Northwest Merges New Horizon
New Horizon CU, Chantilly, Va., has been merged into Northwest FCU effective Nov. 11.
The consummation of the merger followed a vote last month by members of New Horizon. Of the votes cast, 92% favored the union.
New Horizon CU was established in 1968 by several Continental Telephone (now Verizon) employees.
Initially called Contelco Credit Union, it was later renamed New Horizon Credit Union and became a diversified full service financial institution serving more than 4,000 members nationwide.
The credit union cited competitive pressures in the financial services industry along with the pace of technological changes, as the reason it sought the merger with the $1.4-billion Northwest.
"Northwest Federal Credit Union was chosen because of its dedication to their members, the variety of products and services offered, branch locations, and their commitment to employees and the communities they serve," said Elizabeth Grasty, former CEO of NHCU. "Our members have voted overwhelmingly to join with NWFCU. They will now become member owners of a strong credit union with convenient access to more than 1,900 shared branches nationwide, as well as financial planning and investment services through Northwest Services LLC."