MADISON, Wis.— Summit Credit Union has announced a patronage dividend payout of more than $2.5 million to its members.
Summit CU said the amount received by each member as part of the dividend, called “Cash Boomerang,” was based on the 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 annual program. In the seven years since Cash Boomerang started, Summit reported more than $14.2 million in cash payouts have been distributed. The 2019 payout was $2.4 million. Summit CU has more than 207,000 members.
“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 $4.4-billion Summit CU said it prioritizes giving back to its members and noted that earlier in 2020 it was ranked in the top 3% nationally in terms of financial returns for members.