Two of city’s largest credit unions set to merge

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.