SIOUX FALLS, S.D. (KELO) — The banking industry is booming in Sioux Falls, with new buildings going up all over the city. One stretch of Southern Sioux Falls has had three new banks open in the past year.
We take you to the new South Cliff Avenue banking hub in tonight’s Your Money Matters.
“Today is day one of our new south Cliff branch here at Levo Credit Union,” President & CEO of Levo Credit Union Fran Sommerfeld said.
This new 69th Street location is a big move south for Levo’s Cliff Avenue branch.
“We were located at 229 and Cliff before,” Sommerfeld said. “We wanted to stay close, wanted to serve our members from the surrounding areas that come through. This is a main corridor coming east, west, north, and south.”
“We did have a location at 57th and Cliff,” CorTrust Bank Vice President and Branch Manager Tom DeHaven said.
Just two weeks ago, CorTrust Bank made a similar move, opening its brand new Cliff Avenue bank just a few blocks south on 77th Street.
“We noticed the growth south of Sioux Falls and the growth north of Harrisburg, pretty soon the two cities are going to meet,” DeHaven said.
“Cliff Avenue is really, really busy,” American State Bank Sioux Falls Market President Ryan Mulder said.
It’s also why American State Bank opened this new location near 85th and Cliff last year.
“We put a lot of thought into where we wanted our main Sioux Falls location to be,” Mulder said.
While there are now three banks open on the one mile stretch of Cliff Avenue, it’s still an empty field across the street. But all three banks know the area won’t be like this for long.
“There’s going to be tons of growth, Harrisburg High School is building their academy right here,” Mulder said.
“The first phase of Veterans Parkway is going to be right next to this location, so we’ll have that exposure as well,” DeHaven said.
“I knew there was going to be development happening out here besides just us and it just made sense,” Sommerfeld said.
All three banks are making a significant investment in these new buildings to serve the growing corner of Sioux Falls.
“Convenience is the first thing you think of, which bank is going to be closest to home to you,” DeHaven said.
“We have a lot of the digital tools available, but having a space to call home is really important too,” Mulder said.
“Members still want to come in here, sit down and talk about how to help me achieve my financial goals,” Sommerfeld said.
Along with the three new banks, there’s another commercial development underway on the northeast corner of 69th and Cliff and plenty of new apartments going up along the same stretch of Cliff Avenue. Construction on Highway 100 in that area is expected to begin next year.