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Summit Credit Union Supports Community

Local credit union contributes to business and economic growth of Madison, WI, area.

By Livability on July 31, 2023

Summit Credit Union headquarters in Cottage Grove, WI
Courtesy of Summit Credit Union

It’s a success story still in the making.

Since its humble beginnings as CUNA Credit Union in 1935 with just over $19,000 in deposits, Summit Credit Union has steadily grown into the second-largest credit union in Wisconsin with $6.4 billion in assets, over 245,000 members and over 950 employees and 59 locations – including many in the MadREP eight-county region. 

Summit has 24 branches in Dane County and one or more in Columbia, Dodge, Green, Jefferson, Rock and Sauk counties. Summit’s impact is significant, saving members millions of dollars and driving economic growth in Greater Madison.

Kim Sponem
Sponem

So, what’s the “secret” to its success? The answer is simple, says CEO and President Kim Sponem. “Because Summit is member-owned, we tend to have lower fees, better rates and we’re focused on member success rather than shareholder profits. That helps us build wealth among our members and the communities in which they live.” 

One comparison showed that Summit members saved $33 million, or about $297 per household, over typical banks in the state. Summit, which routinely wins “best of” awards in numerous publications, is also the No. 1 mortgage lender in Wisconsin. In 2022 alone, Summit helped more than 2,200 members purchase or refinance a home, often saving them hundreds of dollars each month. Many of those dollars go right back into the Greater Madison area, driving economic growth. 

We exist to help our members build financial security and wealth, which creates stronger communities for us all. 

— Kim Sponem, CEO and President, Summit Credit Union 

For the past 12 consecutive years, Summit has been the No. 1 Small Business Association (SBA) lender among Wisconsin credit unions.

Summit is driven by its purpose to help women avoid poverty in retirement by building wealth through home ownership, starting and growing businesses, and financial wellness programs.

With its headquarters in Cottage Grove, Summit is one of the area’s largest employers. Summit was named a Top Workplace in the USA in 2021, 2022 and 2023 by Top Workplaces USA and Top Workplace in the Madison area for 2020, 2021, 2022 and 2023 by the Wisconsin State Journal.

“We exist to help our members build financial security and wealth, which creates stronger communities for us all,” Sponem says. 

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