Farm Credit SEMO Board of Directors Authorizes $8.5 Million Patronage Refund for 2022
SIKESTON, MO, January 26, 2023 – Farm Credit Southeast Missouri President & CEO Greg Cunningham is pleased to announce that the Board of Directors has declared a 2022 cash patronage refund of $8,500,000 to the borrowing members – the largest in the program’s history.
Cunningham stated, “As a result of our strong net income, capital position, and the overall financial strength of the Association, the Board of Directors approved a new record high patronage distribution of $8.5 million. On average, this year’s patronage refund will reduce the net effective interest paid by our borrowers by 1.03%. I’m proud that the Board of Directors continues the tradition of returning profits to you, the customer-owner, by “Putting our Profits in Your Pockets”.”
In addition, the Farm Credit Southeast Missouri Board of Directors has approved its 30th consecutive patronage refund program for 2023.
Since the Patronage Dividend program began in 1994, over $111 million has been paid back to the customer-owners of Farm Credit Southeast Missouri. Each borrower will receive a check for their portion of the total at Customer Appreciation Events held during January and February.
Headquartered in Sikeston, Missouri, Farm Credit Southeast Missouri is an agricultural lending cooperative with over $950 million in assets serving Bollinger, Butler, Carter, Cape Girardeau, Dunklin, Mississippi, New Madrid, Pemiscot, Ripley, Scott, Stoddard, and Wayne Counties in Southeast Missouri.
