MADISON, Wis.—Summit Credit Union here has declared a $1.9-million dividend to more than 46,000 of its members as part of a program it calls “Cash Boomerang.”
The credit union said individual member cash payouts were based on the financial success of the credit union as well as how much the member saved and borrowed between Oct. 1, 2015, and Sept. 30, 2016.
“Our members find Summit Credit Union a great place to borrow and save,” said President/CEO Kim Sponem. “Summit has saved its members, collectively, over $23 million across 12 months over an average Wisconsin bank and, as part of that, issued a member dividend called Cash Boomerang. We want our members to share in our success.”
Summit said it has paid members more than $5 million in Cash Boomerang since the first payout in 2014.
A video highlighting the payout can be found here.