New Horizon Federal Credit Union was originally chartered as the Babcock & Wilcox Employees Federal Credit Union and was established on September 30, 1935 to serve employees and families of Babcock & Wilcox. In 2004 the credit union changed the name to New Horizon Federal Credit Union still primarily serving the Babcock and Wilcox employees, however, several smaller companies and organizations in the Akron/Barberton area were added to the field of membership. On November 21, 2013 the credit union officially changed the charter to a community credit union serving all of Summit County, Ohio. Anyone that lives, works, worships or attends school in Summit County, Ohio is eligible for membership to New Horizon Federal Credit Union.