Farm Credit Services of America gives $2.8 million in 2010 cash-back dividends
RAPID CITY, SD – Farm Credit Services of America (FCSAmerica) announced Monday, March 21, that customer-owners in 14 western South Dakota counties served by the cooperative’s Rapid City office are receiving checks totaling $2,816,709 million this month. These checks represent the area’s share of a total $110 million cash-back dividends distributed by FCSAmerica.
“Customers can spend or invest their cash-back dividends as they wish, but past results suggest a significant percentage will be spent in the communities where they live,” said Doug Theel, Vice President. The Rapid City office works with customers in Harding, Perkins, Butte, Meade, Lawrence, Pennington, Custer, Fall River, Shannon, Jackson, Bennett, Haakon counties in South Dakota, and Weston and Crook counties in Wyoming.
Financially, 2010 was a robust year for the cooperative, Theel said, due to new business growth, a decrease in credit losses and several other positive factors. These favorable financial results enabled the cooperative’s Board of Directors to return the largest cash-back dividend in its history to customer-owners, while continuing to offer competitive interest rates and building capital for future generations. The $110 million cash-back dividend for 2010 is the largest in FCSAmerica’s history and brings the total cash distributions since 2004 to more than $425 million.
FCSAmerica has adopted a patronage program every year since 2004. Each customer’s cash-back dividend is based on the amount of net interest income and related fees earned on each of their eligible loans during 2010. The more loan business a customer has with the cooperative, the more they benefit financially through cash-back dividends.
The FCSAmerica Board also approved a patronage program for 2011, with the total cash-back dividend to be decided by the Board in December 2011.
For more information on the 2010 cash-back dividend distribution, including every county in the state of South Dakota, visit http://www.powerofownership.com.
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