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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 COTTAGE GROVE, WI – Summit Credit Union, headquartered in the Village of Cottage Grove, has pledged a $100,000 grant to “The Next Chapter” Library Capital... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, announced today that it is recognized, for the second consecutive year, as... SCOTTSDALE, Ariz., Dec. 31, 2024 /PRNewswire/ -- , a leading management and technology consultancy for banks, credit unions and fintech firms, has announced... Madison, Wisc. - StartingBlock Madison, the city's premier hub for startups and innovation, is proud to announce a continuing partnership with Summit Credit... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, hosted its annual ShredFest on September 28. Held in partnership with the Better... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, has been awarded on the Forbes list of America’s Best-In-State Credit Unions... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, is again the top mortgage lender in the state of Wisconsin, according to data... MADISON, WIS. — May 28, 2024 – Since its announcement in 2020, The Center for Black Excellence and Culture (The Center) has encouraged Madison’s Black... MADISON, Wis. — Hannah Echols of Milwaukee, has just been revealed as the winner of Summit Credit Union’s Project Money Season 15. Along with three other...
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA