The President’s Perspective

As we approach our 18th combined Summit, our united mission remains the same! Plus, Service First joins the Association; and news from Sisseton-Wahpeton, Levo, and Fargo VA. 

Jana Thune, Emily Fyre, and Meghan Dahnke from Fargo VA.

Greetings! We are now just 21 days from the Summit. This will be our 18th annual event as a combined two-state professional credit union trade association. However, our roots and history go deeper, as 2024 marks our 88th year of advocating for credit unions in our region. While the landscape has changed from year to year, our mission and value proposition has always been to help our credit unions grow and succeed in serving their members and communities, promoting the credit union difference as a better financial option for Dakotans and their families. It’s a mission we can be proud of!

On a side note, the DakCU room block at Grand Falls Casino & Resort is full. We encourage those trying to make reservations to get on the waiting list by calling 712-777-7777. Then, we recommend making backup reservations at our overflow hotel, GLO Best Western Dawley Farms in Sioux Falls. Call 605-275-4000 and ask for the Dakota Credit Union block.  

Welcome Service First Federal Credit Union
Please join me in welcoming Service First Federal Credit Union (Sioux Falls, SD) to the Dakota Credit Union Association family! We’re very excited and pleased to have Travis Kasten and his team as an Association affiliate, and we are looking forward to their active engagement and partnership. Service First was chartered in 1934; today they hold over $214M in assets and serve nearly 18,000 members from their three branches in Sioux Falls, employing approximately 70 individuals.  

Sisseton-Wahpeton Listed as Top 25 Deep Impact Lender
The Emergency Capital Investment Program (ECIP) Investing for Impact Report recognized Sisseton-Wahpeton Federal Credit Union (Agency Village, SD) as one of the “Top 25 Deep Impact Lenders.” The Quarterly Supplemental Reports submitted to the U.S. Department of Treasury by ECIP participants showed 99.8% of Sisseton-Wahpeton FCU’s lending qualified as “Deep Impact” in 2022, meaning the $5.6 million South Dakota credit union served low-income borrowers, persistent poverty counties, native communities, underserved businesses, affordable housing, and other relevant activities. You can see the full report here. Once again, a Dakota credit union demonstrates their commitment to serving their community! Nicely done.

Levo CU Acquiring Bank Branch in Sioux City
Last week, Levo Credit Union announced their plans to acquire a Sioux City, Iowa, bank branch from Heritage Bank, National Association. The branch is located at 4530 Singing Hills Boulevard in Sioux City. Levo, which is headquartered in Sioux Falls, SD, has entered into an agreement with Heritage, which is based in Spicer, MN. Once the agreement is approved by regulatory authorities and signed by both parties, Levo will take on some deposits and loans, as well as property, such as the branch. This process is expected to take several months. Levo plans to offer employment to current branch staff, and customers will officially transition to Levo when the transaction closes, which is expected to happen in the fourth quarter of 2024. Congratulations to Fran Sommerfeld and his staff on their continued growth and success in serving their members! Check out this video with Fran explaining how the credit union will benefit the Sioux City community.

Fargo VA FCU Fulfills CMN Pledge
I would like to send a shout out to Fargo VA FCU, who recently fulfilled their pledge to the CU4Kids Micro Preemie Care Unit for Sanford Children’s Hospital. Our sincere thanks to Jana Thune, Fargo VA CEO, and her staff, for joining us in this effort.

As you know, staff at DakCU has been reaching out to all North Dakota credit unions regarding this project, and so far, we have secured $384,000 in pledges. We are still short of meeting the $500K “ask” to have this unit named exclusively for credit unions, but it is doable with just a little more support!

If you have not yet made a pledge, there is still time. Our sincere hope is that working together, we can create a lasting credit union legacy that future generations will see and appreciate at the only Children’s Miracle Network Hospital in North Dakota. Feel free to contact Shawn Brummer on our staff or Hillery Mork at Sanford Health Foundation with any questions.

Jason Stverak Joins Defense Credit Union Council
The Defense Credit Union Council (DCUC) announced Jason Stverak has been appointed to the new position of Chief Advocacy Officer. In this role, Jason will be responsible for ensuring DCUC’s overall advocacy efforts continue to exclusively support the interest of credit unions serving our armed forces and veterans worldwide.​ As you know, Jason was previously the Deputy Chief Advocacy Officer at CUNA; prior to that, he worked with North Dakota Senator Cramer. Jason has been a great asset to our Dakota credit unions’ advocacy efforts, and we congratulate him on this achievement.

NCUA Opening $3.4M Grant Round
Finally, I wanted to bring your attention to a grant (or grand) opportunity! Low-income designated credit unions can apply for 2024 Community Development Revolving Loan Fund (CDRLF) grants from NCUA between May 1 and
​July 1. The 2024 CDRLF grant round is open to credit unions with a low-income designation. The agency will administer more than $3.4 million in CDRLF grants to the most-qualified applicants and will host a webinar in May to explain the grants process. For more information, click here.

​Have a great week,

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DakCU President/CEO