POTTSTOWN, Penn.–John Faust, president/CEO of Diamond Credit Union, has announced plans to retire in May of 2022. The credit union said it has launched a search for a successor.
Faust has spent nearly 40 years in credit unions, that last 36 with Diamond CU, and the last 30 as president/CEO.
“John’s legacy at Diamond will be his leadership during a time of phenomenal growth,” said Board Chair Pat Austin. “His dedication to the credit union mission has put Diamond in an incredibly strong position today and for the future.”
The $888-million credit union noted that early in Faust’s days 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 Pottstown, Penn.
The credit union expanded its FOM to multiple SEGs in the early 1990, before moving to a state charter later in the decade and then a community charter in the mid-2000s 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, the credit union said.
The credit union has also growth to more than 64,000 members and to 180 employees.
‘Bittersweet, But…’
“With Faust’s guidance that team has been dedicated to the people of the communities they serve. Staff supports many great causes with their time and dollars,” Diamond CU said.
“Leaving is bittersweet but the time is right, and I look forward to what is next,” Faust said. “Next is spending more time with my wife, Mary, for without her support none of the above could have happened; and being an active part of our four grandkids’ lives. I am forever grateful for the support, respect, and encouragement over the years from all who have been part of Diamond Credit Union.”