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Summit Credit Union Shares Success With Multi-million Dollar Patronage Dividend

November 15, 2018 Cash Boomerang highlights benefits of banking at credit unionMADISON, Wis.— Summit Credit Union has announced a $2.3 million patronage dividend as part of its Cash Boomerang program, which awards an annual cash dividend to customers of the credit union. The amount received by each customer was determined by the financial success of Summit Credit Union, along with the individual’s saving and borrowing activity between Oct. 1, 2017, and Sept. 30, 2018. More than 55,000 Summit members recently received announcements detailing the amount of their 2018 cash payout. With this year’s payout, Summit has paid out more than $9 million in payouts since the incentive program began five years ago. In 2017, the payout was $2.08 million.“We had another successful year in 2018, largely due to the loyalty of the people who use us for their banking needs,” said Summit Credit Union CEO & President Kim Sponem. “One of the great things about being a financial cooperative is that when we succeed, our members succeed, and we’re proud to reward them this year through Cash Boomerang.”The Madison-based credit union prioritizes giving back to its members and has been the number one mortgage lender in Dane County for the past eight years. Earlier this year, Summit was again ranked among the highest in the nation for financial returns of members.With 36 locations across the greater Madison and Milwaukee areas, Summit is set to open a new 152,000-square-foot headquarters in Cottage Grove. For more information about Cash Boomerang, visit . You might also be interested in 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... Summit welcomed thousands of members and their families to Warner Park for its annual Summit Fest, blending its official Annual Meeting of the Membership... Summit Credit Union names Mike McCoy Chief Commercial Officer to advance commercial banking and support Wisconsin businesses... With $87 million in member benefits, Summit Credit Union remains the nation’s #1 credit union for Return of the Member... Summit Credit Union partners with LOVB Madison Volleyball to empower women athletes and advance equity in sports and finance... Kim Sponem calls for equitable pay practices, warning that lifetime pay gaps leave women at greater risk of retirement insecurity... Summit Credit Union earns the #1 national Return of the Member ranking again, highlighting its strong member value and financial impact...