CUSO welcomes new owners

GRAND RAPIDS, MI (October 27th, 2014) — At its October 23rd meeting, the Board of Directors for Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, welcomed four (4) new credit unions to its ownership ranks.  With the new owners, the twelve year-old CUSO now has eighty-two (82) equal stockholders.

Xtend President Scott Collins felt that the new owners were “a validation that our customer-owned business model continues to have strong appeal to credit unions regardless of size, geography or charter.”  Collins noted, “The credit unions in the market we serve have certainly embraced our shared resources offerings over the past decade, and the desire to participate at the ownership and leadership levels has mirrored our growth as a company during that time frame.  Our ‘class of 2014’ now includes nine (9) credit unions from six (6) different states which is really exciting.”

According to the CUSO, the new owners are Fife Lake, Michigan-based Forest Area Federal CU ($93M; 10.9K members), Chicago, Illinois-based First Financial CU ($68M; 8.3K members), South Bend, Indiana-based Notre Dame Federal CU ($467M; 58K members), and Alpena, Michigan-based Thunder Bay Credit Union ($22M; 3.1K members).

About Xtend (
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 1.03 million members and $10.3B in assets.  The CUSO is currently owned by 82 credit union partners.

More News