Press
CUSO continues its double digit revenue growth
GRAND RAPIDS, MI (October 28, 2014) — When Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, tallied up the numbers following its September 30th fiscal year end, the results showed a year-on-year revenue growth of 28.9% from its record 2013 fiscal year performance.
Xtend President Scott Collins attributed the success to “a year of hard work by a tremendous team of credit union industry professionals.” Collins noted, “On the heels of a very strong 2013, we saw demand for all of our major brands increase during this past year. When our Board approved the Business Plan and budget last August, we were bullish about the coming year based on our ongoing business development efforts and those of our cuasterisk.com network of partners. I am very happy with the way our collective teams executed on behalf of our customer-owners in fiscal 2014 as well as the solid foundation that was laid for our 2015 campaign.”
According to Collins, the CUSO experienced double-digit revenue growth in its loan servicing (40.9%), contact center (40.4%), e-communication (38.8%), bookkeeping services (22.9%) and compliance monitoring (13.4%) business units.
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 180 credit unions representing more than 1.3 million members and $10.3B in assets. The CUSO is currently owned by 82 credit union partners.