MADISON, Wis.—Summit Credit Union said it has paid a patronage dividend of $2.7 million to its members.
Called “Cash Boomerang,” the credit union said the giveback is based on its 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, the credit union reported. In the eight years since Cash Boomerang was launched, $17 million in cash payouts have been distributed. In 2020, 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 in a statement. “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 $4.9-billion Summit CU, which has more than 221,000 members, offers additional information on the program at www.SummitCreditUnion.com/cash-boomerang.