Kit Snyder, Longtime CEO and President of Consumers Credit Union, Announces Retirement
Chief Operations Officer Scott Sylvester set to succeed Snyder in July 2022.
Kalamazoo, MICH – Consumers Credit Union CEO and President Kit Snyder has announced his retirement effective July 4, 2022. The Board of Directors unanimously voted Scott Sylvester, chief operations officer, to take over CEO and president responsibilities upon Snyder’s retirement.
Snyder was recently inducted into the Credit Union Executive Society (CUES) Hall of Fame as a result of his work to promote the industry.
Snyder was hired in 1983 as one of the first president and CEOs of Consumers. At that time the organization was known as Southwestern Michigan Utilities Employees Credit Union until a charter expansion and name change four years later to Consumers Credit Union took place. Over the past 38 years under Snyder’s leadership, the organization has grown nearly 18 percent 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 Board of Directors and I would like to thank Kit for his incredible leadership as CEO these past 38 years,” said Brent Basset, chair of Consumers Credit Union’s Board of Directors. “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.”
“We have grown tremendously over the course of nearly four decades,” Snyder said of his tenure. “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.”
Building up a successor
Consumers Board of Directors began planning the CEO’s succession nearly five years ago and unanimously voted to place Sylvester at the helm.
“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.”
Sylvester has worn many hats for Consumers since he started, advancing from teller to accounting clerk and then senior accountant to manager of information systems and vice president of technology and later chief financial & chief technology officer.
In his role prior to that of CEO, Sylvester was charged with the following initiatives as chief operations officer:
- Oversaw office facilities, including office remodels and new construction
- Led facilities for new market growth
- Coordinated strategic and operational activities, including new technology initiatives
- Handled creative planning and oversight of the new 92,000-square-foot Groves headquarters
“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.”
Sylvester is a certified chief executive (CCE) with studies and training through the Wharton School of Business at the University of Pennsylvania, the Johnson School of Business at Cornell University of Virginia, and Executive Development at the Broad College of Business, Michigan State University, where he also finished his undergrad with a B.S. in marketing.
The community leader and volunteer just came off the Mattawan Consolidated School Board where he served as president since 2018. He additionally served as a Mattawan Public Education Foundation Board member, school bond committee chair on multiple bond initiatives, a Mattawan Little League coach, and has been involved with Team Taylor through Make-A-Wish. Sylvester is also a member of Southwest Michigan First’s Council of 100 in Kalamazoo. He lives in Mattawan with his wife Lisa and three children.
Headquartered in Kalamazoo, Michigan, Consumers Credit Union is a full-service financial institution and a leader in digital banking technology, mortgages and business lending. Consumers has more than $1.6 billion in assets and has averaged 18 percent annual growth for more than 35 years. Locally owned since 1951, Consumers serves more than 117,000 individuals and businesses through 23 offices located in Kalamazoo, Battle Creek, Grand Rapids, Coldwater, Holland, and South Haven, with member access to 30,000 free CO-OP Network ATMs nationwide. For details, visit www.consumerscu.org. Editors, please refer to Consumers Credit Union in short as Consumers, rather than CCU. Thank you!
Federally insured by NCUA