Dec. 11, 2024

Levo Credit Union has earned regulatory approval to open its first location in Sioux City early next year.

The Sioux Falls-based credit union will acquire a Heritage Bank branch and open it in January. The existing staff will continue to work there, led by branch manager and Sioux City resident Jesús Peña-Ortiz.

“I’m excited to put my experience to work for a forward-thinking, community-oriented financial institution like Levo,” said Peña-Ortiz, who has worked for several banks and credit unions in the area in various roles over the past 21 years. “I love Siouxland, and I can’t wait to help Levo bring our service-oriented approach to this community.”

The acquisition was approved recently by the FDIC, which oversees banks, and the National Credit Union Administration, which oversees credit unions. In December 2023, Levo announced an expansion of its service area from four counties around Sioux Falls to 29 counties along the Interstate 29 corridor in South Dakota, Iowa, North Dakota and Minnesota. Levo already is offering online financial services in all those counties.

“We feel we have something of value to bring to Siouxland,” Levo president and CEO Fran Sommerfeld said in a statement. “Our mission is helping people live better. With this acquisition, we can serve more people by helping them reach their financial goals.”

When the bank becomes Levo’s Singing Hills branch in January, its customers will become members of Levo, and the credit union will take on most of the deposits and loans. The hours of the branch will remain 9 a.m. to 5 p.m. weekdays.

Levo plans to build on its community outreach in the new market, the credit union said. Last year, Levo’s foundation donated more than $99,000 in goods and services to more than 80 causes.

“We support our community because our community makes us what we are, and we’re looking forward to expanding that support to Siouxland,” Sommerfeld said. “Levo means ‘to lift up’, and that’s what we try to do every day.”