MADISON, Wis.—Summit Credit Union has paid a patronage dividend of $2.5 million to members.
Called “Cash Boomerang,” the credit union said the member give-back is based on the CU’s financial success and on an individual’s use of Summit checking, savings, and borrowing services between Oct. 1, 2021, and Sept. 30, 2022.
The annual program will send cash payouts to more than 72,800 members, an increase of 3,800 from last year. In the nine years since Cash Boomerang started, the $5.4-billion Summit reported it has distributed $19.6 million in cash payouts.
“We share our success with members who help build our cooperative. This dividend puts money in the pockets of members,” said Kim Sponem, CEO & president. “In addition to Cash Boomerang, we work every day to offer members significant savings and financial education.
“The more business you do at Summit, the more potential dividend you will get because our members are the reason for our success,” she added. “This is one of many ways Summit Credit Union values our members.”
Summit CU has more than 232,000 members.
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