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A rapidly growing federal credit union from Williamsport is about to open its fifth branch in State College.
Horizon Federal Credit Union touts its financial services to members at a lower cost than for-profit banks.
"Our vision is to help members achieve a broader financial future," Mike Patterson, chief branding officer, said. "As a credit union, we offer the same traditional services as a bank at a lower cost, and we hope we do it better than the competition."
The group found its roots in 1955 as a credit union for Williamsport Hospital employees.
Later, the credit union opened its membership to any in the community, kickstarting a chain of growth that led to it opening branch offices in Old Lycoming Township, Muncy, Lock Haven and now State College.
The State College opening corresponds to a merger where the State College federal credit union merged into Horizon Federal Credit Union in the beginning of October.
"We're moving into a bigger, more convenient location on East College Ave.," Patterson said.
Horizon, a full-service financial institution, handles deposit needs, checking and savings accounts, lending, personal loans and credit loans.
"It has all your convenient services like online banking, mobile banking, bill pay and mobile deposit," Patterson said.
Patterson explained the difference between a for-profit bank and a nonprofit credit union is that banks are accountable to shareholders. When a bank makes a decision, Patterson said, it must make it with a separate shareholder and the customer in mind.
Some decisions can benefit both, while others force a bank to choose between the shareholder or the customer–two groups at odds because the shareholders want to maximize profit, while the customer wants lower costs and rates.
"With credit unions, however, the member and the shareholder are the same person. There is no longer any conflict there," Patterson said. "We are the same as a big bank. We just do it more affordable; we do it nicer than the big banks and we do it with the members in mind."
Additionally, Patterson touted Horizon's
community involvement. Horizon puts out scholarships and invests in financial literacy in schools. Although a lot of these programs have been put on hold in the past year, Patterson said the group is proud of its contribution back to the area it serves.
Still, the group pushes forward where it can. Currently, it offers a zero percent interest on auto loans for the first three months, and is currently offering those who open a free checking account a chance to win $1,000 through a drawing.
Finally, the group is allowing members to enter a drawing to win one of the three Thanksgiving Turkey dinner baskets.
"It's a nice way to give back to our community," Amanda Simmons, a member service representative with Horizon, said.
Currently, Horizon Federal Credit Union services residents of 11 counties in north central Pennsylvania, and its goal is to have physical locations present in this areas
"We're excited about our growth–we are in a day and age where a lot of banks are closing," Patterson said. "We want to grow and become more accessible to our current members, and attract additional members."
The Williamsport branch of Horizon Federal Credit Union is located on 1007 East Third St., while the Old Lycoming Township branch is on 1930 Lycoming Creek Road.