Nearly 8,000 Farm Credit Illinois borrowers receive their share of a $28 million cash patronage distribution this week.
This is FCI’s second consecutive patronage payment and represents 37.1% of the Association’s 2019 net earnings. In January, FCI’s Board of Directors declared a $28 million distribution after reviewing 2019 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 contributed to the cooperative in 2019.
All checks arrive the week of June 15-19 by mail. Cash patronage is a tribute to generations of farm family cooperative members. Together, FCI and farm families celebrate the legacy of disciplined management from borrowers and cooperative managers alike, which allows FCI to deliver additional cooperative value.
“As a cooperative diligently managing its capital, FCI is well-positioned to provide $28 million of additional value to our farm family and agribusiness borrowers,” says Eric Mosbey, FCI Board Chair. “Cash patronage is a tangible and significant benefit of our cooperative structure.”
“Especially in these volatile economic times, unbudgeted revenue is welcomed by farm families,” says Aaron Johnson, FCI President and CEO. “The cooperative demonstrates its mission of Helping Farm Families Succeed through cash patronage.”