Board of Directors Authorizes $4.0 Million Patronage Refund for 2012
Sikeston, MO - (December 31, 2012) - The Board of Directors of Progressive Farm Credit Services, an agricultural lending co-op with over 1800 members in Southeast Missouri, has approved a 2012 cash patronage refund of $4.0 million - the largest in Progressive FCS's history. The cash patronage refund will be paid on January 28, 2013 and will be included on the 2013 1099-PATR that will be distributed in January 2014.
Progressive FCS has paid a patronage to its customers every year since 1994 and will bring the total paid to more than $45 million.
Ron Milbach, President and CEO of Progressive FCS said, "2012 turned out to be an exceptional year for Progressive FCS. Our average loan balance grew by 5% with a year end "point-in-time" growth of 13%. Even with this growth and need for capital, the Association was able to pay a patronage of $4 million which is the highest dollar amount we have ever refunded to our customers."
In addition, the Progressive FCS Board of Directors has approved a patronage refund program for 2013 and will determine the refund amount in December 2013.
Progressive FCS is not like other lenders... Our customers are not just borrowers and customers; they are stockholders and owners of the Association sharing in our profits. No other lender can say they share profits with their customers.