Summit Credit Union pays $2.4 million dividend
Summit Credit Union, Cottage Grove, Wis., on Thursday said it will pay $2.4 million in patronage dividends in this year’s version of its “Cash Boomerang” program.
The $3.6 billion-asset institution said the amount each member receives will be determined by the credit union’s profit and that person’s saving and borrowing activity in the one-year period running from Oct. 1, 2018 to Sept. 30, 2019.
Summit CU estimates more than 59,000 members will receive a dividend this year.
The Cash Boomerang program has been in place for six years. The return to members last year was $2.3 million. In the lifetime of the program, it has returned more than $11.7 million.
According to the credit union, members must have an open checking account as of Sept. 30 each year in order to qualify. Dividend amounts range from $10 to a maximum of $1,000. Summit CU noted this is treated as a dividend and is therefore subject to tax reporting.
“Each year, one of our key goals is to be able to share our success with our members through the Cash Boomerang dividend,” Kim Sponem, Summit Credit Union’s president and CEO, said in a statement. “I am so pleased that for the sixth year in a row, we are able to pay out a record dividend.”
Summit’s latest call report lists $30.43 million in net income during the first three quarters of this year, up 4.6% from the same period last year.