Summit Credit Union Pays $2.5 Million in Member Dividends
Cooperative’s Cash Boomerang program puts money in members’ pockets
MADISON, Wis. (Nov. 10, 2022)—Summit Credit Union has announced a patronage dividend of $2.5 million for its members. Called Cash Boomerang¹, the member give-back is based on Summit Credit Union’s financial success and on an individual’s use of Summit checking, savings, and borrowing services between Oct. 1, 2021, and Sept. 30, 2022.
The annual program will send cash payouts to more than 72,800 members, an increase of 3,800 from last year. In the nine years since Cash Boomerang started, Summit has distributed $19.6 million in cash payouts.
Banks only offer dividends to stockholders, but Summit, a financial cooperative, offers the patronage dividend to members as reminder of the value of doing business with Summit Credit Union, said Kim Sponem, CEO & President.
“We share our success with members who help build our cooperative. This dividend puts money in the pockets of members. In addition to Cash Boomerang, we work every day to offer members significant savings and financial education,” Sponem said
“The more business you do at Summit, the more potential dividend you will get because our members are the reason for our success,” she added. “This is one of many ways Summit Credit Union values our members.”
With the October acquisition of Commerce State Bank in West Bend, Wis., Summit Credit Union has more than 50 locations and 235,000 members in south-central and southeastern Wisconsin. For more information about Cash Boomerang, visit www.SummitCreditUnion.com/cash-boomerang.
Summit Credit Union is Wisconsin’s No. 1 Mortgage Lender and has been the largest credit union lender of SBA loans to small businesses in Wisconsin for over a decade. ²
¹No 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 fewer dividends earned. A checking account must be open as of 9/30 of the year of payment to be eligible for the program. Only members in good standing at the date of the payout will receive it if 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 The Wisconsin #1 Mortgage Lender designation is based on the number of loans originated in 2021, 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 Consumer Financial Protection Bureau’s website. LEI: 254900NTAC4H10MGSU23