Board of Directors Authorizes $7 Million Patronage Refund for 2017
Farm Credit Southeast Missouri President & CEO Bob Smith is pleased to announce that the Board of Directors has declared a 2017 cash patronage refund of $7 million to the borrowing members – the largest in the program’s history.
Smith stated, “This year’s $7 million Patronage Refund is an extraordinary amount. There was a very unique combination of factors which made this substantial earnings distribution possible including 5% loan volume growth, 10% earnings growth, and very strong credit quality and capital. We are excited that the association’s customer-owners are reaping the rewards of an extraordinary Farm Credit year. It’s like selling $15 soybeans or $1 cotton – it’s great when it happens, yet we can’t always count on it.”
Since the Patronage Dividend program began 24 years ago, over $72 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.