Continued Quarterly Growth for Michigan CUSO
Grand Rapids, Michigan February 6th, 2012 — Following the completion of its fiscal 1st quarter on December 31st, Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that sales grew for the 25th consecutive period. Moreover, sales numbers reflected a 16.4% growth over their strong first quarter numbers a year ago.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “Like the Michigan weather we have been experiencing here in Grand Rapids, the first quarter of the year was far from normal—but in a positive way. The key words across the board are steady growth – for both revenue and the number of clients utilizing our services. We anticipated a fast start to the year, but we came out of the gate even faster than expected. That culminated with a very busy December for all of our business units, and set the stage for a strong 2nd quarter.”
The CUSO reported that sales growth was led by its Member Reach (+26%), Xtension Call Center (+24%), Mortgage Servicing (+20%), SRS Bookkeeping (+16%) and Audit Link (+2%) brands.
Collins also noted that over 150 credit unions now utilize Xtend products and services on a daily basis and that CUSO ownership has grown to sixty-five partners.
About Xtend (www.xtendcu.com): Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more cost-effectively. Their strategic offerings include bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 150 credit unions representing more than 800,000 members and $7.2B in assets. The CUSO is currently owned by 65 credit union partners.