Board of Directors Authorizes $7.1 Million Patronage Refund for 2018
Farm Credit Southeast Missouri President & CEO Bob Smith is pleased to announce that the Board of Directors has declared a 2018 cash patronage refund of $7.1 million to the borrowing members – the largest in the program’s history.
Smith stated, “I’m excited that for 25 straight years, we have been able to share a portion of the profits of the Association with our customer-owners. On average, this year’s patronage refund will reduce the net effective interest paid by our borrowers by 1.20%. 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 26th consecutive patronage refund program for 2019.
Since the Patronage Dividend program began in 1994, over $79 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.
