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Strong second quarter numbers for shared resources CUSO
GRAND RAPIDS, MI (April 30, 2015) — 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 a continuation of the solid numbers posted during the company’s first quarter.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “I am very pleased with the way our team has performed during the first half of our 2015 campaign. We came out of the gate fast during Q1, and then followed it up with an even stronger Q2. We are 5% ahead on our overall sales projections, we are on plan from an expense standpoint and we exceeded our revenue goals in all of our major brands. I am very satisfied with our position as we push toward the September 30th finish line.”
According to Collins, the CUSO experienced quarterly year-on-year growth in its Member Reach e-communication brand (+73%), its compliance monitoring practice (+46%), its Xtension call center (+26%) and its loan servicing unit (+4%). Collins concluded, “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. That is certainly a win-win.”
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, compliance monitoring, and payment processing services. Xtend provides services for over 180 credit unions representing more than 1 million members and $10B in assets. The CUSO is currently owned by 85 credit union partners. For more information, visit www.xtendcu.com.