The $18.9 million, 3,000-member Kenowa Community Federal Credit Union in Wyoming, Mich., has become the newest part-owner of Xtend Inc. in Grand Rapids, Mich.
Kenowa Community FCU became the CUSO's 69th owner when it bought an ownership block of 200 shares, Xtend said, and its 10th new owner in the past year.
“Our CUSO is showing up on more and more radar screens as a trusted business partner, and when that translates into increased interest in participating on an ownership level, it validates that our cooperative business model is on the right track,” said Steve Searfoss, the Xtend board chairman and operations manager at the $58 million AAA FCU in South Bend, Ind.
Xtend said it now offers member contact, shared branching, compliance monitoring, insurance and other back-office services to more than 150 credit unions.
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