Farm Credit SEMO Board of Directors Authorizes 8.25 Million Patronage Refund for 2021
FARM CREDIT SEMO BOARD OF DIRECTORS AUTHORIZES $8.25 MILLION PATRONAGE REFUND FOR 2021
SIKESTON, MO, January 27, 2022 – Farm Credit Southeast Missouri President & CEO Greg Cunningham is pleased to announce that the Board of Directors has declared a 2021 cash patronage refund of $8,250,000 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 record high patronage distribution of $8.25 million. I’m excited that the Association’s customer-owners are reaping the rewards of an extraordinary Farm Credit year. On average, this year’s patronage refund will reduce the net effective interest paid by our borrowers by 1.08%. Our Patronage Refund Program is a prime advantage of being a Farm Credit customer-owner.”
In addition, the Farm Credit Southeast Missouri Board of Directors has approved its 29th consecutive patronage refund program for 2022.
Since the Patronage Dividend program began in 1994, over $102 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 in the month of February.
Headquartered in Sikeston, Missouri, Farm Credit Southeast Missouri is an agricultural lending cooperative with over $900 million in assets serving Bollinger, Butler, Carter, Cape Girardeau, Dunklin, Mississippi, New Madrid, Pemiscot, Ripley, Scott, Stoddard, and Wayne Counties in Southeast Missouri.
