Question 1

What is Horizon Bank?

Accepted Answer

Horizon Bank is a customer-owned mutual bank serving the Illawarra and South Coast regions of New South Wales. Established as a credit union in 1964, the bank exists for the benefit of its customers who are also its owners. With over $560 million in assets and more than 17,000 customers, Horizon Bank operates through a network of 10 branches spanning the Illawarra and South Coast.

The bank is the only true South Coast and Illawarra-based financial institution, providing personalized banking services with a strong commitment to local communities. Horizon Bank celebrated its 60th anniversary in November 2024.

Question 2

When was Horizon Bank founded?

Accepted Answer

Horizon Bank's history began on November 20, 1964, when Stan Arneil, the Government-appointed organizer of Credit Unions, visited Wollongong and spoke to employees of the Illawarra County Council about forming a credit union. The formation meeting was held with support from Alderman F Finch and County Clerk Mr M J Syer, who promised payroll deductions for credit union members.

The Illawarra County Council Staff Credit Union commenced operations in early 1965 with 33 members, and the first loan of $80 was granted for the purchase of a vacuum cleaner. The credit union grew through several mergers, including Bega Valley Credit Union (1980), Wollongong City Council Credit Union (1982), Candelo Credit Union (1982), Shellharbour Credit Union (1983), Shoalhaven Credit Union (1995), and Eurobodalla Credit Union (2009).

On September 2, 2019, Horizon Credit Union began trading as Horizon Bank. In April 2021, Lysaght Credit Union merged with Horizon Bank, bringing 2,300 members and $98 million in assets, resulting in a combined entity with over $560 million in assets.

Question 3

Where is Horizon Bank headquartered?

Accepted Answer

Horizon Bank is headquartered in Wollongong, New South Wales, in the heart of the Illawarra region where the institution was originally founded. The bank's roots remain firmly planted in this coastal region south of Sydney.

Question 4

Where does Horizon Bank operate?

Accepted Answer

Horizon Bank operates throughout the Illawarra and South Coast regions of New South Wales. The bank has 10 branches serving communities from Wollongong through to the South Coast, including locations in towns such as Bega, Shellharbour, and other regional centers.

Notably, Horizon Bank bucked the trend of bank branch closures by opening its 10th branch in the town of Berry in July 2023, demonstrating its commitment to maintaining physical banking presence in regional communities. The bank also provides digital banking services accessible throughout Australia.

Question 5

What services does Horizon Bank offer?

Accepted Answer

Horizon Bank provides a comprehensive range of banking products including home loans with competitive interest rates, car loans, personal loans, savings accounts, transaction accounts, term deposits, credit cards, business banking services, and insurance products.

Digital banking services include internet banking, a mobile banking app for iOS and Android, Osko instant payments, PayID, and contactless payment options through Google Pay, Apple Pay, and Samsung Pay. Customers can also access Bank@Post services for added convenience.

The bank offers competitive rates that have earned recognition, with a 2024 customer survey revealing that 92% of borrowers would recommend Horizon Bank for their competitive home and car loan interest rates. Customer satisfaction stands at an impressive 96% according to the same survey.

Question 6

What makes Horizon Bank unique?

Accepted Answer

As a customer-owned bank, Horizon Bank returns excess profits to customers through competitive savings and loan products, fairer fees, and exceptional service rather than distributing them to external shareholders. The bank is deeply committed to its local communities, as evidenced by its Horizon Bank Community Grants Program, which has distributed approximately $175,000 over the past two years.

Horizon Bank regularly engages in local sponsorships, events, and partnerships with organizations in its footprint. The bank maintains the largest branch network in the Illawarra and South Coast regions, with 10 physical locations serving local communities.

The bank's customer-centric approach has resulted in market-leading satisfaction ratings of 96%, significantly higher than many larger banks. Horizon Bank's commitment to the region is demonstrated by its expansion rather than contraction of branch services, going against industry trends.

Question 7

What type of financial institution is Horizon Bank?

Accepted Answer

Horizon Bank is a customer-owned mutual bank, operating as a credit union that transitioned to bank branding in 2019. The institution is authorized by APRA as an authorised deposit-taking institution (ADI) and is regulated under Australian banking laws.

As a mutual organization, Horizon Bank is owned by its customers (members), who have voting rights and ownership stakes in the institution. This cooperative structure means the bank operates for the benefit of its member-owners rather than external shareholders. Horizon Bank is a member of the Customer Owned Banking Association (COBA), representing Australia's mutual banking sector.

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About Horizon Bank in Australia