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Summit Credit Union Pays More Than $2.5 Million In Cash Dividend To Members

November 12, 2020 Financial cooperative’s Cash Boomerang program shares record payoutMADISON, 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 Boomerang , 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. 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 . 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