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When you borrow from First South, you have the opportunity to receive a portion of your interest back in the form of a patronage refund. Over the past 13 years, we have returned more than $148 MILLION to our borrowers!
As an agricultural credit cooperative, First South is owned by the member-borrowers who purchase stock/participation certificates in the cooperative. After each fiscal year, our Board of Directors may choose to retain the net income of the Association to strengthen our capital position or distribute some or all of the net income to members by declaring a dividend on stock or a patronage refund.
The distribution of profits to our members effectively reduces the cost of borrowing money. Our members own the bank, so it just makes sense that they will share in the profits.
Take a look at the brochure mailed to our customers this year with their Patronage Refund. In the brochure, you can also read the letter from our President, Steve Rochelle, to our members.
| First South puts its profits in YOUR pocket!
Since 1995 First South Farm Credit has returned more than $148 MILLION to our borrowers. In April 2008 First South Farm Credit distributed checks to our borrowers for over $9.3 million. |
| Current Year |
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Fiscal Year Ending
2005
2004
2003
2002 |
Total Patronage Distribution
*$14,025,441
*$11,791,425
*$ 9,934,166
*$11,534,138 |
Cash Portion
$3,264,778
$3,166,838
$2,756,913
$3,721,674 |
Allocated Surplus
Portion
$10,760,663
$ 8,624,587
$ 7,177,253
$ 7,812,464 |
Patronage Refund as a % of Interest Paid
22.81%
24.47%
20.39%
23.09% |
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| 11-Year History |
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Fiscal Year Ending 1995-2005
(11-Yr History) |
Total Patronage Distribution
*$122,641,482 |
Cash Portion Paid to Borrower
$39,926,660 |
Allocated Surplus Portion
$82,714,822 |
Patronage Refund as a % of Interest Paid
22.59% |
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| First South Record of Allocated Surplus Retired and Paid in Cash Since First Payout |
Year Allocated |
Year Retired and Paid |
Total Net Amount in Cash Rolled from Allocated Surplus |
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2000
1999
1998
1997
1996
1995 |
2006
2005
2004
2003
2002
2001 |
$7,111,484
$6,510,718
$6,917,739
$5,469,811
$6,542,671
$6,539,702 |
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| *Returned in cash and Allocated Surplus | |
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