Extensia Financial, a member business lending CUSO based in Northridege, Calif., now counts California's Firefighters First Credit Union among its minority owners, the firm announced Wednesday.
The move stemmed from a partnership between the two organizations to develop Firefighters First's business lending program. Through its new status as part-owner of Extensia, the credit union seeks now to increase its non-interest income.
"We see that member business lending is a central part of credit unions' future success and financial performance," declared Mike Mastro, the president and CEO of Firefighters First Credit Union, in a press release.
