INDIANAPOLIS-Horizon One FCU claims a small piece of credit union history in that it was the first CU to request two full counties as its field of membership, according to Ann Garmon.
Like many other credit unions that served employees of the automotive industry, Horizon One, formerly know as Drover Street FCU, made the change as a means of survival, said the credit union's CEO. "It was necessary for us to get a community charter, and a big one, to replace the huge loss of business we knew was coming with the GM downsizing."
It wasn't easy getting approval from NCUA, noted Garmon, who said it took three years to get the OK. "But it was simply necessary for us with the local GM plant going downhill."
It has worked out well, with the $69-million Horizon One growing steadily since it changed charters in the summer of 2007. "We had one small downtime in 2007 and after that we have come back," explained Garmon. "In 2009 we grew assets by 3.86% and 9.38% in 2010."
Coming up with a full product line and extra marketing dollars has been the biggest challenge in going community, Garmon shared. "We are not big. But we have to compete with all the banks and big credit unions now. That is difficult. You have to provide all those products and services that consumers want and the big guys can give without much effort."
Looking back on the days when GM was thriving, Garmon said running the credit union was easy. "It was wonderful back in the heydays, when we had 12,000 members working right across the street. But had we not been allowed to change charters, we would have gone out of business, much like what would have happened to a lot of credit unions that serve the automakers had they not been allowed to switch, as well."
When the local GM plant-which had been a huge part of the credit union-recently shuts its doors, it brought to a close an important chapter in the life of Horizon One.
"We just moved out two ATMs that left big holes in the plant's wall, which somewhat reflect how things have gone there," said Garman. "It's just not easy to see this come to an end-all those people who don't have jobs now."
