SIOUX FALLS, S.D. (KELO) –Voyage Federal Credit Union is in the midst of a year full of growth.
At the start of the month a merger with Vermilion Federal Credit became official, and in tonight’s Your Money Matters, Voyage announces intent for yet another merger.
“Late last year, Voyage expanded its charter to a 25-county area, part of the expansion was the Vermillion Federal Credit union and earlier this week we announced the merger with First Century Federal Credit Union, right here in Sioux Falls,” Voyage Federal Credit Union CEO Jeff Schmidt said.
It’s a big change for the 1,500 member credit union with a long history in the Sioux Falls transportation community.
“We were chartered in April of 1935, so been around a long time,” First Century Federal Credit Union CEO Jayson Meyer said. “We’re a closed charter, so you have to be a member of one of the businesses we serve to be a member of First Century….we have a number of trucking families that have been with us for many for generations.”
First Century FCU members won’t be able to use Voyage locations until early next year as the merger is still pending regulatory and member approval, but if it goes through, those members will have access to an even larger network of resources.
“Voyage was more forward thinking in their technology advances, in order to stay in businesses, we have to grow and to attract new and younger members we need those services. They’re very expensive and staffing is a huge issue, so for those reasons, to better serve our members, a merger is the right thing for First Century at this time,” Meyer said.
“We have all the technology that members expect and deserve, but they still like branches,” Schmidt said.
As Voyage expands its membership…
“With the addition of Vermillion and First Century, we’ll be over 20,000 members,” Meyer said.
…It’s also expanding its footprint, adding a new location at the new Gage Brothers development in Sioux Falls that will be opening later this summer.
“We’re excited for the opportunities to serve a growing membership and the growing area, we think that credit unions belong everywhere,” Schmidt said. “It’s really great to be a credit union at this time.”
In this interesting time for the financial services industry nationwide, Voyage says growing the strength of their member-owned credit union is a benefit to all members and the now 50 employees that will soon be under the Voyage umbrella.