Summit Supports the Madison Community

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

By
Livability
On Monday, September 13, 2021 - 15:31
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 $4.5 billion in assets, more than 210,000 members and nearly 700 employees across 46 locations – 32 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 $30 million, or about $333 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 southern Wisconsin. In 2020 alone, Summit helped more than 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.

Last year, the credit union helped more than 1,400 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 the 2020 Top Large Workplace in the Madison area 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.

Learn more about Summit Credit Union.

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