Bret VanAusdal has been named president and CEO of Utah Community Credit Union, succeeding Jeff Sermon, who is retiring. VanAusdal was formerly executive vice president of the Provo-based institution.
"This is both a great honor and a wonderful opportunity to serve my community,” said VanAusdal. “Jeff’s impact on this credit union and our community simply can’t be overstated. His leadership, intelligence and spirit have helped shape this credit union and its success. He’ll be dearly missed by every one of us.”
“I approach my retirement with a great sense of satisfaction and a bit of a heavy heart,” said Sermon. “The credit union has been such a big part of my life. I simply can’t express what an incredible experience these past 42 years have been.”
UCCU was founded in 1956 on the BYU campus as a not-for-profit financial institution. Sermon began his career with the credit union in 1976, when he was the sixth employee hired.
“Back then, I was working for the credit union as I prepared for law school,” recalled Sermon. “That’s when I was caught by the compelling spirit and philosophy behind a not-for-profit financial cooperative and became very excited about what this credit union was going to do and be.”
UCCU has grown to over $1 billion in assets and has more than 400 full-time employees and a new seven-story financial center in Lehi. The credit union has over 170,000 members across Utah and around the world.
“As a board, we have known about Jeff Sermon’s retirement for some time,” said Brent T. Bingham, chair of the institution’s board of dirtectors. “When Jeff informed us of his plans, the board began to search for a replacement with the experience, the capability, and the leadership skill set necessary for continued success. We were delighted, but not surprised, to find that the new CEO, Bret VanAusdal, was already a part of the management team.”
The change in leadership will be effective March 31.