On December 19 Farm Credit Services of America or FCSAmerica as its name is abbreviated, is a financial cooperative that makes several different kinds of loans to eligible farmers. The cooperative lender has more than $18 billion in assets, and it has approved a 2012 cash-back dividend of $130 million to its eligible customer-owners.
The $130 million cash-back dividend is another significant distribution of FCSAmerica's net earnings to its customer-owners. The 2012 distribution is the cooperative's ninth consecutive such payment to the many farmers who are the customers and thus are also owners. Since 2004, FCSAmerica has distributed $685 million cash-back dividends back to its customers to support their operations and benefit the communities they call home.
"Farm Credit Services of America has been consistent through agriculture's good times and also the challenging times and it is a financially strong organization," says Robert Bruxvoort, board chairman. "Our board of directors is very pleased to approve the sizeable $130 million cash-back distribution."
FCSAmerica has paid cash-back dividends, as part of its patronage program, every year since 2004
The FCSAmerica board of directors also approved a patronage program for 2013 at their meeting last week. The board will determine the cash-back dividend for the 2013 program in December 2013.
"Farm Credit Services of America's unique business model, capacity and commitment to agriculture differentiate us," says Doug Stark, president and CEO. "We're proud to pay yet another strong cash-back dividend to our customer-owners. We're also proud to be well-positioned financially to meet their needs and challenges well into the future."
Cash-Back dividend details: The board of directors has paid cash-back dividends, available as part of its patronage program, every year since 2004. For 2012, each customer's cash-back dividend from the program is based on the customer's average loan volume during the calendar year. The more eligible loan business a customer has with the cooperative, the more they benefit financially from the patronage program. Eligible customers can expect 2012 payments to be distributed in March 2013.
About Farm Credit Services of America: Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers, says Stark. "With more than $18 billion in assets, FCSAmerica is one of the region's leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming," he adds. You can learn more at the FCS website.