Financial cooperative’s Cash Boomerang program shares a record amount with members

MADISON, Wis.—Summit Credit Union has announced a patronage dividend of $2.7 million for its members. Called Cash Boomerang, the member give-back is based on Summit Credit Union’s success and on an individual’s use of Summit checking, savings and borrowing services between Oct. 1, 2020, and Sept. 30, 2021.

More than 69,000 members will receive a cash payout this year in the financial cooperative’s annual program. In the eight years since Cash Boomerang started, $17 million in cash payouts have been distributed. Last year, the payout was more than $2.5 million.

“Because we are a financial cooperative, each of our members gets a dividend, which is different from the corporate world in which only stockholders get dividends,” said CEO & President Kim Sponem. “We share our success with our members every day with significant savings and financial education, and our Cash Boomerang adds even more money to our members’ pockets.”  

The Madison-based credit union was named recently as Wisconsin’s top mortgage lender for the first time after it funded the most home loans statewide in 2020.² Earlier in 2021, Summit ranked among the nation’s best in terms of financial returns for members. 

Summit has 48 locations across south-central and southeastern Wisconsin and is the second-largest credit union in the state. For more information about Cash Boomerang, visit SummitCreditUnion.com/cash-boomerang.

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 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 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’s #1 Mortgage Lender designation is based on the number of loans originated in 2020, 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: https://ffiec.cfpb.gov/data-publication/modified-lar/2020.