IBJNews

Two of city's largest credit unions set to merge

Back to TopCommentsE-mailPrintBookmark and Share

Horizon One Federal Credit Union, founded in 1949 to serve General Motors metal-stamping plant employees in Indianapolis, is merging with one of the city's largest credit unions.

Financial Center Credit Union will take over Horizon on April 1, the organizations announced Friday morning.

After the deal, Financial Center will have about $500 million in assets and 57,000 members. It currently ranks as the city's fifth-largest credit union with assets of $430.8 million and 46,984 members. Teachers Credit Union, with nearly $600 million in assets, ranks fourth.

Horizon is the eighth-largest, with $64.5 million in assets, but has seen those assets decline steadily in recent years, from $71.3 million in 2009, according to National Credit Union Administration data.

Horizon was founded as Chevy Credit Union and served union members at the GM plant. It changed its name to Drover Street Credit Union in the 1950s because of its location at 610 Drover St., in the shadows of the GM facility. It took the Horizon name in 2007 and added a Greenwood branch.

The credit union struggled with member growth over the years as employment at the GM plant dwindled from as high as 6,500 to a few hundred before it closed in 2010.

Horizon posted a net loss of $795,651 in 2010, but a much smaller loss of $79,240 in 2012, according to the NCUA.

Financial Center, previously known as Finance Center, was formed in 1953 to serve personnel at the former Fort Benjamin Harrison. Today, its membership has grown to include the general public. It had net income of $2.1 million in 2012.

ADVERTISEMENT

  • C'mon Sam
    Sam - I think you need to reconsider your tone. The article does not claim these credit unions are among the top 8 in the state of Indiana. Those rankings are for the city of Indianapolis alone. Maybe journalism is not dead, maybe reasoning is.
  • Credit Unions
    While I find this an interesting article, I wish the size facts were accurate. Using NCUA data from 2009 for some of the information and 2012 for others is misleading. In fact 12-31-12 numbers listed on the Indiana Credit Union Leagues website shows Horizon One as 50th in asset size in the state and Financial Center as 15th in the state. Credit unions are fighting to keep the not for profit alive in financial institution's and an articles claiming that two of the largest credit unions in Indiana are merging looks to the average person like there is more trouble afoot in the financial industry. While that may be true in the banking world, credit unions are as strong as ever. I simply ask that you get your facts straight. Maybe journalism is really dead.

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

    2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

    3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

    4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

    5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

    ADVERTISEMENT