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Celebrating Credit Unions: The Levo Difference

Celebrating Credit Unions: The Levo Difference

Levo Credit Union joined over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day®. ICU Day highlights the many ways that credit unions across the world help members improve their financial health and well-being.

One of the things that sets credit unions apart from other financial institutions is that they are not for profit. Instead of paying shareholders when they do well like banks do, credit unions share profits with members.

“We are owned by our members, so we are all about serving them,” says Fran Sommerfeld, President/CEO of Levo. “We believe in extraordinary service, so we like to work with each member to understand their unique financial needs. We will sit down with you and go through your accounts and loans to figure out the best way to pay for what you need or want.”

Another difference between Levo and a big bank is that you’ll likely have a lot in common with the staff member you’re working with. You might even know them. 

“We live, work and worship in the areas we serve,” says Sommerfeld. “That means we understand the local market, the pressures you’re under, and we often know our members. You don’t get that with a big bank.”

Credit unions are expanding, even as banks continue to shutter branches. According to American Banker, in 2021 credit unions opened a net 24 branches nationwide while banks closed a net 2,927 branches in 2021. Just last month, Levo opened a new branch at 69thand Cliff

“Members tell us they like how they can access our services at several branches around town as well as online,” says Sommerfeld. “They want convenience along with personalized service, and we deliver both.”

Levo is Sioux Falls’ oldest credit union. It initially opened its first branch in 1934 as Sioux Falls Federal Credit Union. Over time, it’s grown to serve over 30,000 members with six Sioux Falls locations. It currently serves anyone who lives or works in Minnehaha, Lincoln, McCook and Turner counties of South Dakota.

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