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GreenStone FCS to Return Cash Patronage Funds
Wisconsin Ag Connection - 01/19/2022

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 $115 million in cash patronage for the 2021 calendar year. That's about nine percent more than it paid out during the past year; and is the 17th consecutive year members have been offered patronage refund.

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.

"We are so excited and so fortunate to be sharing these profits with our customers," Armstrong said. "As a member-owned cooperative, our success is a direct result of our members' strength and commitment. Along with ensuring financial stability to being a partner for our members, returning these earnings to them is one of the many key benefits we can provide to affirm our commitment to them."

Each eligible customer's patronage check will be available in mid-March at his or her local GreenStone FCS branch to be picked up in person.

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.

GreenStone Farm Credit Services has 37 branch locations in Michigan and northeast Wisconsin.

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