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 $105 million in cash patronage for the 2020 calendar year. That's about five percent more than it paid out during the past year; and is the 16th 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.
"I'm so pleased we were able to actually increase the amount of Patronage we're paying back to our members this year, in a year of tremendous uncertainty," Armstrong said.
Each eligible customer's patronage check will be available starting this week 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.
Categories: Wisconsin, Business