The Board of Directors of Farm Credit Midsouth, ACA has approved the distribution of $5.4 million in patronage to eligible stockholders.
The patronage checks will be distributed at Farm Credit Midsouth’s annual meeting on February 22, 2018 at the Arkansas State University Convocation Center. Since 2005, more than $54 million in patronage refunds have been approved and distributed to stockholders/owners by Farm Credit Midsouth.
“This year’s patronage refund marks a special occasion for Farm Credit Midsouth. In 2016, $4.2 million in profits were distributed, meaning this year’s $5.4 million was a $1.2 million jump in patronage distributions. It signifies the growing success of Farm Credit Midsouth, and it rewards local farmers and ranchers who are a part of the organization”, states Chris Roberts, Farm Credit Midsouth board chairman.
James McJunkins, CEO of Farm Credit Midsouth, adds, “A cooperative is defined as a business operated by a group of users for their own benefit. This patronage is proof of that benefit. I hope that our stockholders are as proud to be a user of Farm Credit Midsouth as the management and employees are to operate it for them."
With the continued growth of the organization and the ongoing success of its patronage program, Farm Credit Midsouth hopes to give back even more during 2018.