INDIANAPOLIS -- Indiana credit unions are on a roll this summer when it comes to brick and mortar branches with three medium-sized CUs announcing plans for their first off-site facilities.
"It has been a long time in coming but we're pretty excited about a name change in July, groundbreaking for our new Greenwood branch and a data conversion coming up this December," declared Tim Sallee, vice president/marketing director at the $70 million Horizon One Federal Credit Union, formerly Drover Street Federal Credit Union. "It means we're having all kinds of fun."
Horizon said its new branch in suburban Greenwood to open Dec. 21 represents a shift in demographics for the CU as it reaches out to General Motors' employee/members who have moved to the suburban locale from the downtown area.
This will be the fourth name change for Horizon since the 1950s when the Indianapolis CU, a unionized shop and part of the General Motors CU family, was previously known as Chevy Credit Union and Chevrolet Credit Union before the auto giant asked the CU to drop the name.
Drover was originally selected because of the CU location near an old stockyard and the Horizon name reflects a new corporate outlook with SEGs and an appeal to the underserved, said Sallee.
Meanwhile, the $47 million Afena Federal Credit Union, Marion, Ind., said it will be holding a Sept. 12 ground breaking for its first off-site branch in a planned shopping complex on the south edge of the city. The branch for Afena is slated to open next April with the CU having changed its name last year from Marion Independent Federal Credit Union
"One of the most visible and conclusive indicators of a financial institution's success is the need to open an additional location to serve its growing member base," said Sheila Burkhart, president/CEO.
The new branch to open in the proposed University Market Place will include a four lane drive-up facility
The third CU with its debut branch is the $37 million NorthPark Community Credit Union of Indianapolis, which broke ground June 26 for a branch to open in Lebanon in November
NorthPark said it is the only CU "located in Boone County since the mid-1970s and choosing to locate an office in Lebanon will place NPCCU in the county's center of economic energy."
Sallee of Horizon said its new Greenwood branch would be competing "with some eight banks in the area", but represents a real milestone for the CU. That's because Horizon has struggled over the years with member growth as the Indianapolis GM factory it serves has watched its workforce shrink from a high of 6,500 to present-day 600.
Over the years the CU, which serves union members, has also put off any branch expansion because of union rules restricting weekend work thus impacting hours a facility could stay open, officials said.
Founded in 1949 to serve union employees of the GM plant, the CU was first located in a union hall then moved to its current building in 1974.
The name change from Drovers and plans for the new office "just happened all at once," said Ann Garmon, president/CEO. "Greenwood is a growing community and we look forward to serving the people living and working there--many of whom are already our members." The groundbreaking ceremony for the Greenwood branch was held July 19.