Board of Directors Authorizes $3.75 Million Patronage Refund for 2011
Sikeston, MO - (December 30, 2011) - The Board of Directors of Progressive Farm Credit Services, a co-op with more than $500 million in average assets, has approved a 2011 cash patronage refund of $3.75 million to its over 1800 customers. The cash patronage refund will be paid on January 30, 2012 and will be included on the 2012 1099-PATR that will be distributed in January 2013.
The $3.75 million cash patronage refund is the largest in Progressive FCS's history. The 2011 refund will bring the total paid since 1994 to more than $41 million.
Ron Milbach, President and CEO of Progressive Farm Credit Services said that "I'm very excited that for 18 straight years, we have been able to share a portion of the profits of the Association with our customers. No other ag lender can say they share the profits with their customers."
In addition, the Progressive FCS Board of Directors has approved a patronage refund program for 2012 and will determine the refund amount in December 2012.
Progressive FCS is not like other lenders... Our customers are stockholders and part owners of the organization sharing in Progressive Farm Credit Services' profits.