Consumers CU CEO Kit Snyder Announces Retirement, Successor Named

Consumers Credit Union in Kalamazoo, Mich. has experienced a lot of changes and growth in the past four decades. Overseeing them all has been long-time President/CEO Kit Snyder, who’s been leading the credit union since 1983.

On Tuesday, Snyder announced that he will step down as president/CEO on July 4, 2022. Taking his place, according to an announcement from Consumers CU, will be current Chief Operations Officer Scott Sylvester.

According to Consumers CU ($1.6 billion in assets, 117,376 members), Snyder began his career when the credit union was known as Southwestern Michigan Utilities Employees Credit Union until the name was changed a few years later after a charter expansion.

“Over the past 38 years under Snyder’s leadership, the organization has grown nearly 18% per year, catapulting from a $3 million operation with three employees to a near $2 billion entity with over 400 employees that serves 117,000+ members across the state,” the statement read.

“The Board of Directors and I would like to thank Kit for his incredible leadership as CEO these past 38 years,” said Chair of Consumers CU’s Board of Directors, Brent Basset. “Kit’s dedication to servant leadership and his commitment to financial wellness for members and community has transformed lives.

“Our organization is the strongest it’s ever been, in part due to Kit’s passion and focus. His vision to work with the Board on a seamless succession plan is a showcase of his ability to set up Consumers for long-term growth and achievements.”

Snyder said in a prepared statement, “We have grown tremendously over the course of nearly four decades. I’ve had the honor of working with a Board of Directors and a team that is second to none. Consumers growth from $3 million to $1.8 billion dollars is simply remarkable. It’s now time to watch our growth continue through trusted leadership and team synergy.”

According to the Board of Directors, the credit union began planning Snyder’s succession about five years ago. Board members voted unanimously to name Sylvester the credit union’s next leader.

“It’s amazing to think that in 1994 when I hired Scott Sylvester we’d fast forward to this time and place,” said Snyder. “Scott has proven from the outset of his career with Consumers his willingness to build consensus and take decisive action for the betterment of our credit union and membership.

“From teller to CEO, what an honor to have worked alongside him.”

The credit union stated Sylvester has progressed from his early days as teller, to accounting clerk, senior accountant, manager of information systems, vice president of technology and then to chief financial and chief technology officer.

“It’s an honor to take over leadership from a colleague and friend who I have worked with day in and day out for decades,” said Sylvester. “I am most proud of the team we have built and the technology focus we’ve developed to serve members efficiently and with top-notch security.

“We were the first to bring online banking into the region in the ’90s and a first to offer Apple Pay in the country. Our five-star mobile app allows our members to bank how they want, when they want. My job is made easy with the talented 400+ employees surrounding me and I am so proud to work for Consumers Credit Union.

“It’s thrilling to watch us all succeed together.”