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. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

    2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

    3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

    4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

    5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

    ADVERTISEMENT