CUSO Completes Liquidation Support

When the call came in last fall to Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, they were presented with an interesting project – to assist with member support following the liquidation of Spokane, Washington-based The Union Credit Union (TUCU) and subsequent assimilation of its members into Alaska USA FCU (Anchorage, AK) and Numerica CU (Spokane, WA).  The project was completed on February 18th, wrapping up three-and-a-half months of member support by the CUSO.

“It’s never easy to find out that one of your industry partners was getting liquidated,” Xtend President Scott Collins lamented.  “I had a melancholy feeling when the call came from Alaska USA and Numerica asking for our help, but I was quick to commit our resources to help do our best to keep the members committed to do business with credit unions.  Although we had not done business with either Alaska USA or Numerica, both had solid reputations and demonstrated early on that they were willing to do whatever it took to make sure the members were being supported.”

From October 29th through February 18th, several CUSO teams were involved with the project.  Xtend’s Audit Link team performed remote compliance monitoring support on a daily basis.  Their SRS Bookkeeping executed back office accounting functions related to the former TUCU accounts.  And their Xtension Call Center business unit helped handle inbound member call support in an overflow capacity during the transition.

“We are confident that our team helped make a positive difference on a potentially negative situation for those members,” concluded Collins.  “Although we don’t have the final numbers from out west, I am confident that many of these members will continue to do business with Alaska USA and Numerica based on the professional way the transition was handled.  And our team is proud to have helped.”