|FCSAmerica board approves $52 million cash patronage|
The Farm Credit Services of America (FCS America) Board of Directors has approved a 2009 cash patronage payment of $52 million to eligible loan customers. The 2009 payment brings the total cash distribution over six years to more than $300 million.
“The board is proud to continue to provide customer-owners with a meaningful cash patronage distribution despite a volatile agricultural and national economy,” said Richard Hall, board chairman. “Our ability to provide cash patronage sets us apart from other lenders. This significant distribution speaks volumes to our financial strength and our commitment to being a long-term partner with our customer-owners.”
The patronage payment is based on the amount of net interest income and related fees earned on each eligible customer’s loan during 2009. The more loan business an eligible customer has with the organization, the more they may benefit, financially, from patronage.
Payments are expected to be mailed to customers in March 2010.
Farm Credit Services of America intends to pay cash patronage to eligible customers annually. The board also approved a patronage program for 2010, the seventh consecutive year for a patronage program. The board determines the amount of cash patronage each December.
Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers.
With more than 79,000 customers a cash patronage program and assets of $13 billion, FCSAmerica is one of the region’s leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Learn more at www.fcsamerica.com.