Through the first nine months of its fiscal year, Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that demand for its shared resources services has resulted in a 10.6% growth over the same period in fiscal 2012. Business units that have experienced year-on-year revenue growth included its SRS Bookkeeping, SRS Mortgage Servicing, Xtension Call Center and Member Reach brands, as well as its compliance monitoring service.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “The past nine months has been a very rewarding period for our entire team. Not only are they having a positive impact on our mid-market customer-owners’ Balance Sheets by professionally executing their craft on a daily basis, they are also helping change minds about what a vested shared resources partner means to their business plan. While the numbers might speak for themselves, I believe our continued growth reiterates that cooperative principles and pricing models are what our industry needs more of for credit unions to survive and thrive in today’s marketplace. I am proud that we have been able to continue on a growth path, and I am confident that by just about every measure, our 11th year will have been our most successful when we close the books at the end of September.”
Collins confirmed that Xtend services are now utilized by more than 170 credit unions nationally.