Missouri farmers who are member-owners of FCS Financial will receive $41.2 million back in cash patronage after their cooperative had a successful year. FCS Financial is a farmer-owned and led cooperative that has returned $292 million in earnings to eligible customers in Missouri over the past 17 years.
FCS Financial Board Chair Kenny Bergmann and Vice Chair Beth Schnitker led the patronage vote during their monthly board meeting on December 20 and received unanimous support from all other directors.
FCS Financial’s board of directors consists of three appointed and 12 elected directors. The elected directors are members of the cooperative, and their farming operations range from growing row crops and raising livestock to managing agribusinesses across 102 counties in Missouri. FCS Financial has more than 27,000 member-owners who elect the directors to represent them and their interests in the agriculture finance cooperative.
“Since implementing patronage in 2006, FCS Financial has returned $292 million to our member-owners. That is money being put back into Missouri’s rural communities,” says Rob Guinn, FCS Financial CEO. “We pay patronage because we are a cooperative that shares its profits with its member-owners. When you finance through us, you become a member-owner of our cooperative and may be eligible to receive the patronage among other membership benefits.”
Chair Bergmann adds, “Patronage payments effectively reduce borrowing costs, which is especially beneficial during challenging periods in agriculture. FCS Financial is committed to serving famers and rural communities through all economic cycles.”
The patronage checks will be available during Customer Appreciation Day to be held on March 19, 2024.
FCS Financial is a member of the Farm Credit System. The system is a nationwide network of cooperative lending institutions that provides credit and financial services to farmers, ranchers, rural residents and agribusinesses. With more than 105 years of agricultural lending experience, the Farm Credit System is the largest single provider of agricultural credit in the United States. FCS Financial serves 102 counties in Missouri through 21 locations. Visit www.myfcsfinancial.com to learn more.
