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Published in Finance

Consumers Credit Union CEO retiring after 38 years; COO to take leadership role

BY Tuesday, December 21, 2021 11:36am

KALAMAZOO — The chief executive officer at Consumers Credit Union plans to retire in mid-2022 after 38 years.

Kit Snyder has led the Kalamazoo-based Consumers Credit Union since 1983, including before a 1987 charter expansion and name change from Southwestern Michigan Utilities Employees Credit Union.

Left: Snyder, Right: Sylvester COURTESY PHOTOS

During his tenure as president and CEO, Consumers Credit Union has grown nearly 18 percent annually to become one of the largest credit unions in Michigan, going from $3 million in total assets and three employees to about $1.7 billion in total assets with more than 400 employees. The credit union has more than 117,000 members.

“We have grown tremendously over the course of nearly four decades,” Snyder said. “It’s now time to watch our growth continue through trusted leadership and team synergy.”

Directors who have been planning for leadership succession for five years named Chief Operations Officer Scott Sylvester as president and CEO upon Snyder’s retirement.

Sylvester started at Consumers Credit Union in 1994 as a teller. He’s also worked as an accounting clerk, senior accountant, manager of information systems and vice president of technology, and later chief financial and chief technology officer.

 

“It’s amazing to think that in 1994 when I hired Scott Sylvester we’d fast forward to this time and place,” Snyder said in an announcement on the leadership transition. “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.”

Consumers Credit Union has 24 offices in Southwest and West Michigan. The credit union expanded in the lakeshore market this year with the opening of new offices in South Haven and Grand Haven last summer. It also began construction in June on a Muskegon location that should open in early 2022.

At the end of the third quarter, Consumers Credit Union had $1.68 billion in total assets and total deposits of $1.35 billion, according to a quarterly financial report to the National Credit Union Administration. Loans totaled $1.52 billion, including $170.1 million in commercial loans.

Through three quarters of 2021, the credit union recorded $21.1 million in net income, which compares to $11.7 million in the first nine months of 2020.

At midyear, Consumers Credit Union ranked as the 11th largest of 210 credit unions in Michigan, according to the Michigan Credit Union League.

“Kit’s dedication to servant leadership and his commitment to financial wellness for members and community has transformed lives,” said Brent Basset, chairperson of Consumers Credit Union’s Board of Directors. “Our organization is the strongest it’s ever been, in part due to Kit’s passion and focus.”

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