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The story below traces the history of Horizon Bank since its inception in 1964. It pays tribute to the body of helpers who founded the original Credit Union and those men and women who have selflessly served through the years to make it the success story it is today.
In 1964, Stan Arneil, who was the Government appointed organiser of Credit Unions at that time, visited Wollongong and spoke to various employees of the Illawarra County Council regarding the possibility of forming a Credit Union. Council granted permission for a meeting to be called and on the 20th day of November, 1964, the formation meeting of the Credit Union was held.
The then Chairman of the Illawarra County Council, Alderman F Finch, was present, together with the County Clerk, Mr M J Syer. Mr Syer read a letter of congratulations from the Hon. A A Landa, Minister for Co-operatives. At this meeting, the Credit Union Rules, which had previously been drafted, were adopted.
It should be noted that the Aldermen and Officers of the Illawarra County Council had given their full support and assistance to the Credit Union at its inception and continued to contribute to its success. At the formation meeting, Mr Syer had promised payroll deductions for credit union members, and these commenced on the 22nd day of January, 1965.
The first Loans Committee was elected at the January meeting. The first loan was for the sum of $80.00 for the purchase of a vacuum cleaner.
At the February 1965 meeting of the Board of Directors, this Credit Union with its 33 members, became affiliated with the New South Wales Credit Union League, (now Cuscal), whose assistance during the years, and particularly in our infancy, has been invaluable.