In a letter to stockowners last week, Xtend, a Grand Rapids, MI-based CUSO with 80 credit union and CUSO owners, announced its 2019 fiscal year reached record numbers. The CUSO sets annual goals for its stockowners, stressing the importance of putting the owners first. This year, the firm announced another year of increased dividends to owners, and a new, increased stock price.
“The goal is always to drive relevance for our credit union consumers and consumer-owners in the eyes of their community of membership,” said Liz Winninger, president and CEO of Xtend. “In order for us to do just that, we must align with our credit unions on a very deep level. From the training we provide our people, the technology we utilize as a collective, and the dividends we drive back to our owners. The board and management believe that our success is directly sewn into our bylaws, and our board holds us to those.”
Xtend serves over 300 credit unions across the United States in areas such as back office, mortgage servicing, communications, marketing, sales, lending and contact center solutions. This year marks the CUSO’s fifth consecutive year of record owner dividends, net income, and value per share increase for owners. The CUSO does not require clients to be owners in order to utilize its services.