GRAND RAPIDS, Mich.–Xtend has announced what it said is the fifth straight record-setting dividend for the CUSO. Xtend provides shared resources in bookkeeping, communications, lead generation, marketing analytics and contact center services. The CUSO, established in 2002, increased annual dividends to owners, growing equity and share value for its 81 stockholders, the company said.
“The board of directors set a goal in 2018 for our owners–give back to the owners who have continued to help us grow and increase our value to clients year over year” said CEO Liz Winninger.
Winninger added that the CUSO also recently added its 82nd owner, Lenco Credit Union in Adrian, Mich.
“Lenco has been a client for some time and we are very happy to now call them an owner too,” Winninger said.
Separately, Xtend reported demand for its à la carte offering of backoffice services has increased significantly during the past year. The services are delivered by the CUSO’s Shared Resources and Staff business unit and are designed to provide temporary assistance with bookkeeping functions during holidays and unplanned staffing shortages.
Danielle O’Connor, manager of the SRS team, said her team provided 116 days of support for various credit unions during the holiday months of November and December.
“Our team is excited to be part of the credit union’s network to be able to work as a team and help each other succeed.”
Xtend now provides back office services to more than 70 credit unions daily, the company said.