Horizon Credit Union has bounced backand then somefrom a difficult episode three years ago in which the Spokane Valley-based institutions board fired its president, who then sued Horizon.


The 13-branch credit union used the messy experience to make changes to its corporate culture that its new president believes have made it stronger and more financially sound.


In the last couple of years we have done better than what our wildest dreams were, says Tom DiLuzio, a former Horizon board member who was named president and CEO after former president Kent Preston was fired.


Weve absolutely changed the culture of this credit union. This is a much different place than it was in 2000, he says.


Horizons assets have grown to about $210 million as of the end of April, from $160 million at the end of 1999. Total loans at the end of 2002 were $140.8 million, up from $129.6 million at the end of 1999, and deposits were $176.9 million, up from $141.5 million. Horizons net income last year was $2.9 million, compared with net income of $1.5 million at the end of 1999. In addition, the credit union now is capitalized at what DiLuzio calls an acceptable level, with total capital of $17.7 million at the end of 2002, compared with $12.1 million at the end of 1999, a level DiLuzio says was at the low end of a range acceptable to regulators.


While those growth rates are solid, but not spectacular, DiLuzio says they were achieved in tandem with improvement in Horizons critical ratios, which are measures such as return on assets that regulators focus on when assessing a credit unions fiscal health.


I think in the past we sacrificed some of our critical ratios for the sake of growing branches, he says. Now, we have not only grown at the rate we have grown, but weve also improved our critical ratios.


Since 2000, the credit union has built a branch in Liberty Lake, opened a second branch in Sandpoint, and relocated its Coeur dAlene branch to a more visible location near Silver Lake Mall, DiLuzio says. Most recently, Horizon wrapped up a nearly $1 million remodeling project at its main branch and headquarters, at 14523 E. Trent, and upgraded its computer and telephone systems companywide.


All of that activity is indicative of Horizons new attitude, DiLuzio believes.


Were giving people the authority and allowing them to do the things they need to do, he says. Personally, I think the credit union today is a totally different, much more dynamic organization than it was in the past.


Shoebox origins


Horizon had humble beginnings in 1947 as Trentwood Employees Federal Credit Union, serving Kaiser Aluminum workers.


We started out as a shoebox in a guard shack at the aluminum plant, DiLuzio says.


Now, the organization serves nearly 24,000 members through its 13 branches in Eastern Washington and North Idaho. The credit union employs 92 people.


DiLuzio says more expansion may be coming, and that Horizon likely will look for opportunities to open branches in additional small communities because its done exceptionally well in those types of markets. The credit union hasnt identified specific locations yet, he says.


Horizon is very consumer-focused and intends to stay that way, he adds.


Were a credit union in the strictest sense of the word, and thats where we want to be, he says.


To reflect its new attitude, Horizon has launched a marketing campaign and has redesigned its logo, say DiLuzio and Brian Grytdal, vice president of marketing.


We made a decision we wanted our culture changed, and wanted to project that to the public as well, Grytdal says.