RAPID CITY, S.D. (2/3/16)--Midwest Business Solutions, a Rapid City, S.D.-based credit union service organization (CUSO) specializing in business lending, has changed its name to PACTOLA.
The lending CUSO was launched in 2009 with eight original credit union owners, now known as senior equity partners. Since then PACTOLA has added 14 additional junior equity credit union partners and has increased its asset size to exceed $4.2 billion.
With a recent expansion into states were outside the Midwest, the board of directors chose the name PACTOLA for its unique and distinctive sound. It was taken from the name of a small river in Asia Minor called Pactolus. The river was famous for gold that washed from its sands, and there is also a reservoir in western South Dakota named Pactola.
PACTOLA’s focus is business lending, specifically in the areas of commercial real estate, all commercial real estate not tied to real estate, and agricultural lending. The CUSO was created to underwrite, manage and service large commercial participation loans that are shared by credit unions and banks, offering solutions to help their partners be more relevant in their communities with projects that create jobs and increase social good.