Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FARMINGTON, Utah – The $78 million Horizon Credit Union here has joined the ranks of state-chartered CUs making the switch to a federal charter. Final regulatory clearance came June 16 from NCUA and state officials. Management of Horizon declined to discuss the reasons for the conversion stating only “the issues have been hacked to death,” a reference to the long-diminished state charter culminating in the 2003 passage of a state law which almost included imposition of “franchise” taxes on CUs. The law banned business loans and placed other restrictions on state CUs. Half a dozen large CUs followed by others subsequently bolted the state system for a federal charter with the Utah League of Credit Unions hoping to re-establish a bolstered state charter in the next legislative session. Meanwhile, Horizon management has expressed keen disappointment that it was forced to leave the state system.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.