Different experience, dramatic growth at Diamond

Diamond Credit Union, with four branches across Berks and Montgomery counties, has more than 58,000 members – a robust 16 percent increase since 2014.

Meanwhile, the credit union has opened 5,600 new checking accounts this year – a record for Diamond.

And assets rose by 12 percent, while other credit unions of comparable sizes experienced average asset increases of 7.5 percent.

Such growth – in what’s often described as a difficult economy – stands out in the industry – and through gratitude of members saying how Diamond employees go above and beyond to take care of their needs and feel valued.

“It’s been a great, very successful year,” president and CEO John Faust said about 2016 for Diamond Credit Union. “We’ve enjoyed tremendous, outstanding growth.”

One factor contributing to new membership and checking accounts stems from several banks merging in the region, with people looking for alternative options and to avoid maintenance fees.

“In the state of Pennsylvania, there are 419 credit unions, and we’re now the 15th largest in terms of assets,” Faust said. “We are the 12th largest in terms of members.”

Starting as Spicer Pottstown Federal Credit Union in 1947 for employees of Spicer Manufacturing, which eventually became Dana Corp., the credit union took on its present name in the 1990s and opened more broadly to local residents, workers and students by 2006.

Diamond now looks to add branches in Muhlenberg Township and Limerick Township, although there no specifics.

“We focus on teamwork, integrity, proactiveness and that details matter – getting it right the first time,” Faust said about the not-for-profit.