Farm Credit Services of America returns $4.941 million to area farmers
Farm Credit Services of America (FCSAmerica) announced that eligible customer-owners in 17 counties in central Nebraska will receive checks this month totaling $4,941,000—their share of the financial cooperative’s record $160 million cash-back dividend for 2014.
Chase County is included in those 17 counties and farm operations received $245,000 in dividends.
Perkins County farmers and ranchers received $342,000.
FCSAmerica has distributed a portion of its net earnings to eligible customer-owners for each of the past 11 years, returning a total of nearly $1 billion in cash-back dividends to farmers, ranchers and their local communities.
The share returned to Nebraska customer-owners since 2004 amounts to more than $281.6 million.
“Cash-back dividends represent a very tangible example of the power of ownership” said Mitchell Korf vice president of FCSAmerica’s North Platte office.
“Our customer-owners not only receive cash-back dividends but also elect the board of directors, which focuses on maintaining the financial strength of the cooperative. This cash provides customers with a source of funds to invest in their businesses, communities or families,” he said.
Each eligible customer’s cash-back dividend is based on the average loan volume during the calendar year. The more eligible loan business a customer has with the cooperative, the more they benefit financially through cash-back dividends.
The FCSAmerica board of directors approves each year’s cash-back distribution in December based on a number of factors, including the cooperative’s financial performance. During the 11 years that FCSAmerica has distributed cash-back dividends, net income has grown to $536.5 million from $294 million and members’ equity has increased to $4 billion from $1.5 billion.
For more information on the 2014 cash-back dividend, including county-by-county distributions, visit powerofownership.com.