Xtend, a shared resource services CUSO is owned by 104 credit unions. Structured similarly to a credit union, each owner has equal ownership. Each year the board solicits owners to run for the nine-person board of directors. This year the owners appointed Chuck Papenfus, Inland Valley Federal Credit Union in Fontana, California; Carma Peters, Michigan Legacy Credit Union in Warren, Michigan; and Mark Richter, First United Credit Union, Grandville, Michigan & North Central Credit Union, Houghton Lake, Michigan to Xtend’s board of directors.
Xtend held its annual meeting in Grand Rapids, Michigan on June 14, 2022. Over the past year Xtend has seen record ownership numbers, with the addition of 16 new owners since their meeting one year ago.
“We are very lucky to have such an active and involved board and ownership. Our owners outpace non owner usage of products by 100%,” said Liz Winninger, President and CEO of Xtend. “The past few years we have seen significant growth, and as such we needed to adapt to meet the needs of our growing client base. This meant investing in areas of the business that would pay off for us in the short and long term, while also keeping owners returns at the forefront.”