GRAND RAPIDS, Mich. (12/29/14)--The 83 credit union owners of Xtend Inc. will be receiving a stock dividend--the third such distribution in four years.
President Scott Collins said the Grand Rapids, Mich., credit union service organization (CUSO) experienced a record-setting year in total sales, year-over-year revenue growth and transactions in its volume-centric brands.
"Our 2014 campaign was solid by just about every measurement. Our overall sales grew by nearly 29% year-on-year, we supported 24 core data processing conversions for our cuasterisk.com partners, we deployed more products and services than in any previous year, and hired more new staff members than ever before," Collins said.
"All five of our business units experienced year-on-year revenue increases, with most showing double-digit growth," he said, adding, "Issuing a return to our owners over and above the soft return on their invoices from our disruptive pricing certainly puts an exclamation point on the year."
The CUSO provides bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring and payment processing services. It services more than 180 credit unions representing more than 1 million members and $10 billion in assets.