Xtend, Inc., a Grand Rapids, Mich.-based CUSO and partner of CU*Answers, announced total revenue of $1.68 million for 2012 as of the end of its fiscal year in September, which marks both an increase from the CUSO’s $1.52 million 2011 revenue total and its largest sales year to date.
Xtend President Scott Collins said the CUSO achieved year-on-year revenue growth of 10.2%, a sales increase in every business unit in 2012 with most reaching double-digit growth numbers, and effective expense management, allowing Xtend to meet its budget from a net income standpoint.
“We have worked very hard to develop a la carte offerings within our major business units, services that credit unions can plug in quickly when they have short-term challenges or to help them enter new markets,” Collins said. “I believe that our results in 2012 have not only validated those investments, but also helped put us in a position to invest over the next several years in products and services that directly support the business plans of our customer-owners.”
The CUSO also said it has appointed Mark Richter, president/CEO for the $23.9 million, Grandville, Mich.-based First United Federal Credit Union, to fill its vacant board seat.
“We had leaders from more than 10% of our owners throw their hats into the ring for this open seat,” said Steve Searfoss, Xtend board chairman and operations manager at the $58 million AAA FCU in South Bend, Ind. “We were pleasantly surprised but certainly pleased with the tremendous outpouring of interest, and collectively our board feels this is a harbinger of more great things to come for the Xtend cooperative.”
Additionally, Xtend said it will pay credit union owners a stock dividend of 4%, its third consecutive and largest-ever stock dividend, for the 2012 fiscal year.
Xtend is owned by 69 credit unions and said it now provides more than 150 credit unions with managerial, operational, marketing, technical planning and consulting services.