The ink was barely dry on the
NCUA's new field-of-membership
(FOM) rule when the Sioux
Empire Federal Credit Union's
board of directors considered how
to capitalize on it during a strategic
The rule, which allows eligible credit
unions to serve larger communities,
meant the 10,000-member Sioux Empire
FCU could now market its financial
services well beyond the four counties
surrounding Sioux Falls, S.D.
"Having this chance to expand credit
union access to thousands of people
across our state is clearly a good thing," says Jeff Jorgensen, the president of Sioux
Empire FCU since 1991. "Residents of
South Dakota should have access to
member-owned financial cooperatives in
the same manner as residents of highly
populated communities, too. This is
indeed a step in the right direction for
my fellow South Dakotans."
From the May-June issue of The NAFCU Journal.