A change in leadership is on the horizon for Diamond Credit Union. John Faust, who has served as the company’s president and CEO for 30 years, has announced plans to retire. He is targeting May 2022 as the timeframe for his departure.
Faust’s career with Diamond has spanned 36 years. His legacy, according to Pat Austin, volunteer chairman of the board of directors for Diamond, “will be his leadership during a time of phenomenal growth.”
“His dedication to the credit union mission has put Diamond in an incredibly strong position today and for the future,” Austin said in a statement.
Faust said leaving Diamond Credit Union is “bittersweet,” but adds the time is right.
“I look forward to what is next,” he said.
What’s next, Faust added, is spending time with his wife Mary and being an active part of the lives of their grandchildren. “I am forever grateful for the support, respect, and encouragement over the years from all who have been part of Diamond Credit Union.”
The process to find Faust’s replacement as president and CEO is already underway, the company said Friday. Diamond’s board of directors is working with the recruitment firm D. Hilton and Associates to conduct a nationwide search.
Early in Faust’s career at Diamond, the credit union relocated its headquarters from inside Dana Inc., formerly Spicer Manufacturing Co., whose employees founded the credit union with eight members in 1947, to its current home at 1600 Medical Drive in Lower Pottsgrove. In 1998 that location was expanded to more than 23,000 square feet.
In the early 1990s, Diamond gained the ability to serve multiple businesses and became state-chartered in 1997. In 2006, Diamond shifted to a community charter that allowed it to serve anyone who lives, works, worships, regularly conducts business, or attends school in Berks County and parts of the tri-county region. Diamond recently applied to expand its charter to include all of Berks, Montgomery, Chester and Bucks counties, according to a press release.
“I am forever grateful for the support, respect, and encouragement over the years from all who have been part of Diamond Credit Union.”
— John Faust, president and CEO, Diamond Credit Union
Through the years, the company has grown from its original eight members to more than 64,000. Over the last 15 years, it has grown by more than $600M and has more than $800 million in assets.
Diamond Credit Union, with 180 employees, operates seven branch locations in Berks and Montgomery counties. The company has nurtured a culture that became Diamond’s Younity brand and has been recognized as a PA Best Places to Work award winner.
Diamond Credit Union has a commitment to the communities it serves, with staff contributing their time and money to a variety of causes. in the last 16 years, for example, the company has helped raise more than $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.
Source: Berkshire mont