Xtend Inc. announced that its board of directors has issued a 3.5% stock dividend to its credit union owners now that the books have been closed for the 2011 fiscal year.
The Grand Rapids, Mich., CUSO, which has now issued such a stock dividend for the second straight year, also announced that several credit unions have tapped on its resources to provide back office services as an extension of their internal team.
Xtend reported that the $36 million, 3,600-member Fortuna, Calif., Inland Valley FCU; the $251 million, 26,700-member Alpena-Alcona Area CU in Alpena, Mich.; and the $26 million, 2,800-member Fort Wayne, Ind.-based Public Service Credit Union – had transitioned the execution of several back office processes.
Diane Kilgore, manager of the CUSO's SRS team, “For two of the three – Inland Valley FCU and Public Service CU – it was a matter of having our staff continue the support that we were providing following their recent core data processing conversion and that was a huge vote of confidence. For Alpena-Alcona Area CU it was a matter of expanding our role to take on more. We had been providing stand-in services for vacations, leaves and holidays, so when they asked us to take an everyday role we were very comfortable with the task at hand.”
In addition, Xtend, which since early January has been providing its Audit Link compliance monitoring services for the $34.8 million, 7,300-member Brewery CU in Milwaukee and the $144 million, 23,000-member Park City CU in Merrill, Wis., reported it has experienced significant growth in its newest back office support offering.
The new service, which helps streamline the process of preparing and uploading the quarterly 5300 Call Report, has now been deployed at seven credit unions that utilize the CU*BASE core data processing solution from Xtend affiliate CU*Answers Inc.
Xtend also said that it has added five new credit unions to its ownership ranks. They are the $35 million, 2,200-member Des Moines Police Officers CU in Iowa; Inland Valley FCU; the $241 million, 27,000-member, Day Air CU in Kettering, Ohio; the $37.5 million, 6,900-member, Wauwatosa, Wis.-based FOCUS CU; and the $79 million, 13,900-member Grand Valley Co-Op CU in Grand Rapids, Mich. With the addition of these owners, Xtend is now equally owned by 65 owners.
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