Summit Credit Union has announced a $2.4 million patronage dividend, called Cash Boomerang1, to its members. The amount received by each member was based on Summit Credit Union’s success as well as the individual’s saving and borrowing activity between Oct. 1, 2018, and Sept. 30, 2019.
More than 59,000 members will receive a cash payout this year in the financial cooperative’s annual program. In the six years since Cash Boomerang started, more than $11.7 million in cash payouts have been distributed as part of the incentive program. Last year, the payout was $2.3 million.
“As a credit union, we exist for our members’ benefit. Each year, one of our key goals is to be able to share our success with our members through the Cash Boomerang dividend,” said Summit Credit Union CEO & President Kim Sponem. “I’m so pleased that for the sixth year in a row, we’re able to pay out a record dividend.”
The Madison-based credit union prioritizes giving back to its members and has been the number one mortgage lender in Dane County for the past nine years2. Earlier in 2019, Summit ranked among the nation’s best in terms of financial returns for members.
Summit has 40 locations across south-central and southeastern Wisconsin and is the second-largest credit union in the state. For more information about Cash Boomerang, visit SummitCreditUnion.com/
Kim Sponem.