When you borrow from First South, you have the opportunity to receive a portion of your interest back in the form of a patronage refund. Over the past 14 years, we have returned more than $160 MILLION to our borrowers!
As an agricultural credit cooperative, First South is owned by the member-borrowers who purchase stock/participation certificates in the cooperative. After each fiscal year, our Board of Directors may choose to retain the net income of the Association to strengthen our capital position or distribute some or all of the net income to members by declaring a dividend on stock or a patronage refund.
The distribution of profits to our members effectively reduces the cost of borrowing money. Our members own the bank, so it just makes sense that they will share in the profits.
Take a look at the brochure mailed to our customers this year with their Patronage Refund. In the brochure, you can also read the letter from our President, Steve Rochelle, to our members.
For more information on patronage, go to our May 15, 2009 press release.
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First South puts its profits in YOUR pocket!
Since 1995 First South Farm Credit has returned more than $160 MILLION to our borrowers. In 2009 First South Farm Credit distributed checks to our borrowers for over $7.6 million. |
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