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Summit Credit Union Pays $2.08 Million Dividend To Members

November 28, 2017 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. You might also be interested in Summit Credit Union named Top Workplace in Madison, Milwaukee, and U.S., recognized for strong culture, engagement, and employee benefits... Summit Credit Union helps Wisconsin families achieve homeownership with up to $10K in down payment assistance... Summit Credit Union’s President and CEO Kim Sponem was recently featured on the Women of Community Banking podcast... Summit welcomed thousands of members and their families to Warner Park for its annual Summit Fest, blending its official Annual Meeting of the Membership... Summit Credit Union names Mike McCoy Chief Commercial Officer to advance commercial banking and support Wisconsin businesses... With $87 million in member benefits, Summit Credit Union remains the nation’s #1 credit union for Return of the Member... Summit Credit Union partners with LOVB Madison Volleyball to empower women athletes and advance equity in sports and finance... Kim Sponem calls for equitable pay practices, warning that lifetime pay gaps leave women at greater risk of retirement insecurity... Summit Credit Union earns the #1 national Return of the Member ranking again, highlighting its strong member value and financial impact...