CUSO Adds 1st Owner in Two States
Scott Collins, President
Grand Rapids, Michigan – December 9th, 2011
Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that it has added two credit unions to its ownership ranks. Both represented the first owner from their respective states. Fontana, California-based Inland Valley Federal Credit Union ($36M, 3,700 members) and Des Moines, Iowa-based Des Moines Police Officers Credit Union ($35M, 2,200 members) became the 61st and 62nd owners of the CUSO respectively.
“It was an early Christmas present when I got an email from both Chuck (IVFCU CEO Charles Papenfus) and Janet (DMPOCU CEO Janet Lintin) letting me know their boards had approved the stock purchase,” said Xtend President Scott Collins. “Our network is relatively new to credit unions in both California and Iowa, and having advocates like Chuck and Janet have already translated into a significant amount of follow-up activity for our sales teams. I could not be happier to have them become our first stockholders in their respective states.”
Collins continues, “More than anything though, I am pleased that both were able to come to Grand Rapids a few weeks ago and participate in the annual CEO Strategies meetings hosted by our partners over at CU*Answers. It gave them an opportunity to brainstorm with dozens of peers about investments that Xtend, CU*Answers and our network of CUSO partners could make collaboratively over the next several years.”
The CUSO is now owned equally by stockholders in fifteen (15) states.
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 140 credit unions representing more than 750,000 members and $6.9B in assets. The CUSO is currently owned by 62 credit union partners.