Kim Sponem To Succeed Andy Faust As Summit CU CEO
MADISON, Wis. – Summit CU announced today that Andy Faust is retiring as CEO and will be succeeded by Kim Sponem as head of the $1.5 billion credit union, Wisconsin’s largest.
Faust began his career at the credit union as a teller in 1976 at what was then known as State Capitol Employees CU, then was named president and CEO five years later when the credit union had just ten employees and $14 million in assets.
Under his leadership Summit has remained one of the strongest big credit unions in the country, keeping in the black through the turmoil of the past three years, including a $6 million net last year, despite a $1.7 million charge for the corporate credit union bailout, and reporting a $2.4 million net for the first quarter of 2010.
Sponem headed CUNA CU, which changed its name to Great Wisconsin CU, before it was merged into Summit in 2008, creating the state’s largest credit union.
Faust will retire on September 30.