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Summit Credit Union Pays $2.08 Million Dividend to Members

MADISON, Wis.—Summit Credit Union, Madison, WI, has declared a $2.08 million dividend, called Cash Boomerang, to its members. More than 51,000 Summit Credit Union members recently received announcements detailing the amount of their 2017 cash payout. The amount for each member was based on the financial success of Summit Credit Union as well as how much the member saved and borrowed with Summit between October 1, 2016, and September 30, 2017.

Cash Boomerang recipients have received more than $7 million in payouts since the incentive program started four years ago. Last year, the payout was $1.9 million.

“We had a really good year and we want those who do business with us to share in our success,” said Kim Sponem, CEO & President.

The Cash Boomerang announcement tells members how to redeem the payout and also includes a video of Sponem congratulating members for borrowing and saving at Summit.

Compared to an average Wisconsin bank, Summit Credit Union’s higher savings rates, lower loan rates and lower than average fees resulted in members saving $61 million over the last three years.

Summit is the second-largest credit union in Wisconsin, with 33 branches in the greater Madison and Milwaukee region.