RAPID CITY, SD (February 2, 2016) — Midwest Business Solutions, a Credit Union Service Organization (CUSO) based in Rapid City, SD that specializes in business lending, is excited to announce that they will now be doing business under the new name of PACTOLA.
The lending CUSO had a humble beginning in 2009, with 8 original credit union owners, now known as senior equity partners. Since then, the CUSO has added 14 additional junior equity credit union partners and has grown their asset size to exceed $4.2B. With this great growth and expansion to states that were not just located in the “Midwest”, the board of directors decided to create a DBA (Doing Business As) name under Midwest Business Solutions. The name PACTOLA was chosen for its unique and distinctive sound, and 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.
PACTOLA is a Credit Union Service Organization (CUSO) that was founded as Midwest Business Solutions, LLC (MWBS) in 2009. Our goal is to help your institution increase your profitability with well managed loan assets. We also provide essential support for your business lending section with back office credit administration support and education. We are ready and able to work with Credit Unions and borrowers across the United States. Visit the website at www.pactola.com
Phil Love
President/CEO PACTOLA
605.223.5154
