First South Farm Credit to Issue Patronage Checks
Ridgeland, MS – First South Farm Credit announced today that it will distribute $17.1 million in patronage refund checks to its member/borrowers in April. A patronage refund is a payment from a cooperative to a member/borrower based on its earnings and financial performance in proportion to the borrower’s use of the cooperative. “Patronage is one of the many benefits of borrowing from First South. In 2017, we were able to pass along approximately 16.3% interest cost savings to our member/borrowers,” said John Barnard, CEO of First South.
“On behalf of the First South Farm Credit Board of Directors, it’s our pleasure to continue the commitment of returning earnings to our member/borrowers. For 23 consecutive years, we have declared patronage refunds in excess of $355 million,” said Rod Richardson, Chairman of the First South Board of Directors.
Barnard stated, “By offering competitive interest rates and distributing a portion of our profits to our member/borrowers, we reduce their effective cost of borrowing.”
First South Farm Credit is a member-owned cooperative providing short-, intermediate- and long-term financing and related services to full- and part-time farmers, agricultural-related businesses and rural landowners in Alabama, Louisiana, and Mississippi. First South serves over 7,400 members with loans outstanding totaling over $2 billion through its network of 44 branch offices in its three-state territory. As a part of the national Farm Credit System, First South Farm Credit has been serving rural communities for over 100 years.