Rick Patel Named CEO of Diamond Credit Union
Thirty-year CEO John Faust will retire after the transition process.
Rick Patel has been appointed president/CEO of Diamond Credit Union in Pottstown, Pa., the board of directors said.
He succeeds John Faust, who is retiring and will remain with Diamond for several weeks to aid in the transition.
During Faust’s 30-year CEO tenure, Diamond’s assets grew from $46.8 million and 13,149 members in 1992 to $922 million in assets and 64,525 members at the end of last year, NCUA Call Reports showed.
The credit union currently manages assets of $940 million, according to a prepared statement released last week announcing Patel’s appointment.
Patel comes to Diamond from the $7.5 billion Police and Fire Federal Credit Union in Philadelphia where he served as SVP of retail financial services. Before joining PFFCU, he was an SVP and regional manager of Bucks County, Pa., for PNC Bank.
“The future of Diamond Credit Union is in good hands,” Diamond Board Chair Pat Austin said in a prepared statement. “Rick’s vision aligns with the culture that already thrives at Diamond while his passion for service and his experiences are ideal to help keep it moving forward.”
Diamond’s 173 employees operate seven branches, a service call center and a lending call center.