Two more credit unions have bought stock and become co-owners of Xtend Inc., a Grand Rapids, Mich., provider of operational, marketing, shared branching and consulting services to more than 140 credit unions.
The CUSO’s newest shareholders are the $57 million Community Driven CU of Ypsilanti, Mich., and the $204 million Heartland CU of Springfield, Ill., Xtend said.
Community Driven is also in the process of converting to the CU*BASE core processing system from Xtend’s partner CUSO, CU*Answers, while Heartland converted to the platform last year.
“We are especially excited because (Heartland and Community Drive) are new to our cuasterisk.com network of CUSOs yet felt that participating in Xtend at an ownership level was a strategic opportunity. And since both credit unions are, or will be CU*BASE users we are able to offer both revenue-generating and expense reducing solutions at a core level,” said Xtend President Scott Collins.
They are the 55th and 56th owners of the 9-year-old CUSO, which also reported that its sales for the first six months of the fiscal year were $1.1 million and that it was on pace for its largest sales year to date.