Xtend Issues First Dividend
For the first time in its history, multisolution provider CUSO Xtend Inc. said it recently declared a stock dividend return to its 52 owners.
The Grand Rapids, Mich.-based Xtend, which completed its 2010 fiscal year Sept. 30, said it released its final audited financials to stockholders on Dec. 7 along with the dividend of 3%.
In a letter to the CUSO's owners, Xtend President Scott Collins said "2010 was a year of firsts and this is a big moment for our CUSO. What started as a vision and twelve organizations throwing $5,000 into a hat to create something new for our industry has developed into a trusted partner for more than 120 of your peers."
Xtend's board of directors also voted to increase the price of stock for the first time since 2008, according to the CUSO. The new stock price of $19,500 for an ownership block of 200 shares was effective Jan. 1, 2010.
"Following our most successful year ever and the declaration of our first stock dividend, we felt an increase in the stock buy-in price was certainly appropriate," Collins said.
Collins credited utilization of the CUSO's offerings and increased demand for its products for Xtend's success in 2010. Formed in 2002, Xtend provides bookkeeping, member contact, back-office mortgage, partnered liquidity opportunities, shared branching, compliance monitoring and insurance services.