FOR IMMEDIATE RELEASEFebruary 23, 2010
Contact: Karen Blatter(309) 268-0254
CLIENTS TO RECEIVE PATRONAGE
NORMAL –1st Farm Credit Services remains strong and successful, and is once again passing on a portion of it profits to clients.
More than $3.8 million will be returned to clients through the association’s Patronage Program. During the four years of the program, a total of $13.8 million has been returned to clients.
Patronage is the method cooperatives use to distribute a portion of net income to owners.
Each year, the success of the association has allowed the total amount of patronage paid to clients to increase.
"We are an association owned by our clients, and we share in each others’ successes," said Gary J. Ash, President/CEO of 1st Farm Credit Services. "Sharing our profits is one of the ways client-owners of 1st Farm Credit Services receive value."
About 8,900 clients who have a loan or lease with 1st Farm Credit Services are eligible for the patronage program. The amount of patronage a client receives depends on the amount of business with 1st Farm Credit Services.
1st Farm Credit Services leads the industry in agriculture loans, risk management products and various services such as crop insurance, loan and lease options, as well as agricultural real estate appraisals. The cooperative serves 42 counties in the northern half of Illinois through its 16 local offices.##
Back to News Releases