This is a paid piece from Voyage Federal Credit Union
Simplified: Voyage Federal Credit Union has grown from about $60 million in assets to more than $200 million in the last decade. Learn more about how this Sioux Falls financial institution is bringing large-scale resources to members with a small, local feel.
Why it matters
- Voyage's history dates back to 1939, when then-called Sioux Falls Bell Federal Credit Union was chartered to serve employees in the local Sioux Falls telephone industry.
- Since then, it's merged with more than a dozen other credit unions – most recently with Good Samaritan Federal Credit Union in 2021 and with Vermillion Federal Credit Union this year.
- That growth has also brought expanded services. Voyage now offers a new online banking platform, more business banking opportunities and indirect lending to more than a dozen local auto dealers.
- But even as it grows, Voyage is maintaining a commitment to putting its members first and giving them the service level they'd expect at a small, local financial institution alongside high-tech features to make managing money easy.
"They get the best of both worlds," CEO Jeff Schmidt said. "They still get the personalized service, community-owned, 'this is my credit union' feel. It doesn't feel like a big Wall Street bank."
Tell me more about Voyage's growth
As Bell Federal Credit Union was growing in the Sioux Falls area, so too was a credit union called Metz-McKennan – which later rebranded to Midwest Partners.
- After the 2008 financial crisis, a lot of credit unions lost capital, the two neighboring institutions saw an opportunity for growth if they worked together.
In 2011, the two credit unions merged to become Voyage Federal Credit Union with a combined total of about $60 million in assets. From there, the growth has accelerated tremendously.
- By 2019 the credit union had grown to $100 million in assets, and earlier this year, it celebrated hitting the milestone of $200 in assets.
What happens next?
Voyage has a new branch set to open in October on 12th Street near Interstate 29.
The credit union is also pursuing a merger with First Century Federal Credit Union, which, if approved by a member vote, could be completed early next year.