Make a Payment Rates About Careers Contact Locations

Summit Credit Union Pays $2.7 Million In Dividends To Members

November 16, 2021 undefined 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 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: . Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, 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 2023. Copyright 2024 © 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