- Funds Will Flow through Local Economy -
Omaha, Nebraska - (March 21, 2011) – Farm Credit Services of America (FCSAmerica) announced today that customer-owners in Iowa, Nebraska, South Dakota and Wyoming are receiving checks as part of FSCAmerica's 2010 Patronage Program. Cash-back dividends totaling $110 million will be delivered to customers this month.
“Customers can spend or invest their cash-back dividends as they wish, but past results suggest a significant percentage will be spent in the communities where they live,” said Doug Stark, President and CEO.
Financially, 2010 was a robust year for the cooperative, Stark said, due to new business growth, a decrease in credit losses and several other positive factors. These favorable financial results enabled the cooperative’s Board of Directors to return the largest cash-back dividend in its history to customer-owners, while continuing to offer competitive interest rates and building capital for future generations. The $110 million cash-back dividend for 2010 is the largest in FCSAmerica’s history and brings the total cash distributions since 2004 to more than $425 million.
For more information on the 2010 cash-back dividend distribution, including distribution amounts for every county in the states of Iowa, Nebraska, South Dakota and Wyoming, visit www.powerofownership.com.
FCSAmerica is a mission-driven financial cooperative that has adopted a patronage program every year since 2004. Each customer’s cash-back dividend is based on the amount of net interest income and related fees earned on each of their eligible loans during 2010. The more loan business a customer has with the cooperative, the more they benefit financially through cash-back dividends. The ability to offer cash-back dividends distinguishes the cooperative as a valued agriculture partner when compared to other lenders.
The FCSAmerica Board also approved a patronage program for 2011, with the total cash-back dividend to be decided by the Board in December 2011.
About Farm Credit Services of America:
Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers. With more than 88,000 customers and assets of more than $16 billion, FCSAmerica is one of the region’s leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. For more information, visit www.fcsamerica.com.