Customers of GreenStone Farm Credit Services to Receive Patronage Payments
Wednesday, February 26th, 2020 -- 8:40 AM
(Wisconsin Ag Connection) -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 $100 million in cash patronage for the 2019 calendar year. That's about 18 percent more than it paid out during the past year; and is the 15th 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. Each eligible customer's patronage check will be available at his or her local GreenStone FCS branch on March 11 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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