faust Announces Retirement | Business
LOWER POTTSGROVE – A change of direction is on the horizon for Diamond Credit Union. John Faust, who was president and CEO of the company for 30 years, has announced his intention to retire. He is targeting May 2022 as the timetable for his departure.
Faust’s career with Diamond spanned 36 years. His legacy, according to Pat Austin, volunteer Chairman of the Diamond Board, “will be his leadership during a period of phenomenal growth.”
“His dedication to the credit union‘s mission has placed Diamond in an incredibly strong position today and into the future,” Austin said in a statement.
Faust said leaving Diamond Credit Union was “bittersweet,” but added that the time is right.
“I look forward to the sequel,” he said.
The next step, Faust added, is to spend time with his wife Mary and to be an active participant in the lives of their grandchildren. “I am eternally grateful for the support, respect and encouragement over the years from everyone who has been a part of Diamond Credit Union.”
The process to find Faust’s replacement as president and CEO is already underway, the company said on Friday. Diamond’s board of directors is working with recruiting firm D. Hilton and Associates to conduct national research.
Early in Faust’s career with Diamond, the credit union moved its head office from inside Dana Inc., formerly Spicer Manufacturing Co., whose employees founded the credit union with eight members in 1947, to his current home at 1600 Medical Drive in Lower Pottsgrove. In 1998, this location was expanded to over 23,000 square feet.
In the early 1990s, Diamond gained the ability to serve multiple businesses and became a state charter in 1997. In 2006, Diamond transitioned to a community charter that enabled it to serve anyone who lives, works, loves , conducts business regularly or attends school. in Berks County and parts of the tri-county area. Diamond recently asked to expand its charter to include all of Berks, Montgomery, Chester and Bucks counties, according to a press release.
Over the years, the company has grown from its original eight members to over 64,000. Over the past 15 years, it has grown to over $ 600 million and owns over $ 800 million. of assets.
Diamond Credit Union, with 180 employees, operates seven branches in Berks and Montgomery counties. The company nurtured a culture that became the Diamond’s Younity brand and was recognized as a PA Best Places to Work award winner.
Diamond Credit Union is committed to the communities it serves, with staff contributing time and money to various causes. Over the past 16 years, for example, the company has helped raise over $ 1 million for Relay For Life.
Diamond Credit Union is the 15th largest credit union in Pennsylvania and is headquartered in Lower Pottsgrove.
For more information, visit diamondcu.org.