GreenStone FCS to Return Cash Patronage Funds
Wisconsin Ag Connection - 01/24/2014
Customers of GreenStone Farm Credit Services will once again be getting patronage payments back after the cooperative showed a profit above its expenses during the past year. The GreenStone FCS board approved the payout of a record $29 million in cash patronage for the 2013 calendar year. Each eligible
customer's patronage check will be available at his or her local GreenStone FCS branch on March 19 to be picked up in person.
According to GreenStone FCS President and CEO Dave Armstrong, a customer's exact refund will be based on the proportion of net-interest income earned on his or her loan to the total patronage-based net interest income earned by the association during the past calendar year.
"The goal of the patronage program is to reward our loyal members and benefit the local communities where they work and live," said Armstrong. "Our members' communities are our communities, and by putting more than $163 million into these local areas over the past nine years we hope to have had a positive
impact in the lives of those living in the area."
GreenStone's plan is to not only distribute a qualified cash patronage payment to customers, but also to use non-qualified written notices of allocation. Customers eligible to receive the patronage payments include anyone holding stock or participation certificates with GreenStone FCS, which would include rural
residential home loan customers. Loan participations either sold or purchased by GreenStone FCS, and any leasing transactions, will not be included in the patronage program.
More information about this year's patronage payment distribution will be shared soon with eligible customers.
GreenStone Farm Credit Services has 37 branch locations in Michigan and northeast Wisconsin.