Fenton, MO (Jan. 30, 2013) – Dennis Sommer, President & CEO, announced his retirement plans to the Alliance board a year ago. Sommer’s last day at Alliance’s Fenton Administrative Center will be March 1, 2013. His retirement ends a 40-year career in the credit union industry – 28 years as Alliance’s President & CEO.
As he reflected upon his time at Alliance, Sommer said that he is most proud of the early years when he was challenged with steering the credit union through some significant problems that existed when he was hired. “I truly appreciate the leadership opportunity that I was given, I’ve tried to make the credit union the best that it could be,” Sommer said. “I’m happy to be leaving Alliance in excellent financial condition.”
Sommer joined the credit union, then called Emerson Community Credit Union, in 1985 as President & CEO. At the time, the credit union had $18 million in assets and served about 9,000 members, the majority being employees of Emerson Electric. Today, Alliance has over $196 million in assets and serves more than 17,000 members. Alliance is the 11th largest credit union in Missouri.
Under Sommer’s leadership, Alliance expanded from an employee-based credit union to one that extends membership to those who live or work in 4 Missouri counties and 4 Illinois counties. During his tenure, Alliance grew its branch offices from 1 to 6 locations. The credit union’s growth has been driven by a full menu of financial services and market leading rates and terms on consumer loans, mortgage loans and business loans.
Sommer will be succeeded by Tim Stephens, Executive Vice President. Stephens is a 1990 graduate of Bradley University with more than 22 years of credit union experience. Stephens was President of Healthcare Family Credit Union for 14 years prior to joining Alliance’s management team. He has been working closely with Sommer preparing for his transition to Chief Executive Officer.
Sommer said he has enjoyed his tenure at Alliance and very much appreciates all of the member support that he has received over the years. Sommer said that Cristina, his wife of 36 years, and he have a long bucket list of things to do now that he is retiring. First on his list is attending Cardinals spring training in Jupiter, Florida.
About Alliance Credit Union
Alliance Credit Union is a $196 million credit union serving those who live or work in St. Louis, St. Charles, Franklin or Jefferson Counties in Missouri or Jersey, Madison, Monroe or St. Clair Counties in Illinois. Alliance serves more than 17,000 members and offers a full line of financial services, including deposit/investment accounts, consumer loans, home loans and business services. For more information, call (636) 343-7005, toll free (800) 541-6131, or visit www.alliancecu.com.