Xtend CUSO Welcomes Two New Owners

Grand Rapids, Michigan – August 1st, 2011
Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that two credit union partners have purchased stock in the CUSO. Community Driven Credit Union ($57M, 10,000 members) based in Ypsilanti, Michigan, and Heartland Credit Union ($204M, 25,200 members) based in Springfield, Illinois, each purchased an ownership block of 200 shares in the cooperative.

“We are pleased to welcome our newest owners to the cooperative, “says Xtend President Scott Collins. “We are especially excited because both partners are new to our cuasterisk.com network of CUSOs yet felt that participating in Xtend at an ownership level was a strategic opportunity. And since both credit unions are, or will be CU*BASE users (the core data processing system from CU*Answers) we are able to offer both revenue-generating and expense reducing solutions at a core level. For instance, we will be working closely with Kevin (CEO Kevin Finneran) and his team at Community Driven to assist with their upcoming core data processing conversion in both the front and back offices later this year. Similarly, several of our business units have been actively engaged with Ed’s (CEO Ed Gvasdinskas) leadership team since their conversion to the CU*BASE core system in June of 2010, and I believe this investment validates that we are a valuable part of their business plan.”

The credit unions became the 55th and 56th owners of the CUSO respectively. “I look forward to working with each of these partners for many years to come,” noted Collins.