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Board of Directors Authorizes $5.1 Million Patronage Refund for 2014

2014 Board of Directors

 

Sikeston, MO - (January 27, 2015) - The Board of Directors of Progressive Farm Credit Services, an agricultural lending co-op with over 1800 members in Southeast Missouri, approved a 2014 cash patronage refund of $5.1 million - the largest in Progressive FCS's history. The cash patronage refund will be paid out the week of January 26th and will be included on the 2015 1099-PATRs that will be mailed out in January 2016.

Progressive FCS has paid a patronage to its customers every year since 1994 totaling more than $54 million.

Ron Milbach, President and CEO of Progressive FCS said, "2014 was a challenging year for many farmers in Southeast Missouri.  Fortunately, Progressive FCS is in a solid financial position and is able to return more than 37% of our profits to our customers.. On average, this patronage refund will reduce the net effective interest paid by our customers 0.92%.."

In addition, the Progressive FCS Board of Directors has approved its 22nd consecutive patronage refund program for 2015.

Progressive FCS is not like other lenders... Our customers are not just borrowers and customers; they are stockholders and owners of the Association sharing in our profits. No other lender can say they share profits with their customers.