MADISON, Wis.— Summit Credit Union said it is paying out to members a $2.4 million patronage dividend, which it calls a “Cash Boomerang.”
The amount paid to each member was based on the individual’s saving and borrowing activity between Oct. 1, 2018, and Sept. 30, 2019.
More than 59,000 members will receive a cash payout this year, Summit said. In the six years since Cash Boomerang started, more than $11.7 million in cash payouts have been distributed as part of the incentive program. In 2018, the payout was $2.3 million.
“As a credit union, we exist for our members’ benefit. Each year, one of our key goals is to be able to share our success with our members through the Cash Boomerang dividend,” said Summit Credit Union CEO and President Kim Sponem. “I’m so pleased that for the sixth year in a row, we’re able to pay out a record dividend.”
Members are receiving a minimum payout of $10 and a maximum of $1,000.
The $3.6-billion Summit Credit Union has more than 194,000 members and 40 branch locations.