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GreenStone Returns $18.2 Million to Customers
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The GreenStone FCS Board of Directors recently approved the payout of $18.2 million in cash patronage for the 2010 calendar year. Each eligible customer’s patronage check will be available at his or her local GreenStone FCS branch on Tuesday, March 15 to be picked up in person.


GreenStone FCS to Return $18.2 Million to Customers in Cash Patronage

For the sixth year in a row, customers of GreenStone Farm Credit Services will soon be reminded of the added benefits of doing business with their financial cooperative.

The GreenStone FCS Board of Directors recently approved the payout of $18.2 million in cash patronage for the 2010 calendar year. Each eligible customer's patronage check will be available at his or her local GreenStone FCS branch on Tuesday, March 15 to be picked up in person. GreenStone FCS offices will maintain normal business hours from 8:00 a.m. to 4:30 p.m. on that day. Those checks not picked up by the end of business on March 15 will be mailed to the respective customers.

The Board's action was based on the association's unprecedented financial results, with 2010 net income of more than $93 million. The $18.2 million patronage payout - also a record for the organization - represents roughly 20 percent of net earnings. GreenStone's total patronage returns to customers over the past six years now exceeds $85 million.

A customer's exact refund will be based on the proportion of net-interest income earned on his or her loan to the total patronage-based net interest income earned by the association during the 2010 calendar year.

Once again, GreenStone's plan is to not only distribute a qualified cash patronage payment to customers, but also to use non-qualified written notices of allocation as well.

Customers eligible to receive the patronage payments include anyone holding stock or participation certificates with GreenStone FCS, which would include rural residential home loan customers. Loan participations either sold or purchased by GreenStone FCS, and any leasing transactions, will not be included in the patronage program. The returns to customers also will not be based on income derived from fees or any of the organizations financial services.

GreenStone FCS President/CEO Dave Armstrong noted a couple of factors that led to the record net earnings and patronage returns.

"GreenStone experienced a very successful year in 2010 which was reflective of the relative success of our members, as well as some one-time non-reoccurring income," said Armstrong. "As a result, for the six straight year, we're able to share that success with those that have shown their loyalty to us over the past 12 months the members of our cooperative.

"We are very proud of the fact that GreenStone has consistently remained a strong and vibrant organization, which has allowed us the opportunity to continue to offer this added value to our members."