First South Farm Credit to Issue Patronage Checks
Release date: 3/5/2015
Ridgeland, MS – First South Farm Credit member-borrowers will receive approximately $15.8 million in patronage refund checks in April, Roger F. Chappell, CEO, announced today. Patronage, which is a form of dividend payment, is based on the Association’s year-end earnings.
“First South Farm Credit had another year of strong business performance. As a cooperative, we are proud to continue our tradition of having our member/borrowers share in our success and profits,” said Dan West, Chairman of the First South Board of Directors. “This is the 20th consecutive year we’ve paid a patronage refund. Over that period of time First South has declared patronage totaling over $279 million to be paid to its member-borrowers through patronage refunds and retirements of allocated surplus.”
“When we distribute our profits to our borrowers it reduces their effective cost of borrowing,” Chappell stated, “and it proves there are distinct financial benefits in doing business on a cooperative basis. We offer a competitive interest rate up front, then return a portion of our profits back to our membership through the patronage program.”
First South Farm Credit is a farmer-owned cooperative providing short, intermediate and long-term financing and related services to full and part-time farmers, agricultural-related businesses and rural landowners in Louisiana, Mississippi and Alabama. First South serves over 5,000 members with loans outstanding totaling over $1.4 billion through its network of 43 branch offices in its three-state territory.