$20 Million Cash Patronage Delivers New Cooperative Value
More than 7,900 Farm Credit Illinois members will receive their share of a $20 million cash patronage distribution this week – the first patronage payment since the Association’s charter.
In December 2018, FCI’s Board of Directors declared a $20 million distribution after reviewing year-end financials and projecting capital and business needs for the coming year.
In true cooperative spirit and demonstrating Member Economic Participation – a guiding principle of all cooperative businesses – patronage is distributed equitably based on the business value each borrower-member contributed to the cooperative in 2018.
All checks arrive the week of June 17-21 by mail or hand delivery. This inaugural cash patronage is a tribute to generations of farm family cooperative members.
“Through both prosperous and challenging times, FCI grew responsibly and maintained quality service while capitalizing for the future,” according to Tom Tracy, FCI President & CEO.
Together, FCI and its members celebrate the legacy of disciplined management from borrower-members and cooperative managers alike, which allows patronage payments to become the newest way FCI creates cooperative value.
“As a cooperative owned by its members, FCI is in tune with the needs of farm families and agribusinesses,” says Eric Mosbey, FCI Board Chair. “Cash patronage is the newest way FCI creates cooperative value for its borrowers.”
“In a season filled with uncertainty and anxieties, farm families look forward to unbudgeted revenue through FCI’s new cash patronage,” says Tracy. “The cooperative’s core purpose is Helping Farm Families Succeed and this earnings distribution will help our farm family-members navigate these challenging economic times.”
About Farm Credit Illinois
Farm Credit Illinois is a farmer owned and directed agricultural lending cooperative serving 10,000 farm families, agribusinesses, and rural landowners in the southern 60 counties of Illinois with competitive and flexible financing and crop insurance expertise. The Association manages a $4.34 billion loan portfolio, sells 1.2 million acres of crop insurance coverage, and employs 220 staff based in the Mahomet central office and 14 regional office locations. The Association delivered additional cooperative value by returning $20 million of cash patronage to member-owners in 2019. The U.S. Farm Credit System supports rural communities, farm families, and agriculture with reliable, consistent credit and financial services today and tomorrow.