South Dakota's Oldest Credit Union Celebrates 90th Birthday

South Dakota’s oldest credit union is celebrating its 90^th birthday! Levo Credit Union was chartered in October of 1934. 

Levo started out as the Sioux Falls U.S. Employees Federal Credit Union in 1934. Over the next several decades, Levo went by the name of Sioux Falls Federal Credit Union and merged with the Sioux Falls Teachers Credit Union, Central Plains Clinic, Harrisburg School System, Blue Shield Office, Sioux Valley Medical, Argus, and Air Guard Credit Unions. In 2021, our name became “Levo”, which means “to lift up”. In early 2024 we were granted permission from the government to expand the area we serve to 29 counties along the I-29 corridor, and are currently in the process of buying a bank branch in Sioux City, IA, and building a branch in Fargo, ND.

Levo is owned by our members, so we are all about serving them. We’ve grown from two employees and a few members in 1934 to more than 34,000 members – and dozens of them have been with us for more than 50 years! President and CEO of Levo, Fran Sommerfeld, says that’s not just because of Levo’s great rates and low fees -- although recent member surveys show rates and fees are certainly reasons people appreciate Levo. But members tell us service is just as important.

“We live to serve our members, so we like to work with each member to understand their unique financial needs,” says Fran Sommerfeld, President/CEO of Levo. “It’s part of our promise – we’ll offer helpful advice and friendly service and treat you like a real person. We go the extra mile to help you reach your financial goals.”

Member Darla Newborg and her husband Doug joined 56 years ago when Levo was still operating out of the basement of the Federal Building. Someone broke out her windshield and she turned to Levo for a small loan to fix it. Since then, they’ve done lots of other loans – including a revolving line of credit, home loans, and many car loans for Doug’s classic cars. “The people have been what’s kept us here,” says Darla. “They’ve always been so cooperative - going above and beyond – they’re so helpful! Even if the person I called couldn’t help me they always could tell me who would help me. They’re so nice!

Member Joyce Carpenter remembers when she joined 65 years ago. She and her husband both worked at the Air National Guard, so went to the Air Guard branch even before it became Levo. “It’s very easy and convenient, and they’ve always been very helpful with everything I’ve wanted done,” says Joyce. “They’ve always been very nice to me. They’re always very friendly and take care of me right away.”

Member Helen Shatter joined 56 years ago. Her dad was a postal worker and he started accounts for all of his kids. She says she stayed not just because it’s a family tradition, but also because it’s a credit union and she likes the perks. “There are certainly perks to a credit union that you don’t get with a bank and they’ve always treated me well. When I was able to get out, most of them downtown knew me. I liked that recognition and being taken care of.”

Some of our members say it’s the technology offered by Levo that keeps them coming back. Levo offers account and loan applications online as well as 24/7 online and mobile banking.

“Members tell us they want convenience along with personalized service, and we deliver both,” says Sommerfeld.

One other thing members say they love about Levo is our focus on the community. Over the past year, Levo has donated over $98,000 in funds and goods to more than 80 causes in our community. And, Levo employees have volunteered more than 1300 hours in the past year – much of it during work hours donated by Levo. Not only that, Levo offers Perky coffee in our branches for a minimum donation that is given to charitable causes in our community.