Farm Credit Midsouth to Return $6.7 Million in Patronage
Farm Credit Midsouth is pleased to announce its board of directors has unanimously approved this year’s all-cash patronage distribution totaling $6.7 million for eligible members. Distribution will begin at the Association’s Annual Meeting on Wednesday, February 24.
“This has been a challenging year to say the least,” said Dane Coomer, Chairman of the Farm Credit Midsouth Board of Directors. “To have weathered it together with our Members and still be in a position to return a healthy patronage is something for which we’re very grateful. Our team has worked hard, our Association has maintained a strong financial position, and we’re excited to share the fruits of that with our Members later this week.”
All eligible borrowers who have loans and/or leases that have contributed to the Association’s net income are eligible for the program. Patronage refunds are determined by the amount of net interest income earned on each eligible borrower/owner during the previous year.
“Farm Credit Midsouth has a strong history of positive patronage for our members,” adds President and CEO James McJunkins. “In 2005 we paid out about $3.7 million. Today we are pleased to have increased that amount to our current level, which stands at $6.7 million. We have returned more than $74 million to our Members since 2005.”
Farm Credit Midsouth (a part of the Farm Credit System) is a federally-charted cooperative providing over $1 billion in credit and related services to more than 3,500 agriculture producers and rural home owners in ten Eastern Arkansas counties (Clay, Greene, Craighead, Mississippi, Crittenden, Poinsett, Cross, St. Francis, Lee and Phillips) and three counties in Missouri (Ripley, Carter and Wayne) through its wholly-owned PCA and FLCA subsidiaries.