SIOUX FALLS, S.D. (KELO) — A business with more than 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.
“The signage and the letterhead and debit cards and credit cards and all of those things,” Levo Credit Union President & CEO Fran Sommerfeld said.
But the major undertaking of changing the name of the organization doesn’t change the goal 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 it all back to them,” Sommerfeld said.
As a credit union, ownership remains with the members, even though the name has changed.
“In the last 10 years we’ve gone from 18,000 members to over 33,000 members,” Sommerfeld said.
Sommerfeld says the goal of the brand refresh is to grow membership even more.
“The financial marketplace in Sioux Falls is pretty noisy, there’s a lot of it, we just felt like we needed to do something that makes us stand out a little 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 their customer base around the region.
“We currently 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 fresh that included everybody within the market that we serve, not just Sioux Falls,” Sommerfeld said.
After nearly a year and a half of market research, the company finally landed on the name Levo.
“What Levo really means is to lift up and to move forward,” Sommerfeld said. “We landed on this one because this one really does say what we want to do for our members: lift them up and help them achieve their dreams.”
As for what this means for the future, Sommerfeld says growth is always the goal, but for now, they see that growth staying in the Sioux Falls. area.