FCSAmerica Distributes $52 Million in Cash Patronage to Stockholders
Mar 05, 2010
Omaha, Nebraska — (March 5, 2010) — Farm Credit Services of America (FCSAmerica) is distributing $52 million in cash patronage this month to its eligible stockholders who reside primarily in Iowa, Nebraska, South Dakota and Wyoming. This is the sixth consecutive year of patronage distributions, bringing the total to over $300 million in cash distributions back into rural communities.
“Although 2009 presented challenges for producers with late harvest and lower commodity prices for some segments, our stockholders continued to meet those challenges and the Association had a strong year of financial performance,” said President and CEO, Doug Stark. “As a result, the cash patronage distribution represents a tangible return of earnings to stockholders. We are proud to share this success with those who were a part of it.”
The Board of Directors intends to pay cash patronage to eligible stockholders annually, and a patronage program is in place for 2010. The Board determines the amount of cash patronage it will pay when financial results for each respective year are available.
Patronage distributions are based on the amount of net interest income and related fees earned on each eligible loan. The more loan business an eligible stockholder has with the organization, the more they may benefit, financially, from patronage.
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 80,500 customers, assets of $14 billion, and a cash patronage program, FCSAmerica is one of the leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming.