INDIANAPOLIS Finance Center FCU has agreed to acquire Horizon One FCU, a troubled, one-time $72-million General Motors employees’ credit union.
Horizon One, which was chartered in 1949 as Chevy CU and served union members at the Indianapolis GM plant, has seen its assets decline to $62 million and has reported losses for five years in a row. 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.
It changed its name to Drover Street CU 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 $430-million Financial Center CU will take over Horizon on April 1, when Horizon One President Ann Garmon will retire. All 15Horizon One employees are being offered positions with the new organization.
