Local credit union contributes to business and economic growth of Madison, WI, area.
Sponsored by: Summit Credit Union
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 $4.8 billion in assets, more than 223,000 members and over 750 employees across 50 locations and growing — 27 in the Greater Madison area alone.
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 $42 million, or about $440 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 2021 alone, Summit helped nearly 8,000 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
Individual members aren’t the only ones who benefit from Summit’s services. For the past 10 consecutive years, Summit has been the No. 1 SBA lender among Wisconsin credit unions.
Throughout the pandemic, the credit union helped more than 1,900 existing and new business members access Paycheck Protection Program funds, pay their employees and keep their doors open.
With its headquarters in Cottage Grove, Summit is one of the area’s largest employers. Recognized for its excellence in employee engagement, Summit was named a Top Workplace in the Madison area in 2020 and 2021 by the Wisconsin State Journal and a Top Workplace in the USA in 2021.
“We exist to help our members build financial security and wealth, which creates stronger communities for us all,” Sponem says.