CUSO announces 2nd quarter numbers
GRAND RAPIDS, MI (June 21, 2016) — Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, recently announced the results of its second fiscal quarter to stockholders and clients. The results for the fiscal period, which ended on March 31st, reflected growth in each of its major business units.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “Overall, I am pleased with our mid-year position considering we were significantly behind our budget targets as late as the end of January. Total sales were 26% ahead of the same period last year and our cash position remains strong, as we continue to keep our eye on the landscape for potential investment opportunities. All teams are hitting it hard every day, so we should have some pretty exciting stories to share with our owners at the 2016 stockholder meeting.”
According to Collins, the CUSO experienced year-on-year growth in its Member Reach e-Communication brand (+46%), its compliance log management practice (+23%), its Xtension Call Center (+36%) and its loan servicing unit (+13%). “I was looking forward to the 2nd quarter numbers because of the course corrections we made during the past several months,” said Collins. “We continue to serve an industry that is in consolidation mode, especially from a merger standpoint, but as the numbers bear out, the demand for our products and services continues to be high. I am especially pleased with the strong performance in services that drive credit union income for our customer-owners.”
About Xtend, Inc.
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, and payment processing services. Xtend provides services for over 250 credit unions representing more than 1.2 million members and $13B in assets. The CUSO is currently owned by 90 credit union industry partners. For more information, visit www.xtendcu.com.
