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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 Summit Credit Union shares simple ways to spot imposter scams, recognize warning signs and protect your money and personal information... Summit Credit Union earns a 2026 Woman-Led Top Workplace award for its strong leadership, employee experience and workplace culture... Summit Credit Union invests $1 million in the Live Local Development Fund to expand attainable housing in Jefferson County... Summit Credit Union retains its ranking as Wisconsin's #1 mortgage lender, helping more members achieve homeownership... Summit and TriUnity Foundation offer grants up to $10,000 for members facing terminal or life-threatening illness... Forbes named Summit Credit Union Wisconsin’s #1 credit union and one of America’s Best-In-State Credit Unions for 2026... Summit Credit Union named Top Workplace in Madison, Milwaukee, and U.S., recognized for strong culture, engagement, and employee benefits... Summit Credit Union helps Wisconsin families achieve homeownership with up to $10K in down payment assistance... Summit Credit Union’s President and CEO Kim Sponem was recently featured on the Women of Community Banking podcast...