The motivation behind the change to Levo Credit Union
SIOUX FALLS, SD (KELO) – A company with over 100 years of history in Sioux Falls now has a new name. Sioux Falls Federal Credit Union is now Levo Credit Union.
Members and employees are still getting used to the new look.
“Signage and letterhead, debit cards and credit cards and all that stuff,” said Fran Sommerfeld, president and CEO of Levo Credit Union.
But the major undertaking of changing the name of the organization does not change the purpose of the organization.
“We exist to serve our members, we don’t exist to make a profit, we exist to serve our members and give them everything back,” Sommerfeld said.
As a credit union, ownership remains with the members, even if the name has changed.
“Over the past 10 years, we have grown from 18,000 members to over 33,000 members,” Sommerfeld said.
Sommerfeld says the goal of brand refresh is to increase membership even further.
“The Sioux Falls financial market is quite noisy, there are a lot of them, we just felt like we had to do something that sets us apart a bit more,” Sommerfeld said.
While Levo is still entirely a local Sioux Falls financial institution with six locations and an administration building in Sioux Falls, Sommerfeld hopes the name change will help grow its clientele in the area.
“Currently, we don’t just serve Sioux Falls or Lincoln and Minnehaha County, we also serve McCook and Turner County. We wanted to come up with something new that would include everyone in the market we serve, not just Sioux Falls, ”Sommerfeld said.
After nearly a year and a half of market research, the company finally landed on the Levo name.
“What Levo really means is to rise up and move forward,” Sommerfeld said. “We landed on this one because this one really says what we want to do for our members: raise them and help them achieve their dreams.”
As to what that means for the future, Sommerfeld says growth is still the goal, but for now, they see that growth staying in Sioux Falls. Region.