KYLE, SD (May 6, 2013) The Pine Ridge Indian Reservation of South Dakota celebrated the grand opening and ribbon cutting ceremony for their first ever federally insured financial institution, Lakota Federal Credit Union (LFCU) located in Kyle, SD on Friday, May 3rd. It was a day to honor the people of the reservation, celebrating the accomplishments of their community members and their commitment to building brighter Financial Futures.
Whitney O’Rourke, Manager of LFCU welcomed Senator Tim Johnson, D-S.D., who attended the event and provided opening remarks. Senator Johnson, Chair of the Senate Banking Committee stated that the "People should be proud of the role that the credit union is playing in the Pine Ridge economy. Everyone deserves to have access to an insured financial institution, and this credit union can be another piece of the puzzle for this community.”
Credit Unions from around the Black Hills SD area also joined the celebration to show support for the newest member of the Dakota credit union family, including employees and/or board members from Highmarck FCU, Northern Hills FCU, Dakota Territory FCU, Sentinel FCU, Rapid City Telco, Black Hills FCU and the Credit Union Association of the Dakotas (CUAD). "It was a real pleasure to attend this special event and celebrate (just) the 6th new credit union chartered in the last 6 years” said Robbie Thompson, President/CEO of CUAD. Lakota Federal Credit Union is very much needed, and the cooperative ‘people helping people’ philosophy will serve this community well."
While this was the official grand opening of Lakota Federal Credit Union, they opened their doors to the community four months ago. In that short time, they have already opened 600 new accounts; many of these by tribal members who otherwise have not had access to traditional banking services. In addition, Lakota FCU has already granted more than $350,000 in loans with a maximum loan amount to one member of $5,000. Many of the loans have been given to pay off high cost payday or title loans.
Headquartered in Bismarck, ND, the Credit Union Association of the Dakotas (CUAD) is the professional trade association serving 78 credit unions in North and South Dakota with assets in excess of $4.2 billion and nearly 450,000 credit union members. For more information about CUAD visit our website at www.cuad.coop.