CUSO Adds New Stockholder
Grand Rapids, Michigan – October 25th, 2012 – Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that it has added another credit union to its ownership ranks. Kenowa Community Federal Credit Union (3K members, $19.5M assets), which is based in Wyoming, Michigan, purchased an ownership block of 200 shares to become the CUSO’s sixty-ninth (69th) owner.
Xtend Board Chairman Steve Searfoss commented, “The board was very excited to welcome not only our newest stockholder in Kenowa Community FCU, but also our tenth (10th) new owner in the past year. Our CUSO is showing up on more and more radar screens as a trusted business partner, and when that translates into increased interest in participating on an ownership level, it validates that our cooperative business model is on the right track.”
Collectively, Xtend is owned by credit unions totaling more than 850,000 members and nearly $8B in assets.
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 and is currently owned by 69 credit union partners.