Horizon Bank is an award winning, customer-owned financial institution located on the NSW south coast. We provide a full range of banking products & services across nine branches and hold assets in excess of $370 million.

As a mutual organisation, Horizon Bank exists for the benefit of, and is proudly owned by, its customers.

Horizon Bank has transformed, adapted and evolved over the years ever since it began in 1964 as a credit union with the goal of creating the best quality products and services for all of our customers.

Read more about our history below.

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.

The initial rules for the Illawarra County Council Staff Credit Union provided that only employees of the Council could join the Credit Union. This rule remained unchanged until September 1971, when members approved a change allowing family members to join. However the most significant membership rule change was that of the transfers of engagements of the following Credit Unions:

Bega Valley Credit Union Ltd

Was formed in 1963 as Bega Valley County Council Employees Credit Union Ltd. In 1974 the credit union expanded to cover other local councils and the name was then changed to Bega Valley Credit Union Ltd. The Bega Valley Credit Union Ltd transferred to Illawarra County Council Staff Credit Union Ltd in May 1980. Bega Valley Credit Union had assets of $500,000 and 450 members at the time of transfer. Following the transfer, the name was subsequently changed to ICC Mutual Credit Union Ltd.

Wollongong City Council Employees Credit Union Ltd

Was formed in 1964 and transferred to ICC Mutual Credit Union Ltd in December 1982. The statistics at the time of transfer were as follows: assets $2,675,000, membership 1400. Following the transfer, the name was changed to Southern Counties Credit Union.

Candelo Community Credit Union Ltd

Was formed in 1956 and transferred to ICC Mutual Credit Union Ltd in December 1982 at the same time as Wollongong City Council Credit Union. Candelo had assets of $41,000 and their members totalled 180.

Illawarra District Hospitals and Ambulance Employees Credit Union Ltd

Was formed in 1967 and transferred over to Southern Counties Credit Union in May 1983. Their assets were $257,000 and they had 360 members.

Shoalhaven City Employees' Credit Union Ltd

Was formed in 1967 and transferred to Southern Counties Credit Union in March 1995. Their assets at that time were around $22 million and their members totalled 5,000. The name of our credit union was changed at that time to Horizon Credit Union Ltd.

Eurobodalla Credit Union Ltd

Eurobodalla Credit Union was formed in June of 1971 and transferred to Horizon Credit Union on the 1st of May 2009. Their assets at that time were around $3m and they had 684 members.

Horizon Bank

On the 2nd of September 2019, Horizon Credit Union Ltd began trading as Horizon Bank. The assets at that time were $376m.

Customer Owned Banking Code of Practice

The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.

Members of credit unions, mutual banks and mutual building societies can have confidence in knowing they are covered by a market leading, plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banking institutions place on improving the financial wellbeing of their members and their communities.

Customer owned banking delivers member-focused, competitive retail financial services – outstanding service and fairer fees. Credit unions, mutual banks and mutual building societies exist to serve their members, not simply to drive high profits for external shareholders.

The Customer Owned Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promises to our customers.

The Customer Owned Banking Code of Practice commenced on 1 January 2014, following the completion of an independent review of the Code’s predecessor, the Mutual Banking Code of Practice. All of the recommendations made by the independent reviewer have been incorporated into the Customer Owned Banking Code of Practice.

10 Key Promises

The Customer Owned Banking Code of Practice is how credit unions, mutual banks and mutual building societies will deliver on their pledge to always put customers first.

We will be fair and ethical in our dealings with you

We will focus on our customers

We will give you clear information about our products and services

We will be responsible lenders

We will deliver high customer service and standards

We will deal fairly with any complaints

We will recognise our customers’ rights as owners

We will comply with our legal and industry obligations

We will recognise our impact on the wider community

We will support and promote this Code of Practice

Why choose us?