Xtend Inc. said two more credit unions have bought stock and become co-owners of the 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 nine-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.