For more information, contact:
Cheryl Van Tessier, Finesse Public Relations LLC
(608) 467-4408, ctessier@finessepr.net
Rebecca Gerothanas, Summit Credit Union
(608) 243-5000×4700, rebecca.gerothanas@summitcreditunion.com
Andy Faust to pass torch to Kim Sponem in Fall 2010
MADISON, Wis. — Andy Faust, CEO of Summit Credit Union, will retire effective September 30, 2010. Kim Sponem, president of Summit, will take over as President/CEO on October 1, 2010.
Faust’s tenure with the financial spans nearly 35 years, beginning in 1976 when he was hired as a teller at State Capitol Employees Credit Union (which later became Summit Credit Union). Just five years after being hired as a teller, Faust was named President/CEO of the Credit Union which, at the time, had fewer than 10 employees and assets totaling $14 million.
“Under Andy’s visionary leadership, Summit has grown into a strong, full-service financial institution with more than 108,000 members and $1.4 billion in assets,” said Jim Hoelzel, board chair. “His life-long passion for financial responsibility, the well-being of our staff and members, as well as a deep commitment to serving the community, has driven our success. We thank him for his years of dedication to Summit and its communities.”
Kim Sponem will take the helm as President/CEO on October 1, as appointed by Summit’s board of directors. Sponem led Great Wisconsin Credit Union as President/CEO before its merger with Summit in 2008. Sponem joined Great Wisconsin Credit Union (formerly known as CUNA Credit Union) in 1995, and served as vice president of marketing and executive vice president before being appointed interim President/CEO in 2001 and then President/CEO in 2002.
“We are very pleased to announce Kim’s appointment as CEO,” said Andy Faust. “With Kim’s guidance, Summit will experience a constancy of mission and direction, as well as a deep and abiding commitment to our members, employees and the communities in which we do business.”
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.4 billion in assets and has more than 108,000 members with a total of 20 locations throughout the Madison and Milwaukee areas. For more information, visit http://www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.
