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Summit Credit Union Pays $2.4 Million Dividend To Members

November 14, 2019 Financial cooperative’s Cash Boomerang program shares success with membersMADISON, Wis.— 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 .1 No minimum balances are required to be eligible for the program. Any fees/charges applied to an account will reduce the account balance and result in less dividends earned. A checking account must be open as of 9/30 of year of payment to be eligible for the program. Only members in good standing at the date of the payout will receive as long as the Cash Boomerang computes to $10 or more, with a maximum of $1,000. Cash Boomerang is not guaranteed. Cash Boomerang is a dividend and subject to tax reporting. 2 #1 mortgage lender based on number of mortgages recorded with Dane County register of deeds. 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...