Diamond Credit Union in Pottstown, Pennsylvania, has named Rick Patel as its president and chief executive.
Patel was recently senior vice president of retail financial services for the $7.5 billion-asset Police and Fire Federal Credit Union in Philadelphia, and began his new roles at the $940 million-asset Diamond on March 31. He succeeded John Faust, who led the credit union as its CEO for nearly 30 years and
“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 … the future of Diamond Credit Union is in good hands,” Pat Austin, chair of Diamond’s board, said in a press release Thursday.
Faust will remain with Diamond for the next few weeks in an advisory capacity as part of the succession planning.
To aid its search for its new CEO, Diamond’s board of directors worked with the recruitment firm D. Hilton Associates and selected Patel out of 300 possible candidates.
