Financial cooperative’s Cash Boomerang program shares record payout

MADISON, Wis.—In the midst of uncertainty resulting from the COVID-19 pandemic, Summit Credit Union has announced a patronage dividend of over $2.5 million to its members. The amount received by each member as part of the dividend, called Cash Boomerang¹, was based on Summit Credit Union’s success as well as the individual’s saving and borrowing activity between Oct. 1, 2019, and Sept. 30, 2020.

More than 64,200 members will receive a cash payout this year in the financial cooperative’s annual program. In the seven years since Cash Boomerang started, more than $14.2 million in cash payouts have been distributed. Last year, the payout was $2.4 million.

“As a credit union, we’re always focused on helping add value to our members’ lives — especially when times are challenging,” said Summit Credit Union President & CEO Kim Sponem. “We’re proud to share our success with members through Cash Boomerang as we pay out a record dividend for the seventh consecutive year.”

The Madison-based credit union prioritizes giving back to its members and is the number one mortgage lender in southern Wisconsin.² Earlier in 2020, Summit ranked in the top 3% nationally in terms of financial returns for members.

Summit has 45 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/cashboomerang.

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 counties' registers of deeds.